Borrowing power

Discussion in 'Loans & Mortgage Brokers' started by Toby j, 6th Feb, 2021.

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  1. Toby j

    Toby j Member

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    30th Dec, 2020
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    Sydney
    I recently posted an article about valuation after renovation, and want to continue from that with the next step.

    I have an IP which has just valued at 420k and 440k with 246k left on the loan. The property is rented for 12 months at $450 pw
    My salary is $150k and my partners salary is $85k, combined $235k
    Together we have a small amount of savings $30k after recently completing renovations on the IP.
    Each week we have approximately $1500 surplus after all expenses and rent.

    We now want to reinvest our equity and savings into one or multiple investment properties, and wondering how much we could expect to be able to borrow?
     
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    You need specific credit advice as it will depend on a lot more info than given.
     
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    between 1 to 1.8 x depending on Y and Z

    As per TW, back of the envelope numbers arent good property acqusition planning tool

    ta
    rolf
     
  4. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

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    No enough information mt friend, best tslk tova broker and go into a little more detail about your situation
     
  5. Redom

    Redom Mortgage Broker Business Plus Member

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    Depending on your rental expense, you should still be able to leverage. Deposit is likely going to be the limiting factor for a while. As others have said, need a lot more detail to get specifics on figures.