Buying An Investment Property
How Much Can I Borrow?
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BUYING AN INVESTMENT PROPERTY
How Much Can I Borrow For An Investment Property?
You may be able to borrow up to 80% of the property value, so your contribution may be as little as 20%. If you don't have the necessary cash savings, you may be able to use the equity in your existing property to fund the deposit for the new property. By doing this, you may be able to borrow up to 100% of the cost of the new property, including fees.
Mortgage insurance is another option that may allow you to borrow up to 95% of the purchase price if you don't have additional security in the form of equity in a property.
How much you can borrow may also be affected by the lender's valuation of both the property being purchased and any other property you are using for security.
Our How Much Can I Borrow Calculator can offer a guide but our Loans Insurance Consultant will work harder to maximize your borrowing options within a manageable repayment range.
How much can I afford to repay?
The amount you can comfortably commit to loan repayments will be determined by your income level relative to your financial commitments, which include your proposed new loan repayments, credit card repayments, repayments on other loans plus other expenses. The amount of your home loan repayments plus other income should preferably not exceed 10% to 40% of your gross income, depending on your income level.
Check our LoansInsurance.com.au Repayments Calculator for an indication of how much you can afford, or for more comprehensive advice, complete the Express Loan Application now & a Loans Consultant will contact you within 24 hours to discuss how much you can afford to repay & finding the right loan for you.