Do I have a plan?
It’s important to know why you want to invest, what you hope to achieve and have clear goals before setting out. You may want to talk to your accountant or Financial Planner to help you determine what your long team wealth strategy is.
How much can I afford to borrow?
As with any home loan it’s important to understand how much you can afford to borrow before looking for a property. We can help you to understand how much equity you have, and provide loan pre-approval. Contact us, book a Mobile Lender or visit a Service Centre.
Have I done sufficient research?
It’s important to understand that investing in property can result in good returns, however success is not guaranteed, especially if you are not prepared. It is important to do your research before you make any decisions. You should be looking at growth areas, attend open inspections and monitor sales results in particular areas before deciding on where to buy. Once you have decided which area to buy in, it’s worth getting to know the local market. It may be worth talking to locals, real estate agents and councils to get a deeper knowledge of the area and what properties are worth.
Are there any additional costs?
Once you have bought your property it’s important to understand and be aware of any ongoing costs. As with any property, you will need to pay interest, council rates, land tax, property management and strata fees (if applicable). As a landlord, you have other financial responsibilities, like maintenance and repairs and landlords insurance.