Mortgage broker / bank recommendations

Hi all,

i'm 28 & planning on purchasing a property for ~850k i have a 200k deposit in cash and 1.7m in stock

I'm self employed for the last 10 years with approx 110k pre tax income for the last 5 years ( around 100k for the other years ), no other income and approx $700 per week expenses including $520 per week rent and a $10k credit card limit.

I've been with NAB forever and they have told me the maximum i can borrow is 440k ... i simply think this is unreasonable so am looking for suggestions on who the forum thinks is a bank who would take my specific circumstances into account ( ie lowish income but large assets )

Should i use a mortage broker or bank?

Thankyou

 

It's going to depend how you're currently structured. If you have existing lending and it's all P&I, you'll need to restructure it first - once that's done, you'll have more options with other lenders.

 

Hi Jess i don't have any existing lending at all except the 10k credit card limit everything else is cash or invested in stock ( paid for out of cash )

 

Nab at 4 x annul income seems low. Many lenders are more like 6 to 7 times so should be able to get around $660-$770k by rough calcs.

 

Hi Marty i will give you a call tomorrow if thats ok

 

Is that income before expenses or profit?

 

Before expenses, maybe 10k on insurance/car expenses per year before deductions

$520 per week rent and then maybe $100-200 per week on groceries ect

Its very annoying i did not expect an issue with NAB the only reason i don't want to sell the shares is because i don't want to pay capital gains and i had assumed they could use it as an asset but alas i was wrong.

 

Depends, do you want more than $440K loan? If so, best engage a good broker asap.

 

Is $110k your taxable income from your tax returns ?

Without seeing your financials it's very hard to give you guidance, best to talk to a broker.

 

Lenders go on profit generally, not income before expenses.

 

Need to know net income (after all expenses) there may be potential to addback some of those expenses too

 

Recommend Mortgage Channel's Michael Xia highly from personal experience