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🏠 Mortgage Choice  ·  Prepared for Craig & Sharni

Your proposed loan structure

77 Mitchell St, Cunderdin (refinance)  →  196 Wilson St, Meckering (purchase)
⏳ Pending: this structure is still awaiting final confirmation from the lender. The numbers below reflect what has been proposed and calculated so far.

The two loans

These figures are fixed, based on the rate quotes already obtained.

77 Mitchell Street, Cunderdin - current home Current home ↗

Mitchell Street 🔒 fixed

77 Mitchell St, Cunderdin WA 6407  ·  refinance to release equity
Property value$275,000
Loan amount$200,000
Interest rate7.14% p.a.
Repayment$1,349 / month
Loan-to-value ratio (LVR)73%
196 Wilson Street, Meckering - proposed purchase Proposed purchase ↗

Wilson Street 🔒 fixed

196 Wilson St, Meckering WA 6405  ·  new purchase
Property value$420,000
Loan amount$273,000
Interest rate6.84% p.a.
Repayment$1,787 / month
Loan-to-value ratio (LVR)65%

Where the money comes from

The purchase price, the gap it leaves, and how the Mitchell Street equity covers it.

Wilson Street purchase price$420,000
Less: new loan on Wilson Street−$273,000
Cash gap to fund$147,000
Plus: costs, allow 3%
stamp duty, conveyancing and legal fees, loan establishment fees+$12,600
Total cash needed$159,600
Funded by: equity released from Mitchell Street$200,000
Buffer left over$40,400

The exact split of the $12,600 cost allowance will be confirmed once contracts are exchanged, this figure is a standard planning allowance.

Your monthly position

Drag the rent sliders to see how the numbers move. Defaults are the bank's conservative estimates used for serviceability, not a promise of what either property will rent for. The combined cash figure can look confronting in red, so it is also split by property: Mitchell Street usually roughly covers itself, and most of any shortfall sits against the new Wilson Street loan.

Mitchell Street rent (per week)$395
Wilson Street rent (per week)$320

Money coming in, rent

Mitchell Street rent$1,712 / month
Wilson Street rent$1,387 / month
Total rent coming in$3,098 / month

Money going out, loan repayments

Mitchell Street repayment (7.14% p.a.)$1,349 / month
Wilson Street repayment (6.84% p.a.)$1,787 / month
Total loan payments going out$3,136 / month

Money going out, standard ongoing property costs*

Mitchell Street$308 / month
Wilson Street$250 / month
Total ongoing property costs$558 / month
Mitchell Street cash  - Wilson Street cash  -

Combined cash positionrent less repayments and ongoing costs −$596

*Standard ongoing property costs, rates, insurance, property management and maintenance, estimated at around 18% of each property's gross rent. Figures are gross cash estimates. Actual costs will vary, and tax outcomes depend on personal circumstances, check with your accountant.

Growth & equity, 10-year illustration

Choose a growth scenario to see how combined equity across both properties could build over time. This is an illustration only, actual growth will vary.

Point in timeCombined property valueCombined loan still owed to the bankYour equity
Today$695,000$473,000$222,000
In 5 years---
In 10 years---

Each block below shows one point in time. The sentence above each bar spells out the property value, how much is still owed to the bank, and how much would be your equity, the grey part of the bar is the loan, the teal part is your equity.

Loan still owed to the bank Your equity

Figures are estimates for illustration only, based on the assumptions shown. They are not a guarantee of future value, rent or approval, and are not personal financial advice. Please speak with Troy before relying on any figure.