How much can I borrow?
Existing Home Owners
– Can either use equity in their existing home in the case of buying a second property
– Use the difference between the proceeds of the sale of the first property as deposit toward the next property
– Every bank has their own mortgage calculators to check how much you can borrow
How much can you borrow for a second purchase
This depends on the following
– Income and expenses
– Whether the proposed purchase is an investment or an owner occupied property.
– How many dependants you have. E.g. Someone on the same income but with no children or only 1 child will qualify for more lending than someone with 4 children.
– If you have any personal loans or Car loans
– Pay child support
If buying an investment Property
Please refer to Property Investment
Do I need to prove income?
Yes unless you are applying for a Lo Doc mortgage – please refer to Property Investment
Can I borrow while overseas?
Yes but obviously this would be for an investment property since you wouldn’t be living in the proposed purchase while living offshore.
The banks have fewer issues with Aussies and New Zealanders or those with NZ residency but lending is available for all nationalities. The LVR may be reduced though.
Do allow more time to obtain finance. It will pay to ask us to provide a pre-approval so that you can purchase confidently when you find a property. Do be aware that a pre-approval is not the same as an unconditional approval
If you’d like to have some feedback in regard to what your are eligible for then please email your financial position to