Need to figure out serviceability for me and my wife (no kids)... the equity is there, just need to know serviceability?
Current situation: have an IP that me and my wife are half owners with my sister, we are wanting to buy out her half.
So income for me and my wife (my wife just has half of the rental income under her name as she doesn't have a job). Note this income includes the full rental income for the property we are buying out from my sister.
Me: $60 500 net job income & $42 250 gross rental income
Wife: $42 250 gross rental income
Total loans for me and my wife:
$1 164 000
And we are wanting to borrow $164 000 more.
Currently with westpac and if possible would like to stay with them as the existing loan for the property is with them. We get a 4.94% interest rate on our loans for the most part.
Any idea if we could borrow that money from westpac, or if maybe we would need to refinance the whole amount with another bank that will lend to us?
Thanks heaps.
Tim
MORE DETAILS IF NEEDED:
Borrowed:
PPOR: $412 000
IP 1: $432 000
IP 2: $160 000 (Half owned with sister, their half borrowed is $160 000)
IP 3: $160 000 (Half owned with parents, their half borrowed is $160 000)
Rental income:
IP 1: $710 per week
IP 2: $740 per week (note this rent is currently split with my sister)
IP 3: $350 per week (note this rent is split with my parents.
Job income:
After tax and hecs = $60 500
I could if needed, pick up another shift and push my after tax and hecs income to = $65 870. But I really don't want to pick up another shift.
I'm wanting to buy out my sisters half of IP2. Agreed value by us is $410 000.
So her half is worth $205 000.
I will have the 20% $41 000 deposit. That means I'll need to borrow $164 000 from the bank.
Current situation: have an IP that me and my wife are half owners with my sister, we are wanting to buy out her half.
So income for me and my wife (my wife just has half of the rental income under her name as she doesn't have a job). Note this income includes the full rental income for the property we are buying out from my sister.
Me: $60 500 net job income & $42 250 gross rental income
Wife: $42 250 gross rental income
Total loans for me and my wife:
$1 164 000
And we are wanting to borrow $164 000 more.
Currently with westpac and if possible would like to stay with them as the existing loan for the property is with them. We get a 4.94% interest rate on our loans for the most part.
Any idea if we could borrow that money from westpac, or if maybe we would need to refinance the whole amount with another bank that will lend to us?
Thanks heaps.
Tim
MORE DETAILS IF NEEDED:
Borrowed:
PPOR: $412 000
IP 1: $432 000
IP 2: $160 000 (Half owned with sister, their half borrowed is $160 000)
IP 3: $160 000 (Half owned with parents, their half borrowed is $160 000)
Rental income:
IP 1: $710 per week
IP 2: $740 per week (note this rent is currently split with my sister)
IP 3: $350 per week (note this rent is split with my parents.
Job income:
After tax and hecs = $60 500
I could if needed, pick up another shift and push my after tax and hecs income to = $65 870. But I really don't want to pick up another shift.
I'm wanting to buy out my sisters half of IP2. Agreed value by us is $410 000.
So her half is worth $205 000.
I will have the 20% $41 000 deposit. That means I'll need to borrow $164 000 from the bank.