Lending advice please and home improvements

Discussion in 'Loans & Mortgage Brokers' started by Procrastin8, 30th Dec, 2019.

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  1. Procrastin8

    Procrastin8 Member

    Joined:
    24th Dec, 2019
    Posts:
    11
    Location:
    NSW
    Hi team,

    Looking for advice around borrowing capacity. To throw a complication into the mix, ive just been approved for $50k by current bank for a shed on my PPOR (have 3 acres) which i have NOT pulled the trigger on yet. Just wondering if the potential gain on my property is worth the hit to my borrowing capacity for an invest property?

    Also, can people from this forum recommend mortgage brokers from this forum? I live in Yass and work in Canberra but im not adverse to working with someone online (borderless).

    Thanks!
     
  2. Jess Peletier

    Jess Peletier Mortgages, Finance & Property Strategy Aust Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    6,372
    Location:
    Perth WA
    Hey,

    Whether the $50k will impact or not is hard to say without knowing your full situation - do you have access to other funds for your deposit?

    If your borrowing is strong and deposit funds aren’t an issue, the $50k probably isn’t too much of an issue but as you say, chat with a broker to get the full picture.

    Any broker here is good - they all know what they’re on about. :)
     
    Procrastin8 likes this.
  3. Morgs

    Morgs Well-Known Member Business Member

    Joined:
    7th Dec, 2017
    Posts:
    1,389
    Location:
    Sydney NSW
    Jess is right - any broker here should be able to do that exercise very quickly for you.