I currently have a one bedroom house in Spotswood Melbourne worth approx. $600,000 which I owe $440,000.
I would like to rent out this house and would get $400 per week.
We would like to purchase another home for approx. $800,000 but our borrowing capacity according to the bank is $500,000.
We earn $121,000 gross per year and have no children or other debts.
Does anyone know if this sounds right or should we be able to shop around and get the $800,000 we would like to borrow.
Thankyou
I would like to rent out this house and would get $400 per week.
We would like to purchase another home for approx. $800,000 but our borrowing capacity according to the bank is $500,000.
We earn $121,000 gross per year and have no children or other debts.
Does anyone know if this sounds right or should we be able to shop around and get the $800,000 we would like to borrow.
Thankyou