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Follow on Google News | Useful Tips for obtaining First-Time Investment Property LoanIt is important to be successful in becoming a first-time property investor because it increases your chances of earning more income. Here are few tips and suggestions to help you obtain your first investment property loan.
By: Singh Finance Pty Ltd So, if you are considering taking your first steps into the property investment market, you may find that you are: >> Looking at the second property as "doubling your commitment" to servicing your ongoing debt, or >> Unable to muster up enough courage to start the first move into an investment property market Useful "Tips" for First-Time Investment Property Buyers Don't worry if you worried about your financial situation. If you are serious about being financially independent by the time you retire and you have been considering investing in property for the first-time, here are some useful tips to help you become successful in obtaining investment property loans ( http://www.singhfinance.com.au/ Find a Suitable Property - Have a clear idea of the type of property you want to buy and its location How much you can Borrow - You will need to assess the amount of debt you can take on. You can use a suitable "Borrowing Power Calculator" to help you determine the amount you can borrow Budget - You will need to establish a personal budget, which involves adding up all your income as well as working out all of your expenses. You can use a "Budget Planner Calculator" to help you determine the amount you can borrow Rental Income - You will need to make sure the rental income you receive from your investment property will cover the total costs of your investment property Tax Deductions - There is a range of property investment tax deductions you can claim. So, it is important you seek tax accounting and legal advice from your tax accountant and solicitor Loan Purchase Costs - Buying your investment property does come with a range of costs. Some of the typical costs include loan establishment fees, conveyancing costs, stamp duty, and Lenders Mortgage Insurance (LMI) premium (i.e. payable if the total amount of your borrowings is more than 80% of the total security value of your properties) Investment Loans and Options - The type of loan you obtain should depend on your individual situation and should reflect your investment goals. There are also numerous home loan options with a range of features and benefits to choose from. Loan Pre-Approval - Before you go looking for your first investment property, you should arrange to get your loan pre-approved. Because, a pre-approved investment loan will give you the peace of mind and surety when you are bidding at an auction. I hope these tips will guide you in obtaining a better investment loan deal and make you a successful first-time investor. If you are overwhelmed with the amount of work that you will have to do for making investment in a property, it is best to seek help and guidance from a professionally qualified finance broker. Having a specialist finance broker on your side will save you lots of time and heartache because he/she will negotiate on your behalf with numerous lenders/credit providers and secure your eligibility for a first-time investment property loan. So, don't take tension of the loan process, employ a specialised finance broker and let him/her find the best investment property loan deal that suits your needs. Quick approval, complete expert assistance and lower interest rates – http://www.singhfinance.com.au ’s team of experienced finance brokers manage to provide you all these benefits with just a phone call on 0424 190 908. You can even enquire online for obtaining low rate first-time investment property loan or construction loan for your home. End
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