Hi,
Up until now I've always sourced funding directly from my local bank manager at the CBA. This has been fine until now but because of my offset account, they see me as a lot more indebted than I really am.
So, I was wondering if I need to get creative, or if I need to find a different bank to source my next loan.
I have an IP worth 575k with a 380k loan, returning $400/wk in rent in my name.
I have a joint loan worth 470k, offset by 250k. (my partner pays the interest on this since my half of the loan is completely off set)
My annual income is about 85k gross.
So at the end of the day, I break even on the IP and I don't pay interest on the other loan. Which mean my entire income is disposable.
To all you brokers out there, am I eligible for a loan, for how much and from which bank?
Thanks in advance for your time.
Gooram
Up until now I've always sourced funding directly from my local bank manager at the CBA. This has been fine until now but because of my offset account, they see me as a lot more indebted than I really am.
So, I was wondering if I need to get creative, or if I need to find a different bank to source my next loan.
I have an IP worth 575k with a 380k loan, returning $400/wk in rent in my name.
I have a joint loan worth 470k, offset by 250k. (my partner pays the interest on this since my half of the loan is completely off set)
My annual income is about 85k gross.
So at the end of the day, I break even on the IP and I don't pay interest on the other loan. Which mean my entire income is disposable.
To all you brokers out there, am I eligible for a loan, for how much and from which bank?
Thanks in advance for your time.
Gooram