Hi All
New to the Forum and have a few questions
Background
Owner occupier of home bank value $470 with LOC mortgage of 300K
Investment property value 395K with investment loan of 402K, rent of 500 a week
income of 180K+ plus as a business owner in service industry (split between Wife and I). In business since 2006...
Personal credit cards up to 30K and loan of 40K.......
From my calcs everything a bit tight for another investment property, but do you have any thoughts?
Thanks
Gary
Investment Properties
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: Investment Properties
Hi Gary,
You could increase your current loans up to 90% of the total property value to release funds to buy another investment. However because you would pay a significant amount of LMI and you have a large amount of credit card debt it probably isn't worth it for you to proceed. I would recommend that you approach your bank and ask them to consolidate your credit cards onto your current mortgage as this would save you a fortune.
You can also try our Investment Property Cashflow Calculator to help you predict the cashflow position of your next investment property and whether your property will be positively or negatively geared.
You could increase your current loans up to 90% of the total property value to release funds to buy another investment. However because you would pay a significant amount of LMI and you have a large amount of credit card debt it probably isn't worth it for you to proceed. I would recommend that you approach your bank and ask them to consolidate your credit cards onto your current mortgage as this would save you a fortune.
You can also try our Investment Property Cashflow Calculator to help you predict the cashflow position of your next investment property and whether your property will be positively or negatively geared.