I recently got a pre-approval from a bank for 450k to purchase a second IP and wondered if there is another bank that could lend me more.
The pre-approval I have received is based on the following:
Salary income: 77k per annum (gross)
I currently have a loan for an IP. Here's the details:
Rent: $300 per week
Loan balance: 223k
Funds in offset: 20k
IP value: 279k
Interest: 4.54% interest only
I also have a PPOR valued 590k which I own outright. I do not wish to cross-collateralise my second IP with my PPOR.
Any tips on how I can borrow more (increasing my salary and rental income isn't an option for me for the next 12 months)? My expenses are not high and I know I an fund a higher loan.
The pre-approval I have received is based on the following:
Salary income: 77k per annum (gross)
I currently have a loan for an IP. Here's the details:
Rent: $300 per week
Loan balance: 223k
Funds in offset: 20k
IP value: 279k
Interest: 4.54% interest only
I also have a PPOR valued 590k which I own outright. I do not wish to cross-collateralise my second IP with my PPOR.
Any tips on how I can borrow more (increasing my salary and rental income isn't an option for me for the next 12 months)? My expenses are not high and I know I an fund a higher loan.
Can I borrow more than 450k?
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