Property 1: investment property purchased for $520K approx 2 years ago with 20% deposit. I haven't had it revalued but I suspect its worth $650-700K. Currently rented at $550 pw.
Property 2: My PPOR purchased almost a year ago for $286500, again with 20% deposit. Not sure if any capital increase. Rental appraisal $290-300 pw
My Current income from my job is approx: $77K plus a HECS debt of approx $20K, I dont have any credit cards.
I approached my bank to look at options to purchase another PPOR and rent property 2. The most they will lend me is about $280K. I was hoping for more like $500K. Stated reason is that whilst my LVR is ok, my serviceability is crap. I cant source any new income.
Ive briefly spoken to a broker about it and it seems Ive hit a brick wall.
Any suggestions!?!?
Property 2: My PPOR purchased almost a year ago for $286500, again with 20% deposit. Not sure if any capital increase. Rental appraisal $290-300 pw
My Current income from my job is approx: $77K plus a HECS debt of approx $20K, I dont have any credit cards.
I approached my bank to look at options to purchase another PPOR and rent property 2. The most they will lend me is about $280K. I was hoping for more like $500K. Stated reason is that whilst my LVR is ok, my serviceability is crap. I cant source any new income.
Ive briefly spoken to a broker about it and it seems Ive hit a brick wall.
Any suggestions!?!?