I am an Australian expat working in the Middle East looking to acquire my next property through a guarantor loan (preferably 105%). I have a wife and one child. My current facts and figures:
Current Investment Properties
Property valued at 330k, 214k owing (interest only), rental income $250/week
Property valued at 285k, 256k owing (interest only fixed for three years), rental income $310/week
Line of Credit – 49k limit, 48.5k owing
Australia – 9k limit, $700 owing
Middle East – 9.6k limit,6.8k owing (A$ equivalent)
Full-time – 71k p.a. (A$ equivalent)
Part-time – 8k p.a. (A$ equivalent)
Note that these income figures are after tax (no income tax). After living expenses, I manage to send back A$3000 per month to Australia (I can demonstrate this). Been in my current job for over five years.
Property worth 350k approx, no mortgage.
Owner (mother-in-law) is retired aged mid 50s.
Based on this information, what are the chances of getting approval for a guarantor loan for an investment property? Also what value of property? I am hoping to buy something in the 500k range with 105% LVR (100% would be possible, but 105% is preferred), probably in Queensland where something neutral to cash flow positive is possible (at 105% LVR).