Do you still have borrowing capacity?

Discussion in 'Loans & Mortgage Brokers' started by Gockie, 21st Jul, 2015.

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Do you have borrowing capacity?

Poll closed 18th Aug, 2015.

  1. Oooodles. Time to buy, buy, buy

    13 vote(s)
    21.3%

  2. Yes, but it is less than I'd hoped, forcing me to rethink my purchasing

    24 vote(s)
    39.3%

  3. Only with non main stream lenders.... Bloody APRA

    7 vote(s)
    11.5%

  4. None at all right now. I'm stuffed myself into a corner. Bloody APRA

    5 vote(s)
    8.2%

  5. None at all.... and APRA's changes makes no difference to me.

    7 vote(s)
    11.5%

  6. Haven't checked

    9 vote(s)
    14.8%
Multiple votes are allowed.
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  1. Samten

    Samten Well-Known Member

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    24th Jun, 2015
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    Sydney
    So it matters if you are managing your own properties? I would have thought that was a plus. Why is it more "risky" if you manage?
     
    Samten, 22nd Jul, 2015
    #41
  2. Gockie

    Gockie Life is good ☺️ Premium Member

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    It matters for that non bank lender! All lenders have different policies. I guess they think managed by a PM is safer.
     
    Gockie, 22nd Jul, 2015
    #42
  3. D.T.

    D.T. Specialist Property Manager Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    9,189
    Location:
    Adelaide and Gold Coast
    Same with insurance - some insurers won't take on self managed properties. Its just because general public (on average) doesn't know tenant legislation or correct processes.
     
    D.T., 22nd Jul, 2015
    #43
  4. legallyblonde

    legallyblonde Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    858
    Location:
    TAS
    Oodles.. As of this financial year... Full time hours + lots of overtime + no rent/dependants/bad debt.
     
    legallyblonde, 22nd Jul, 2015
    #44
    Gockie likes this.
  5. neK

    neK Well-Known Member

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    18th Jun, 2015
    Posts:
    2,842
    Location:
    Sydney
    Aren't your properties AirBnB?
    For the self managed properties (that aren't AirBNB), can't you just produce a current tenancy agreement?
     
    neK, 22nd Jul, 2015
    #45
  6. D.T.

    D.T. Specialist Property Manager Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    9,189
    Location:
    Adelaide and Gold Coast
    Good :)
     
    D.T., 22nd Jul, 2015
    #46
  7. Gockie

    Gockie Life is good ☺️ Premium Member

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    18th Jun, 2015
    Posts:
    14,779
    Location:
    Sydney
    Even if I have a current tenancy agreement it still counts as self managed, and because one of them is Airbnb'ed they dont like that either. So that lender is ruled out.
     
    Gockie, 22nd Jul, 2015
    #47
  8. Gockie

    Gockie Life is good ☺️ Premium Member

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    18th Jun, 2015
    Posts:
    14,779
    Location:
    Sydney
    Always great info Redom.
     
    Gockie, 22nd Jul, 2015
    #48
  9. legallyblonde

    legallyblonde Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    858
    Location:
    TAS
    It is a lovely change to being a full time student! Average yields are between 5-6% on average so I should be okay for a while. However, if I get a grad job I will then be paying rent and have a reasonably significant pay drop! Only limiting factor is deposits to minimise LMI, currently looking at paying closing costs and 12% deposit (which I will have within five weeks). So I am only planning on making one purchase this year... Unless something so awesome comes up that I am happy to fork out that much LMI!
     
    legallyblonde, 26th Jul, 2015
    #49
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