Browse Forums Home Finance 1 Mar 04, 2015 8:32 pm Hello everyone, I'm after a bit of advice for a second home loan, considering if i fit the requirements. Currently I have an IO loan on a property I used to live, currently the property is being rented out to family members (past year). The loan size is 400k, my repayments are around $1600-$1700 a month. I receieve $1900 a month from rent. Rates and water bills $3500 a year. I earn 80k before tax. Single with no depenedants. Questions is will i be able to get another loan? How much more will i be able to borrow? Any decent brokers in melbourne? Thanks for your time. DAP 7/3/2011 Site start letter 13/4 Earthworks 1/5 Set out 16/5 Storm water and sewer 16/5 Frames 30/5 Roof Tiles 7/5 Lock Up 23/6 Fix Out 30/6 Electrical 20/7 Plumbing 25/7 PCI 19/8 Re: 2nd home loan 2Mar 05, 2015 8:08 am Hi, definitely not impossible - what would be the purpose of the second loan? Do you mean another loan on this home? Or a loan for a second home? For you to live in? Do you rent? Do you have a deposit? here's loads to answer before you can be definite, a good broker is exactly what you need - I don't know any in VIC but I will ask around. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: 2nd home loan 3Mar 05, 2015 2:23 pm Hi, thanks for replying. This loan would be for my second property. I intend to lease it out for a couple of years then move in. Currently my financial situation is... 400k investment loan 6k credit card (always paid end of month) I pay no rent. My deposit would be 20% looking at around 400-500k houses. DAP 7/3/2011 Site start letter 13/4 Earthworks 1/5 Set out 16/5 Storm water and sewer 16/5 Frames 30/5 Roof Tiles 7/5 Lock Up 23/6 Fix Out 30/6 Electrical 20/7 Plumbing 25/7 PCI 19/8 Re: 2nd home loan 4Mar 05, 2015 3:10 pm You pay no rent? but you don't live in the house that someone else is paying rent for also? With credit cards, it doesn't matter whether you pay it monthly or not.. it's still a line of credit for the amount of the card. Also, if you intend to make the second property a second investment property you'll likely need to find the average rent for that area and use that as potential income. As others have said, your best option because you already have a loan and your situation isn't standard is to talk to a broker. It won't cost you anything and they can give you professional advice and the best options, options that we may not even know about. Paddington 29 @ Blue Horizon Estate (Lot 105, Wattleridge Crescent, North Kellyville) Our Build Progress Blog: http://light487.wordpress.com/ Re: 2nd home loan 5Mar 05, 2015 4:51 pm Simply not enough information to make a call. See a broker. Otherwise you'll have provided way too much information on a forum to strangers to get a "maybe" Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. Re: 2nd home loan 6Mar 06, 2015 12:35 am ginz88 Hi, thanks for replying. This loan would be for my second property. I intend to lease it out for a couple of years then move in. Currently my financial situation is... 400k investment loan 6k credit card (always paid end of month) I pay no rent. My deposit would be 20% looking at around 400-500k houses. Hi ginz88, I'm a broker (and like to categorize myself as decent ) that is based in Melbourne. If you like to get in touch with me, I am more than willing to help you if I can. Like Rebecca alluded to, a few questions to answer before coming up with a strategy that is suited to you, but it would seem at first glance that it is possible. Cheers Tom Re: 2nd home loan 7Mar 06, 2015 12:42 am light487 With credit cards, it doesn't matter whether you pay it monthly or not.. it's still a line of credit for the amount of the card. Not necessarily true in terms of using for servicing expenses. Some lenders will allow C/C to be ignored if you pay in full each month for the last 3 months. Cheers Tom Re: 2nd home loan 8Mar 06, 2015 9:15 am Are those lenders competitive at the cheapest end of the scale? Sounds to me that they might need to compensate somewhere for the increased customer risk profile. Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. Re: 2nd home loan 9Mar 06, 2015 2:45 pm Ponzu Are those lenders competitive at the cheapest end of the scale? Sounds to me that they might need to compensate somewhere for the increased customer risk profile. Yes, some of the lenders are at the lower end of the scale where they are competitive with their rates. Cheers Tom Re: 2nd home loan 11Mar 10, 2015 3:08 pm travelbug You don't say the value of the current house so no idea on what equity you have in that house. So you have the deposit for the next purchase? Cash? Equity? Answering just these questions wont give the answer the op is looking for. The amount of information required to make a proper assesment is probably too much for a public forum. Op needs to speak with a broker. Thats all there is to it. Creator of superduperonium, expert at expert things, nobel laureate, can hold my breath for 10 minutes. 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