Browse Forums Home Finance 1 Jan 13, 2020 10:52 am So I went to both ANZ and CBA and got the same sort of borrowing power calculations but NAB was giving me hyper inflated power. Am I doing something wrong or is it really this hard. Basically I earnt 76K gross last financial year and tracking higher this year. I am about to own a second property through land division and will build a house and rent out both houses for about $600 per week combined. My mortgage will be 400K and have an expected value of 570K. My goal is to have enough growth and downpaying the mortgage to purchase a third property. I'm hoping to bridge the gap to 350K/630K. I have two high yield properties but would be looking for a growth one. So doing a hypothetical situation on what I could borrow for a third investment property and even if I increase my wage to 100K, I'm struggling to get anything suitable coming up. Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ So I would basically have $2000 per week coming in and say about $1100 in mortgage payments (20 years), fees, insurance etc. How could I only be offered $50K? I reckon I've got a good $6-700 per week to play with. Re: Tight lending (Does this sound right) 2Jan 13, 2020 11:42 am All lender criteria vary widely - including the way they scale rent and other commitments. Additionally they have to test based on a buffered interest rate (and are regularly audited to ensure they do so) - which again varies not just between lenders but also between products and interest rates - for example, a broker who gets a discretional pricing discount can reduce the assessment rate with certain lenders, which can stretch your capacity further. Additionally those calculators are very generic and inaccurate. Can I recommend you ask friends and family to suggest a good broker near you - there is no fee for using them and they have access to lenders who can think outside the square. Good luck with your project ![]() Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Need a lot more info. What’s the access like ? Are they taking away the old material ? How much soil are they providing ? What rocks ? (River pebble can be… 4 30306 I had my bath installed incorrectly, on foam instead of mortar even though the instructions specifically said not to install on foam. I was made aware of the issue by a… 0 10598 Thanks for that, the PVC pipe is still about 40cm below ground level and it sticks out of the sand with no end cap or anything on it just open pipe, is this the finished… 2 24341 |