Thinking about growing your wealth through property is always the very first step in the process. Entertaining the thought, and wondering if it is possible, however seeing your dreams and goals come to fruition will always require planning, and working with specialists that support that dream and goal. While the property and the related benefits may be the bigger picture goal, The logistics need to be considered, such as where the deposit will come from (equity, or savings?), and what needs to occur in order to pass the bank's loan assessment, in order to obtain the finance.
So, with lots of moving parts, and elements to understand, best you get into the driver's seat with having us look at what you need to do in order to occur your dreams!
So, some steps, to get you thinking!
Step 1: Speak with a Mortgage Broker
When considering an investment property, your first port of call should always be your mortgage broker.
We will review your assets and liabilities to determine how much you can borrow, which will, in turn, give you a general idea of your target price range, so you can narrow your property search within your purchase budget.
Step 2: Budgeting
Just like buying your first home, when purchasing an investment property, it’s essential to budget. If you’re unsure of the best way to budget for an investment property, speak with your mortgage broker to help you to get on the right path.
Step 3: Important conversations
Your broker will discuss your plans and your circumstances with you to determine what you can afford. Your broker will also provide statutory documentation to initiate the lending process and discuss with you what loan products will be appropriate to your specific circumstances, based on your goals and objectives.
Want to know more? There is so much to know, and understand.... want to get into the drivers seat and take control of your financial future?
Let's have a chat to find out more!
Rachael Bland – Founder & CEO