Whether you’re growing your portfolio or dipping your toes in for the first time, Mortgage Broker Melbourne can help to finance your investment property and structure your lending.Book An Appointment
Chasing up lenders on your own can become a major hassle and time waster. Let us take care of the hard work for you. In addition to assisting you to obtain a loan for your investment property, alongside your financial adviser, we go the extra mile by considering the long-term loan strategy and structure that will benefit you the most.
Investment loan requirements can be more stringent than your average home loan such as higher interest rates, so it’s worthwhile getting professional guidance on how to maximise your loan over its lifetime. (Please note, we aren’t qualified to give tax or financial advice so we do recommend you also seek out a suitably qualified professional to advise you)
Before applying for your investment property home loan, we need to understand your situation and how to provide you with the best service possible. Before meeting with our team, we ask that you complete a short questionnaire on responsible lending. Your broker will run you through all you need to know for your investment property home loan application, and ensure that you are prepared.
There are many different options available to you on how you repay your loan, each with their own benefits. If you are looking for payment stability, opting for a fixed rate loan will help keep your payments consistent. For more flexibility in your repayments, a variable loan can help you pay back your loan faster. If both of these sound appropriate, you can choose a split loan with a fixed portion and a variable portion.
You can also choose a principal and interest loan which can help you pay your loan faster. If you want lower monthly repayments for a set period of time, you can opt for an interest-only loan.
You may be unsure about the type of loan structure that would best suit you, and how to get the best deal. Be sure to contact your accountant and our expert brokers on which loan structure is best for your specific needs.
When applying for an investment property loan, you’ll be asked about many factors that contribute to your current equity. This includes what you currently earn, own and owe such as overall income and investments, savings and personal assets (e.g. cars or home) along with credit cards or current loans.
Your lender will also need identification and documentation to approve your investment property loan. You will need to provide a primary form of identification, such as a driver’s licence, passport, or birth certificate. Likewise, you’ll also need a secondary piece of identification, such as a credit or debit card, or a medicare or health care card.
Once you have come to an agreement with the seller, you’re ready to start the settlement process. We will work with your solicitor or conveyancer to take care of this process. After contacting a solicitor or conveyancer to review the contract, you can sign the contract and begin the home loan application process with us.
Throughout this process, your broker will assist you in conjunction with your solicitor or conveyancer to ensure that you experience a smooth settlement.
After your investment property is settled, it’s beneficial to regularly review your lending portfolio with your newly added investment. We’ll keep an eye out to ensure you have the best deal with your lender and can help to review your loan structure, to assess the viability of your portfolio in the long-term.
Our team of knowledgeable brokers prioritise providing proactive and transparent guidance, so you can rest assured that you’ll be in good hands. We’ll regularly communicate with you across the loan process with progress updates and to remind you of any deadlines to meet along the way. What can be a convoluted process is made simple and easy to understand with Mortgage Broker Melbourne.
At Mortgage Broker Melbourne, we have an expert team that is ready to help you with your investment property loan. We make sure you get a competitive deal on your loan, and that you don’t have to worry about any of the heavy lifting.
We want to make sure that your loan works best for you – and that means structuring repayments to fit your specific financial requirements. Our team can guide you through the structure of your loan, and make sure you’re not entering a risky situation again, in conjunction with your accountant.
You don’t want any loose ends when applying for an investment property loan. We take care of all aspects of your loan application, so you don’t have to worry. We are with you every step of the way; from consultation to settlement, you can always rely on our brokers to give you guidance that is in your best interest on your investment property loan.
Yes! You can use your home equity in place of a cash deposit to buy an investment property. If you have questions on how you can do this, don’t hesitate to speak with one of our brokers.
The amount you can borrow for your investment property loan will depend on your current situation; how many people you live with, how much you earn, expected rental income, current expenses along with borrowing history and credit score. However, you can borrow up to 90% of the property’s value without using your home equity as a deposit. To accurately assess how much you can borrow, be sure to contact one of our brokers.
For your investment property loans, you can expect costs that vary. You will need to save a deposit, which we recommend at least 20% (avoiding lenders mortgage insurance), along with the repayments of the loan itself. This will depend on the lender you decide to go with, but Mortgage Broker Melbourne is sure to get you the best deal for your loan. Along with this, there are often loan establishment fees that your lender will charge for the processing of documentation. Ongoing loan fees and interest payments are also costs to think about, as these are continual costs of loans. You should also look out for property loan break costs if you opt for a fixed loan; only occurring when leaving the loan before the fixed-rate term is over. However, we don’t charge any fees for our service! We will provide you with expert advice, ensuring you get the most out of your investment property loan.