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Hi, my mother does not have a job but she gets $3000/mth rental income from a condo that is fully paid up. She does not have any other home / car / credit card loans. Will she be eligible for a home loan from the bank if she wants to buy another property? I understand that she will need to pay ABSD.
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2 Answers

Ivan Ng
Replied
Hi,

If she's not working at the moment, banks are unlikely to offer a mortgage loan. Rental income will be recognized but discounted. Since the condo is fully paid, there are other ways we can explore. May I understand your plans & requirements better so to value-add to your plans? Thanks and hope to discuss further.

Warm regards
Ivan ERA
 97432395 
Ivanng10@gmail.com
Website: http://www.ivanng10.com/#!reviews/c11r1
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Mike Lim
Replied
Morning,

Rental income is not considered an stable stream of revenue hence the assessment for mortgage will be worked differently. However, with a fully paid private property, collateral can be placed for the upcoming mortgage, based on the value of the existing unit.

FYI
Mike Lim
 96929209 
m52i@yahoo.com
ERA Read More
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