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 They using concrete or timber sleepers? Timber or steel uprights? Any drainage behind sleeper? 3 5881 Hi We have a road close to our place and only an old flimsy wooden fence between us and the Neighbour closest to the road. Any ideas on a sound proof modular fence. Like… 0 7473 Grate, thank you! RexChan if thats the reason i could sleep well without thinking about additional cost. But 1st i'll need to read about NRV cleaning/replaing stuff. I… 7 31157 |