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Refinancing a 400k loan up to 80% LVR (without incurring LMI)

400k * 80% = 320k

320 - 250k = $70k equity available (not $150k)

Interest only 5yrs repayment: $1,174/month @ 4.4%

$300/wk rental income = $15,600 income ($1,200/month)

Property near positive geared - excluding rates, body corp, maint, fees etc

800k house @ LVR of 90% if willing to pay LMI around $700k loan (estimate stamp duty applied as well)

$70k equity + $30-40k cash savings will fill the shortfall between Loan vs. House purchase

$700k loan @ 4.4% P&I = $3,500/month repayment

$150k incl Super income is around $8000/month income (after tax)

Bank usually says Single person living expense is around $1100/month (not sure what a couples monthly spend would be - lets say $2k)

$8000 - $2000 - $3500 = $2500/month left over

Don't see any issues with their borrowing vs. income. Could have missed some points, speak to your local mortgage broker on a more realistic assessment on your borrowing.

Pretty close...

We don't lend on the ability to make repayments at current rates lol

No one wants GFC 2

Pretty close...

We don't lend on the ability to make repayments at current rates lol

No one wants GFC 2

No one wants rape either but girls still dress provocatively

That's right I went there

true; the scenario still has a $2.5k monthly buffer so should be safe enough to lend.

You'd be surprised how quickly a surplus like they disappears when we assess lending, especially consumer mortgages where we are heavily regulated.

I doubt 2k living expenses I mean you'd likely have two car repayments two rates, insurance, bills etc seems low to me

HEM/HPI figures (which is what he was referencing) do not include other debts. They are over and above.

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Just get delivery? It's only $7. No store will have click and collect cause hardly any will have their allotment yet.

Sold out now...they must be bleeding them to the online store. Will prolly be available again soon.

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