Saved up 350K, How much is the borrowing power

Hi all
Myself and my partner have saved up roughly around $350K, no PPOR or investment properties and no debt. Couple of credit cards ~15K but always being paid on time. Happy to close them or lower the limits if required.
We both work full time and are on reasonable income.
My income mainly goes towards saving and partners towards daily expenses bills, food and rent.
Im looking to buy IP under my name and was wondering how much can I borrow? Ive been to a FB broker previously few years ago but wondering with all the recent changes to lending how much can I borrow for an investment property?
Please let me know if any additional information is required.

 

You should see a broker and get your serviceability checked. It will depend on a number of variables of which deposit is just one.

 

Thanks TerryW for the input appreciated. At this stage Im looking get just an idea. Ill be checking with a broker again soon but would like to get some rough idea/estimate if possible. Just doing my homework

 

You're not going to get anything near an accurate estimate without all the figures - so best to speak to your broker.

 

You have even given an income so not even a ballpark figure could be attempted

 

Combined income? Dependants? Expenses? Liabilities? These are just some of the questions needed to determine your serviceability.

Best bet is to talk to an investment savvy broker, there are quite a few on the forum with whom you could liaise.

 

I agree with all the comments about recommending you approach a broker.

But if you're just after a very basic indication, perhaps an online serviceability calculator could help. A quick google found this one: Borrowing Power Calculator

 

Thanks everyone for your inputs. I do understand that I need to speak to a broker and Ill be speaking to one soon. Just would like to have a rough figure to work with if possible.

Lets see if these information help

Combined income lets say ~200K, No kids, No loans, 2.5K/m expenses including rent

 

How is that income split and how is it made up e.g 100k each base salary. Or is it higher portion one way and includes things like bonuses/commissions.

This is important because these will be capped.

Also because your buying an investment without a PPOR you need to factor in rent.

 

110/90 base

 

110 my partner, 90 myself no commission/bonuses included

 

Don't want to derail your thread, but why would you have 15k owing on credit cars when you have enough cash to pay it off?

 

Yeah thats correct 15K is the total limit and nothing owing on CC

 

That CBA online calculator does not ask the right questions to match the CBAs own assessment policies. There is no chance it's going to be accurate and is most likely to over estimate an investors borrowing power.

The purpose of this sort of calculator is to get the customer to get in touch with the bank in order to remove them from the larger market and stop them looking at the competition.

 

There's not even close to enough information available to tell you anything useful. Based on what you've said so far your borrowing power is probably somewhere between $0 and $3M.

I know I'm sounding like a smart-ass, but without detailed information, even a very general estimate is completely impossible.

 

Yep, I agree with Pete's ballpark. Hard to say more without all the info.

Well done on stashing away a third of a $mil too. Discipline in action.

 

Again, many thanks to everyone for the their input

Steven, thanks for the kind words and encouragement but in all honesty I have just saved up the money where others have invested it and now they picking the fruits of investment.

 

And people have also invested poorly and lost it, you're in a far better position.

The discipline is strong in this one.