Looking for Recommendation of Mortgage Broker - How Much Can I Expect to Borrow Now?

Hi All,
Im looking for recommendation of mortgage broker to find out how much is my borrowing capacity now.
I have 1 property in nsw that i bought for $440k 2 years ago and im currently renting this property out (the rental income only cover the mortgage),
im currently working on a 90k salary pa and im single, dont have any dependent
and renting at $180 pw.

Comments

  • +2

    N+1

  • +1

    They have calculators for these things on every bank website.

    • They all vary a lot.

    • Ontop of that meet with one of the banks that you think has a good rate. It took me 20 minutes to get pre-approval 😉

  • +1

    How much equity is in the first property?
    Looking for an investment loan or?
    How much cash available?

    • These are the correct questions to ask. OP you haven’t told us how much wealth you currently have to use as a deposit/collateral towards property 2. Property 1 could now be worth $400k for all we know.

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