Step 1: Speak to me!
Ok ok, it might sound a bit pretentious but when considering an investment property your first port of call should be your finance broker. This is the best step you can help you achieve your investment property goals. Your finance broker 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 allowing you to 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 Finance Broker. Amongst other things, we can help you to get on the right path.
Step 3: Important conversations
We 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 work out for you what loan products will be appropriate in your circumstances.
This is just an abridged guide to help you get started. For more information and further details, speak with me directly.