How much can I borrow

S

seank

Hi,

Question for the brokers, I'm looking to buy my next investment property and would like to know what's the maximum I can borrow, my details are as follows:

Salary- approx. 65k PA gross

IP 1 CBA- loan amount 487k- PPOR value 600k however I rent out downstairs for $300 I've used this as income for other lenders, its all verified with lease and rent going into my account.

IP1 NAB- loan amount 450k value 500k- rent $670

IP2 WESTPAC loan amount $360k value 500k rent $650

All loans are stand alone.

Would appreciate any brokers options thoughts on what's possible, looking to borrow as much as possible.
 
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Making the following assumptions:
1. No dependants, HECS, other personal debts and a $10k credit limit.
2. A 5% yield on the new investment property
3. ~4.70% IR on your existing debt.

I get around 700-750k with Macquarie - who'd be willing to give you more than most/anyone else in your current situation. This also assumes an LVR of <90%.

Cheers,
Redom
 
Macq would be a fairly poor choice of lender only 3 IPs in, no?
Would think there'd be room left with westpac / cba yea? Whats your thoughts on those?
 
D.T. said:
Macq would be a fairly poor choice of lender only 3 IPs in, no?
Click to expand...

Depends, don't have that much on goals apart from 'borrow as much as possible'.

If less is required and little chance of future cash-out, I'd stay away from Macq and try and soak up one of the lenders that load OFI debt.

Cheers,
Redom
 
Hi Sean

What you can afford and what banks are willing to lend you are two different things.

No one here knows your spending habits or tolerance to risk.

The idea that Mac would lend $750k to someone on $65k p.a with a $487k PPOR debt seems a bit crazy to me....but I don't know your full story, maybe you're comfortable with this.

Cheers

Jamie
 
Hey Seank


I see you have three properties and your looking to borrow more. What is your bigger plan?

I am sure the brokers can help you out with lending figures.

I would say your on the right path with 3 properties and some equity in all of them. Do you have much of a cash buffer?
 
My final goal is to get into property development, start with a block of townhouses or units. If this isn't financially viable at this stage, keep acquiring property in good capital gain prospect areas. I normally look for high sets so I can create a granny flat and increase cash flow.

Jamie I have no issues with a 700k loan providing a can get a min 5% return.

Redom, what kind of deposit would I need on this loan?

Thanks for you information so far guys.
 
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