You’ve decided you want to start investing in property. Maybe you want to buy your first home to live in, or an investment property to rent. Either way, you need to prove to the bank (and yourself!) that you can handle the repayments.
But where on earth do you even start? How much savings do I need for a deposit? Should I move back in with my parents? What evidence does the bank need from me to approve me for a loan?
As Peter Sizeland, Head of Credit at Finnia, explains in this video, a mistake that many people make is simply working out what their loan repayments are based on current interest rates.
At the moment, interest rates are at record lows which might make you eye off a bigger mortgage. But don’t forget, it’s important that you are able to demonstrate that you can repay a certain level above your current repayments to protect against changes in the market and prevent financial hardship.
At Finnia, we can help you take the first steps to investing in property, developing and executing a personalised financial roadmap that will allow you to buy and pay off a home within 10 years. Book a discovery call now.
Disclaimer: The information provided in this blog and video is not legal, taxation or financial planning advice. It has been prepared without considering your specific needs, objectives and personal financial situation. Before acting on this information, we recommend that you consider carefully if it is appropriate for your needs, objectives and personal financial situation. All loan products are subject to lender criteria and approval. Fees, terms and conditions apply.