Dana Boyd Mortgage Broker - Tundra

When people think of buying an investment property, many only think about buying in their local area. Investing in a property interstate may be a smarter idea, potentially resulting in a better return on your investment. it may also be a potential way to snaffle a bargain. You could be buying into an area with greater potential capital growth compared to your home state – as well as being more affordable for the budget. Many first home buyers have chosen to rent in the area that they want to live in and purchase an investment property elsewhere, just so they can get in the property market. There are some the key issues to keep in mind before you buy: The logistics of property management Some may find it hard to manage their investment property from another state. It can be costly maintaining a property and finding tenants if you regularly need to travel between states. Although employing a property management service may be able to help here. Property managers undertake several jobs that can be difficult for an interstate investor to do. They can screen your potential tenants, source local tradespeople for repairs and, by inspecting the property on your… [Read More]

Did you know you can get an equity release on your existing home loan to renovate? An equity release or a top up loan is an additional loan on top of your current mortgage. The amount you can release will depend on how much you currently have owing on your home loan and the value of your property. Typically, lenders will allow you to access up to 80 per cent of this equity and use it as a source of credit on your mortgage. Do I qualify for an equity release? The ability to release equity from your existing home loan will depend on a number of factors: Do you currently have equity available? Lenders will generally allow you to borrow up to 80% of the value of your property: Purpose of the equity release: There are many reasons that a lender will allow for equity release, in particular to renovate your home Loan term: Your mortgage must be at least 6 months old. Your current financial position: You will require good mortgage repayment history and have a good income compared to your level of debt. Benefits of equity release: Review of your existing home loan to ensure it currently suits your situation…. [Read More]

Location, Location, Location What are the local amenities that you might need? Shops Schools Public Transport Entertainment Are there any infrastructure changes or other council changes planned? How long will it take for you to commute to and from work Outside the Property Is there off-street parking? Is the building structurally sound? Consider a building inspection to ensure stability What is the condition of the external building? The paintwork, garden, roof and guttering? Is the area noisy? Consider inspecting the property at different times of the day. Are there any building restrictions? Inside the property How many bedrooms and bathrooms are there? Is there room for an expanding family? Are there any concerns about the wiring or plumbing? A building inspection will help to determine any faults Do all the windows open? Is there enough storage space? Is the Kitchen in good condition? Are all included appliances in working order?