Hi,
I am planing to buy my second IP. .Just got a pre-approval of $290K from CBA and really not happy with it. It is much lower than I expected ($350K+). What should I do?
My status:
Annual Salary $98,850 (Including super)
IP1: Worth $320K ( Westpac $175K IO loan and $310 rental income p/w)
My son is 6 month old and my wife is on parental leave. However, she has $220K in saving account so the monthly interest income is about $600+.
We are renting and the monthly rent we pay is $2173.
I am the sole owner of IP1 and will be the sole owner for IP2.
In addition, another part of the pre-approval also includes refinance the Westpac loan to CBA.
I am not sure what is wrong. Why is the pre-approval amount so low? What should I do?
Not happy with Pre-Approval. What should I do?
I am planing to buy my second IP. .Just got a pre-approval of $290K from CBA and really not happy with it. It is much lower than I expected ($350K+). What should I do?
My status:
Annual Salary $98,850 (Including super)
IP1: Worth $320K ( Westpac $175K IO loan and $310 rental income p/w)
My son is 6 month old and my wife is on parental leave. However, she has $220K in saving account so the monthly interest income is about $600+.
We are renting and the monthly rent we pay is $2173.
I am the sole owner of IP1 and will be the sole owner for IP2.
In addition, another part of the pre-approval also includes refinance the Westpac loan to CBA.
I am not sure what is wrong. Why is the pre-approval amount so low? What should I do?
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