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From: Michael Armstrong
Hi all. Seeking some advice as I'm still learning it all...
Over the last 2 years I have purchased 3 IP through a major bank. The basis of the approvals were a well prepared financial plan, the salaries of both my wife and I, rental income was considered and of course the equity in our own place. I got the loans without factoring in any tax refunds, and my servicabilty now based on the salaries and rents only is at a limit.
The question I have is that I always read about IP costing say eg/ $50 per week and this is obviously based on the tax benefits / refunds obtained or if you use PAYG. I have calculated that I could afford another IP if I factor in these benefits. The question is, will the banks accept pre determined / potential tax refunds as a way of servicing the loans? Sorry for the long winded story however I thought the more info i provide the better advice I may receive. Regards, Michael
Hi all. Seeking some advice as I'm still learning it all...
Over the last 2 years I have purchased 3 IP through a major bank. The basis of the approvals were a well prepared financial plan, the salaries of both my wife and I, rental income was considered and of course the equity in our own place. I got the loans without factoring in any tax refunds, and my servicabilty now based on the salaries and rents only is at a limit.
The question I have is that I always read about IP costing say eg/ $50 per week and this is obviously based on the tax benefits / refunds obtained or if you use PAYG. I have calculated that I could afford another IP if I factor in these benefits. The question is, will the banks accept pre determined / potential tax refunds as a way of servicing the loans? Sorry for the long winded story however I thought the more info i provide the better advice I may receive. Regards, Michael
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