Hi, any help appreciated.
Scenario is:
House currently owned by myself and my wife 50% and my parents 50%.
My parents don't have enough serviceability to borrow more if we refinanced the house.
However we would have enough serviceability to borrow more even if we only counted half of the rental income on the property and if we had to cover the full loan amount.
So lets just assume we have bucket loads of serviceability on our side, but my parents don't have enough.
If we can cover the serviceability required ourselves, will the bank lend us more? Or will they hold back because my parents are 50% owners and can't service the extra borrowed?
Current valuation $400 000. Borrowing $320 000 through NAB. Borrowing 50/50.
Future potential valuation $700 000.
How much of that could we access in a 80% lend refinance given this scenario?
Thanks
Tim
Scenario is:
House currently owned by myself and my wife 50% and my parents 50%.
My parents don't have enough serviceability to borrow more if we refinanced the house.
However we would have enough serviceability to borrow more even if we only counted half of the rental income on the property and if we had to cover the full loan amount.
So lets just assume we have bucket loads of serviceability on our side, but my parents don't have enough.
If we can cover the serviceability required ourselves, will the bank lend us more? Or will they hold back because my parents are 50% owners and can't service the extra borrowed?
Current valuation $400 000. Borrowing $320 000 through NAB. Borrowing 50/50.
Future potential valuation $700 000.
How much of that could we access in a 80% lend refinance given this scenario?
Thanks
Tim