My current situation

[lisport]

Hi guys,

I was hoping you guys could help me out.

I have an ip. I have a 280000 loan on it. The value has grown about 100k from when I bought it, based on sales on simular places recently and in the past yr. Its on a 5yr intrest only. I would like to buy another ip, but the ip would be a new house and a new land. Together the loan would cost about 500k. Woluld the banks except this? If not why? And what would ou suggest?

Thank you

 

[wobbycarly]

You haven't mentioned income (work income and/rental income) which will have a significant bearing on your borrowing capacity. With that info, the brokers here might be able to offer something useful.

 

[lisport]

sorry about that

my income is 40,000 a year, which if I get a promotion (which I'm hoping on) will bring my base salary to 47,000.

rent at the moment is 350 a week.

I get 5k back on tax.

anything I have left out? if so please let me know