Thanks for posting.
I'm going to make a few assumptions. Firstly that you live in NSW and in Sydney, there is only a minor change in your borrowing power if you aren't.
Secondly that all of your current loans are P&I over 30 years. I've assumed that your current fixed rate loan is fixed for 3 years or more.
Thirdly that your current properties are jointly owned between you and your partner.
Finally that you have no children! If you do have kids then this will reduce your borrowing capacity.What is reducing your borrowing power?
Your credit card limit is a lot higher than most peoples. Some lenders can ignore your credit card limit if you pay them off in full each month. Otherwise you may want to reduce your limits or cancel your cards to increase your borrowing power.
Your existing properties reduce your capacity however the rent income is quite high and so this does not make as big a difference as you might think.What can you do to increase your borrowing power?
If you fix the interest rate on your new loan then you can borrow a lot more. Also if you switch your current loans to interest only then this will increase your capacity with some lenders, and reduce it with others.How much can you borrow?
You can borrow a maximum of $606,000 to buy a new home.
If you cancel your credit cards you can borrow $707,000.
If you cancel your credit cards and switch your current loans to interest only then you can borrow $767,000.Find out more
You can use our mortgage borrowing power calculator
to find out what you can afford given different situations.DisclaimerWe haven't seen your whole situation and there are a lot of assumptions. So this is only a rough guide. If we see your full details we can give a more accurate assessment.
Naturally we don't recommend that you borrow to your limit. The above figures are the maximum, not the recommended amount.
Also we wouldn't recommend that you just pretend that your property is an investment to enable you to borrow more.
You can buy the property as an investment and then move into it in a few years when your income has increased, but not right away! Remember the banks calculators are also for your protection.