I have a unit (current PPOR) valued at $310,000 with a home loan of $242,000 (i.e. 68,000 equity).
I have purchased a new property for $443,500. With stamp duty and mortgage insurance, I'll need a loan for $472,000. (Contract is unconditional and settlement is on 2 Sept)
I was planning to sell the unit but it didn't sell at auction yesterday so I have asked my mortgage broker to find out if I can get approval to keep the unit as an IP. He said it will be fine, but I'd just like a second opinion so I can stop stressing out about my upcoming settlement.
My income is $88,000 and I estimate I'll be able to rent the unit out for $280pw i.e. $14,560 pa. So my total income will be $102,560.
I plan to refinance the loan on the unit to an interest only loan as I intend to sell it within the next few years when the market picks back up (before the 6 year CGT rule kicks in).
Based on the equity I have in my unit, my salary and the rental income, will I get finance?
Thanks.
I have purchased a new property for $443,500. With stamp duty and mortgage insurance, I'll need a loan for $472,000. (Contract is unconditional and settlement is on 2 Sept)
I was planning to sell the unit but it didn't sell at auction yesterday so I have asked my mortgage broker to find out if I can get approval to keep the unit as an IP. He said it will be fine, but I'd just like a second opinion so I can stop stressing out about my upcoming settlement.
My income is $88,000 and I estimate I'll be able to rent the unit out for $280pw i.e. $14,560 pa. So my total income will be $102,560.
I plan to refinance the loan on the unit to an interest only loan as I intend to sell it within the next few years when the market picks back up (before the 6 year CGT rule kicks in).
Based on the equity I have in my unit, my salary and the rental income, will I get finance?
Thanks.