Hi, I have about 40% equity in my home, and I’d like to buy an investment property. But don’t know where to start. What do I need to do on the finances front before I go looking at properties or bid at auctions?
Thanks
SingharooI would strongly recommend you speak to your broker or lender to find out exactly what you qualify for.
If you choose not to use a broker you need to ensure you contact quite a number of lenders as they will all lend you different amounts.
All the best,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
singharoo, get your finances pre-approved (esp. if you are looking at auction sales). This means talking to a bank or mortgage broker as MH says and getting a letter from them saying that you can borrow (say) up to $200,000.
Normally this letter will also say what other conditions you need to meet, eg the finance offer will be subject to the lender seeing the contract, and probably a copy of the lease or a rental appraisal (to confirm the income from the property you are looking at).
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