I have an income of $41,000 and wen't to a mortgage broker at Squirrel which said for an investment property with 15% deposit I could borrow up to $230,000.
However, I live in Auckland and am looking to buy 3 bedroom properties in Te Atatu, Avondale or New Lynn. These properties cost around $330,000-350,000 which leaves me short about $50,000-70,000 including my $50,000 deposit that I have saved.
How can I get around this problem? Do I need to buy it joint with a friend, parents or family member to take their income into account so I can borrow more?
Can I do this with their income but still have the loan in just my name?
I have looked around at 2 bedroom units in the same areas but the unit blocks are attracting really bad neighbours and I can't add as much value to the properties on the exterior or in the landscaping.
Any help please?
However, I live in Auckland and am looking to buy 3 bedroom properties in Te Atatu, Avondale or New Lynn. These properties cost around $330,000-350,000 which leaves me short about $50,000-70,000 including my $50,000 deposit that I have saved.
How can I get around this problem? Do I need to buy it joint with a friend, parents or family member to take their income into account so I can borrow more?
Can I do this with their income but still have the loan in just my name?
I have looked around at 2 bedroom units in the same areas but the unit blocks are attracting really bad neighbours and I can't add as much value to the properties on the exterior or in the landscaping.
Any help please?
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