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Allan

6 months ago

Jason please confirm your partners income $3600 per? I assume she receive no rent assistance? what age are the kids? I would think rent of $800 per month would be a bit low, would guess more like $260 - $300 per week would be expected in that area

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Frank

6 months ago

Hi Jason, It's probably best not to go into too much personal detail on a public forum. I would suggest that you contact a broker (eg. myself or Allan) to communicate in private. Just click on the photo and it will take you to a 'Contact me' link. The short answer is that on my most optimistic assumptions, your original plan does not look possible, nevertheless I would need to have a chat to be sure. Upgrading to a new property looks like a much better prospect.

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jason

6 months ago

Hi guys. To elaborate on our financial situation. My gross income per month is $3590.24 . My partners with her child allowance and disability pension is $3600. net. There are 6 dependent children. As already stated we have no collection debts and no bankruptcy claims. The current house is fully paid for and solely in my partners name located in Private housing area of Risdonvale. the property we would dearly love to purchase is in the link below. https://****ales****.au/property-house-tas-lindisfarne-127399378 Please list any and all requirements such as what documents we will need to present for a successful application. It might also be worth noting that we already have a tenant hard commit for the old address on a $800 per month rental basis upon us moving out and into the new home. Lets make this happen. Jason

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Allan

6 months ago

Hi jason. You will not need any cash deposit but it will all come down to your incomes plus the rent you will receive, 7015 is receiving some excellent rents at the momrnt. Give me a call and we can organise an appointment and do some numbers.

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Frank

6 months ago

Hi Jason, Thank-you for your enquiry. Using the existing equity is fine, you would not need a cash deposit. However, I think the bigger issue may be affordability. We would need to work through your actual numbers, but making some rough assumptions about pension and rental income, it does look like trying to afford around $500k of debt would be out of reach. You may have to revise the plan of keeping the old property. Please get in touch and I'd be happy to crunch the numbers for you, On the subject of time frames, when things go smoothly, finance can be approved within a few days of submitting all the necessary documentation. Regards Frank

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