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Borrowing Capacity

Discussion in 'Property Finance' started by maddylou, 6th Feb, 2016.

  1. maddylou

    maddylou New Member

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    Location:
    NSW
    Hi everyone,

    First time poster so go easy

    We are thinking of making a major move but I really need to find a true indication of our borrowing capacity. The online calculators vary so much.

    We will go from 2 incomes to 1 income of income of $76,000 gross pa. My partner will not be working for a while.

    We are a couple with 2 dependants. We would have a 20% deposit. We would be buying a block of land to build (we would have the cash from the sale of our current PPOR to build)

    No other loans or debts. The block we buy would be determined by how much we could borrow.

    Thanks heaps.
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Sydney
    It would depend on your living expenses, but going on the minimum you borrowing cap would be approx $360k or less assuming PPOR.
     
  3. maddylou

    maddylou New Member

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    Thanks Terry.

    It would be minimum expenses.

    Some calculators said nil and others all over the place up to $300's.
     
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Location:
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    Get with a bank or broker to get a specific answer on what will be available for you.

    You'd want to make sure that you get a preapproval for the build bit and make sure that you move on that pretty quick

    You don't want to be in a position where you have a block of land costing lots and can't build on it

    Ta

    Rolf
     
  5. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Get a good broker to run the numbers - two have responded above

    Cheers

    Jamie
     
  6. maddylou

    maddylou New Member

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    NSW
    Thanks guys
     
  7. dabbler

    dabbler Well-Known Member

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    Yeah, as a non broker myself, stop playing around with online calculators and see a good broker, quite a few on the forum.
     
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