Rough borrowing capacity?

[want2bewealthy]

Hi there.

I'm just wanting to get a rough but fairly accurate idea on this scenario.

No kids
No loans, car, credit cards etc
Good credit record
Long employment record, same employer for the past four years
Salary of $52,000 after tax.

If this individual had a 5, or 10% deposit, what would max borrowing capacity be?

Thankyou

 

[Mick C]

Slightly more complex then that...
need to know:
1. For PPOR or IP purchase?
2. How much rent/board do you pay now??? or living with parents etc?
3. Any hecs debt?
4. For the salary im guessing it's a base salary? not included bonus or overtime etc...
5. Loan product ? after basic, full feature or LOC?
6. FHO?


With a LOT of guess work, your comfortable borrowing capacity would be
around $385,000 ( inclusive of any LMI amount- ie the MAX limit)- allowing you to purchase in the range of $320,000- $415,000 with your 10% deposit + cap LMI.

*** note: you should speak to a broker or a banker first and so they can go through the finer details which will have a HUGE impact in the borrowing capacity.
If your a tecnho sort of person, you can always shoot an email to the above ppl and they should be more then happy to assist without any "meetings" etc...


Regards
Michael

 

[Mick C]

want2bewealthy - i thnk i recall one of your post stating you had a couple of IP???

IF so, please dis-regard the above post, as the figure would be total wrong! because if you have another mortgage in place currently, the financial would be slightly diff.

Regards
Michael

 

[want2bewealthy]

Thanks Mick.

1/ IP
2/ Pays $245p/w rent now
3/ No Hecs debt
4/ This includes $100 for working Saturdays
5/ Anything, hoping for interest only with 100% offset, require $500,000
6/ Not FHO

Were talking about a theoretic character here, so you remember correctly.

Thank you.

Slightly more complex then that...
need to know:
1. For PPOR or IP purchase?
2. How much rent/board do you pay now??? or living with parents etc?
3. Any hecs debt?
4. For the salary im guessing it's a base salary? not included bonus or overtime etc...
5. Loan product ? after basic, full feature or LOC?
6. FHO?


With a LOT of guess work, your comfortable borrowing capacity would be
around $385,000 ( inclusive of any LMI amount- ie the MAX limit)- allowing you to purchase in the range of $320,000- $415,000 with your 10% deposit + cap LMI.

*** note: you should speak to a broker or a banker first and so they can go through the finer details which will have a HUGE impact in the borrowing capacity.
If your a tecnho sort of person, you can always shoot an email to the above ppl and they should be more then happy to assist without any "meetings" etc...


Regards
Michael

 

[Mick C]

ahahh ok, i thought i was losing my memory ( sigh old age... )

For this Fictions character she/he can comfortably borrow:
$345,000 - so property range of $300,000- $380,000 with 10% deposit and LMI capped. ( I used rental income of $350 pw)

Can def go higher with another lenders who allows -ve gearing benefits etc...but $335k would be a comfortable max acceptable by a majority of lenders...


Regards
Michael

 

[want2bewealthy]

Thanks Mick.

Have PM'ed you.

 

[want2bewealthy]

Hi again,

If there's a broker who's like to take a look at a situation for me please PM, I didn't hear back from Mick unfortunately.

Thank you.

 

[orangestreet]

Hi want2bewealthy,

It might be best to email your preferred mortgage broker. Not everybody logs into Somersoft everyday.

 

[Peter_Tersteeg]

Hi W2W,

A lot more information is required than what you've provided. It would be best if you made some phone calls to get the answers you want.

 

[want2bewealthy]

Thanks guys, I spoke with Mick and all's well.
Cheers.

 

[Mick C]

Thanks for the call today, working on the file now.

Sommersoft can be very addictive, so i try to check on it every 2nd day only

Regards
Michael