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Tips & Guides

Buying a tenanted investment property

There are plenty of upsides to buying an investment property that already has a tenant, as well as a raft of risks. Here’s how to minimise them.

Purchasing an investment property that already has a tenant means you collect rent from day one, with no vacant period and no lease fees to find a new tenant. The lease just carries on as it did before you purchased the property. Sound good? Of course it does. There are some possible problems to be aware of though.

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Finance - as simple as it gets.

Simplify it

The Client

When a busy doctor who had worked with banks to set up finance for her investment properties visited an MFAA Approved Credit Adviser, she walked away with three more properties and a newly simplified finance structure that saved her money.

The solution

Lisa Cole*, a doctor who had purchased six investment properties while working with bank loan officers, called on an MFAA credit adviser to help her streamline the loans attached to the assets.

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Finance Specialist or Bank Consultant

Finance Specialist or Bank Consultant?

When you’re looking for a home loan, you could go to a finance broker or to a bank. While a bank may have a fabulous branch consultant (some of our favourite colleagues are branch consultants) they can only offer you the products their bank holds. A Correct Finance broker is a ‘whole’ industry expert who will take the guesswork out of finding the mortgage product that suits you and your needs, regardless of who the lending institution is.

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How can I save for a deposit? Think outside the box.

How to save a deposit: house-sitting
by Alexandra Cain

One of the toughest parts of realising the dream of owning a home is saving for a deposit. The options seem pretty dismal – subsisting on a diet of beans on toast, never socialising, moving back in with the parents – and are almost enough to prompt a commitment to a life of renting.

To help the savings grow without resorting to these options, many people housesit while squirrelling away funds.

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How to buy without a 20% deposit – LMI explained

When you consider that a small flat in Sydney will set you back atleast half a million dollars at the moment, saving a 20% deposit to buy that flat – $100,000 – can seem an insurmountable task. That’s where insurance can help.

Lenders mortgage insurance (LMI) may be an added expense, but it offers buyers the opportunity to dive into the property market earlier, without saving up an entire 20 per cent of the property’s purchase price as a deposit.

What is it?

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How to convert a new car into tax credits

EOFY case study: How to convert a new car into tax credits

As most small business owners will attest, end of financial year is the time to track down great savings on business equipment. With the right advice, financing the purchase of that equipment can also pay off at tax time.

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Investing 101

Rules of investment

When you’re trying to secure finance for an investment property, it’s important to keep a few simple rules in mind to make sure you get the best deal possible and will be able to afford the repayments, come what may.

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It's my place!!!

A home of your own.

Are you flying solo and starting to think that buying a property will never be possible? There’s really no need to wait for ‘the one’ to come along, as securing finance on a single

income does happen.

Of course, just as if you were a couple, your borrowing capacity will depend on your income and commitments. But there are some differences. A single will probably have different requirements of a property than a couple would.

So consider:

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Keep it simple

If you’re one of those people who thinks that even just the term ‘investment portfolio’ is daunting, imagine the difficulty of managing the finances of more than 40 properties. The key to getting it right is to keep everything as simple as possible.

For a serious property investor, simplicity is key. Read below how an accredited Finance Specialist can help detangle a complicated property portfolio.

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Make borrowing easy by preparing your finances

With tougher lending standards now in place, borrowers need to be more prepared. Ensuring you have a good savings and employment history and the necessary documentation, can help smooth the path to home ownership.

Please dowload the flyer below to find out more.

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