Only can borrow $60k?

Well not quite. We are moving to Tassie soon. we "own" a house in the act worths min. 550k, with mortgage 270k. when we finally go, will rent out the house with rent of $500 per week (conservative estimate). Before my wife resigned from work, we can borrow up to 550k, but if i am to borrow the mortgage using my own salary (end of 60k), only can get about 60k. I like to go with my current bank (Commbank) which has given me the reduced rate with freebies?

any thoughts?
 
Even with CBA reduced serviceability formula that does not sound right.

Full information would be needed for a full assessment but certainly seems a little light on.
 
CBA servicing is on right on the middle of the road even where ideallly structured.

If you spread the exposure a little between diff lenders ( us the right lender at the right time) u will do much much better.

ta
rolf
 
I know info is light on, but dependents also come into the equation regarding servicing.

Most lenders use a poverty index to ascertain minimum living expenses.

If your personal circumstances with dependents require most of your income ( & rent ? ) , then very little "disposable" income can be apportioned towards a new loan.

Talk to a broker to get a full analysis done.
 
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I have two children, not-working wife, and I will be having a new job (in Tassie).
House in the act at least 500k (two-years old, 4 bedroom house), with remaining mortgage about 270k. Will rent out that house when i move to tassie. wife children will be coming with me.

One option to get enough loan is, may be, to wait until my wife get a job in tassie, before thinking of buying a house there.
 
I forgot to mention that i have a combined credit card limit of 26,000, which i always pay on time, and never spend more than 2000- 3000 per month. is this credit cards have big effect on the amount of lending. I also will consider borrowing through broker, but generally can i get a better deal?
 
depending on the lender, that card can cost close to 80 k in borrow capacity and more if you are buying an IP.

there are many a direct on the net style lender that may give you what you want, though "freebies" low rates and difficult borrowing conditions usually dont go together

ta
rolf
 
Agree with Rolf.

Couple of basis point saving here and there used to be available with many internet style lenders however most have found this form of lending is unviable and have pulled this model.

Other than the odd fringe lender your Broker can access every lender you can and if you split the lenders and reduce their risk will pprobably find you can borrow more. CBA direct will not do you any extra favours.
 
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