Hi all, I’ll give you the brief run down of where I’m at and what I’m trying to do. Last year I sold my PPR in Sydney and moved to Northern NSW. I bought a new PPR and have a small mortgage and around $550k in the offset. I have another property in Sydney that is about $40k positive. I’ve spoken to my broker and she said that I can’t borrow based on last years income. I’m self employed and my wife has a good full time income. I’ve been looking at properties in Ipswich and Brisbane with add value/ granny flat potential. My concern is buying something and not being able to move on to another deal. I don’t plan on any major increase in income unless I can use my cash to do some flips or subdivisions. I guess I’m after a bit of advice on way to move forward. Thanks in advance.
Without knowing the full financial details it's a bit hard to know how to move forward other than the fact that the cash sitting in offset could be used to purchase property in those areas. Whether or not that's the best financial decision is hard to say. Trust your broker has exhausted all avenues for lending (second tier lenders etc) and you've hit the 'serviceability wall' . Some lenders still allow 2018 financials if that years income is better than 2019's that may be an option?
I’m not completely happy with my broker. Good advice about second tier lenders. I’m happy to spend my cash. I just don’t want to snooker myself. I’ll look into another broker. Any recommendations?
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