New Purchase - Advice from mortgage brokers

Hey all (esp mortgage brokers),

Just seeking advice on a potential new purchase. Here are the facts.

My current gross salary is made up of fulltime jobs:

Im a 22yr old who lives with his grandparents (hopefully not for much longer)

Accountant - 50k

Sport and Rec vice president - 22k

I am also looking for a new night shift job and should have this within a few weeks.

IP 1
Rental Income 350 per week through an agent
Loan of 265k

No personal loans

Credit Card nil balance but have 10k credit available (have to have it through the anz breakfree package)

New Property.

Bank Valuation of 1.4M
However the current vendor is desperate to sell and will accept 1.2M as he is desperate to sell quickly, Valuations from 3 separate RE valuations came in at around 1.6M.

Have spoken to the vendor who has a tennant lined up willing to pay $1,000 per week on a 12 month lease along with all property expenses such as electricity and council, water rates.

I currently have savings of 50k but i also have a non repayable gift from my grandparents of 400k.

I know what most of you are thinking its a massive leap from my small 250k mortgage however this seems like a once in a bluemoon purchase.

I would be willing to sell IP 1 if this increases my borrowing power as i would prefer to borrow as much as possible so not to burden my grandparents.

Please pm or ask here for further information.

I think thats everything also live in sydney if that helps

Kindest Regards

Shrewd
 
Potentially yes, much depends on the status of the extra 22 k ...........

As u say its a big jump and many a lender will look at strong rent reliance, and the lack of ur own skin in the game.

At an LVR of 68 % or so u may find a sympathetic ear

ta
rolf
 
Top