What could I borrow for IP ??

[BRC]

I am wondering what my borrowing capacity may be based on the following ?

- Work salary $47,000 pa
- Wife's Income $17,000 pa
- I owe $156,000 on PPOR
- Value of PPOR - $480,000
- 1 child with another on the way
- No Personal loans, no Credit card debt
- Other assets
- Car valued at $20,000 and furniture etc at around $30,000

cheers,

Brett

 

[brightspark]

hi BRC
you can download a free trial of Property Investor from www.brightsparksoftware.com.au and use the Simulator part of the package to work out what you can borrow
regards
Stuart

 

[geoffw]

You currently have a loan of 32.5% of the house's value (32.5% LVR). You could probably borrow to 80% of the value of that to use as a deposit on an IP- that would mean that of valuation alone, you could borrow $228,000 to use as a 20% deposit (well, say $200K for deposit plus allowance for acquisition costs).

I don't know how you would go on servicibility though. That would depend partially on other factors- like how much your credit card limit was, how much you are currently paying off, etc.

 

[sbe]

Try this. It'll give you a ballpark to start with, and let you play with options also.

Westpac Loan Calc.

Disclaimer: I'm not affiliated in any way with Westpac, and don't even bank with them. Just find their calculator handy.


Cherio

Simon

 

[Rolf Latham]

Hiya

Obvious response

Speak with a good independent broker, the amounts you can borrow btwn diff banks and mortgage insureres can be quite different

ta

rolf