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From: Kevin Fielding
Hello All,
Some helpful advice please if you can.
My finance was not approved for the purchase of two investment properties. The purchase price for both properties is $268,000.
My gross salary is $44,700. The expected rental from both i.p's is $320 per week.
I have a credit card with a $13,000 limit.
My present home loan which is an equity type loan or offset loan @ 6.42% for my PPOR will end up being around $30,000 after I use some of my savings for an extension.
As I see it I have 3 options.
1. reduce my credit card limit to qualify (maybe).
2. Only purchase one i.p. at this stage.
3. Wait until extensions are done and present finances are in order, then buy an investment property or two.
Maybe i am trying to do too much at once. Some help from all the learned ones would be much appreciated.
Best regards,
Kevin
Hello All,
Some helpful advice please if you can.
My finance was not approved for the purchase of two investment properties. The purchase price for both properties is $268,000.
My gross salary is $44,700. The expected rental from both i.p's is $320 per week.
I have a credit card with a $13,000 limit.
My present home loan which is an equity type loan or offset loan @ 6.42% for my PPOR will end up being around $30,000 after I use some of my savings for an extension.
As I see it I have 3 options.
1. reduce my credit card limit to qualify (maybe).
2. Only purchase one i.p. at this stage.
3. Wait until extensions are done and present finances are in order, then buy an investment property or two.
Maybe i am trying to do too much at once. Some help from all the learned ones would be much appreciated.
Best regards,
Kevin
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