Working to a budget and making sure you choose a mortgage and loan amount that is suited to your investment objectives could save you thousands of dollars and a heap of stress. The first step is to make sure you are comfortable with the financial commitment you are about to make.ate a smooth settlement.
You’ve done your research, found the property that meets your investment objectives, now you need to close the deal in the best way possible! It helps to use a competent and qualified conveyancer or solicitor to handle the legal side of the purchase as this will facilitate a smooth settlement.
A pre-approval gives you the comfort of knowing that a lender has made an assessment on how much you can borrow based on the information you have provided to them and have satisfied basic lending criteria. A pre-approval is not an absolute guarantee that the lender issuing the pre- approval will approve your finance application.
House or Unit? New or Old? This question comes up all the time – both can be excellent investment options and both have pros and cons. If you have made a decision on your investment strategy – i.e. capital growth, income or both then it should help the decision making process if you weigh the choice up against what you are trying to achieve.
Using the equity in your own home may give you the buying power you need to firm up your application with a lender. The equity in your home is essentially the difference between what a lender deems to be the value of your property and any outstanding debt against the property.