April 23, 2021 by Kirsten Hills
Step 1: Speak to our team of home loan experts
When considering an investment property, your first port of call should be your mortgage broker. As a Mortgage Choice Broker, we can help you achieve your investment property goals. 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 our team of brokers, they can help you to get on the right path.
Step 3: Important conversations
As your local Mortgage Choice broker, we will discuss your plans and your circumstances with you to determine what you can afford. We will also provide statutory documentation to initiate the lending process and work out for you what loan products will be appropriate in your circumstances.
Other things to consider
If you already own a property and you’ve had it for a few years, there’s a good chance you’ve built up some reasonable equity, and this can be a valuable resource when it comes to property investment.
We can help you to find out how much equity you have in your home, and how you might be able to use it to own an investment property sooner.
