Quick Senario

[Learnings]

Hi Guys

I am just looking for some opinions on what I should do next.

Income about 55k
PPOR Loan 1: 308k
PPOR Value: 400k

My plan:
Loan 2 LOC 90%: 52k
Loan 3 Mort 97%: Buy house #2

Loan 2 to cover LMI for loc & new loan, deposit, legals, stamps out of Loan 2.

How can I make this work?
I think I need more equity as it will be limiting my purchase price due to deposit size.

Cheers
Brett

 

[Rolf Latham]

Hi Brett

On to another side of that q

What can you afford at the moment in terms of some extra payments ?

ta
rolf

 

[Bradsdad]

No idea what state you're looking at so tough to know where gov't fees would be at. Purchasing a similar valued property would require $20k deposit and around $21k in fees in Vic. LMI on your initial lending (plus LOC) would attract LMI of around $8k so you maybe able to sneak it in with equisting equity.

Depending on who you are with at present a 97% (incl LMI) lend maybe tough though and then would need to meet servicing requirements.


Regards
Steve

 

[Learnings]

Hi Brett

On to another side of that q

What can you afford at the moment in terms of some extra payments ?

ta
rolf

I can cover around another 300 per week.

No idea what state you're looking at so tough to know where gov't fees would be at. Purchasing a similar valued property would require $20k deposit and around $21k in fees in Vic. LMI on your initial lending (plus LOC) would attract LMI of around $8k so you maybe able to sneak it in with equisting equity.

Depending on who you are with at present a 97% (incl LMI) lend maybe tough though and then would need to meet servicing requirements.


Regards
Steve

Sorry I am based in Vic. I am currently with Bankwest which was originally a 97% product setup in Dec 09.

I basically am looking at getting #2 ASAP.

 

[lawyerssydney]

Well it really takes discipline to have it all. Just pay what you can pay and save much than what you want to spend and why not try to invest first so you can afford more than what you want.

 

[Ed Barton]

Well it really takes discipline to have it all. Just pay what you can pay and save much than what you want to spend and why not try to invest first so you can afford more than what you want.

55k pa income is not bbq talk material, i'm sure the bank agrees. save up