Newbie help

[JD86]

Hi guys, I need some help figuring out how much money I can borrow

I currently own a 3 bedroom, 2 bathroom, double garage house. I built the house and it is my first house so I got the FHOG. I have lived there for 7 months, so am now eligible to rent it out.

The house is worth approx $340k, and would rent for approx. $350 a week.

As it is just me and my girlfriend living in the house, I am thinking about renting the house out, and buying a 2 bedroom unit.

The unit is for sale for $240k, but I would like to get it for $220k (plus costs).

I currently earn $48k per annum and owe $230k on my mortgage.

So I would be in debt approx. $460k, have a rental income of approx. $350 per week, and earn $48k per year salary.

Would banks lend me that much?

I email my mortgage broker who helped me when I built my house, but he is currently having family issues and does not reply as fast as I would like.

Can anyone help? Or point me in a direction where I can use a calculator to key in all my information to see if this is achievable?

Thanks very much

 

[Ridin-High]

you need to get a new broker mang

 

[RealBus]

So I would be in debt approx. $460k, have a rental income of approx. $350 per week, and earn $48k per year salary.

The serviceability would be the concern. You'd need to consider paying approx $3100 mth less $1400 = $1700 month ???

 

[JD86]

$1700 a month would not be an issue. I also have a small business on the side where I generate around $10k per annum.

When I go to mortgage choice website, I send an enquiry, and type in postcode, my enquiry goes to the same broker who did my first house.
He is good, I'm happy with him, but he has family issues at the moment and hardly getting back to me.

Can anyone suggest anyone else? Northern suburbs of melbourne preferred.

Thanks

 

[tobe]

the franchise mortgage choice will always direct you back to your orignal broker. You will have to choose a new broker, and or franchise. There are lots of brokers who post online here, why dont you use one of them?

 

[Jamie M]

Why not try Pete Tersteeg from Sage Lending (aka PT bear) - he's a fellow Mexican.

Cheers

Jamie

 

[JD86]

thanks, i will PM him

is there a calculator or something on the net i can use to find out my borrowing capacity exactly?

 

[Cdro]

A few of the banks have a calculator on their website. Here is the one from ING:

http://www.ingdirect.com.au/home_loans/calculators/borrowing_power_calculator.htm

Ultimately, how much you can borrow will really depend on the lender you go with and what sort of loan you end up taking, but hope the above can give you a rough indication.

Also, make sure you give yourself a bit of a buffer just in case something goes wrong (eg. tenants stop paying their rent, you lose your job, interest rates go up etc.)