After purchasing a first home, one of the most common next steps for Australian investors is to secure an investment property. Whilst many are daunted by this next step, the IFG Advisory team can lay the information out for you including:
- What equity is required in the existing property to leverage for the new purchase
- What the total new purchase costs
- Outline the total interest rate reduction resultant from the increased total borrowings.
- Outline the cash back options available to them for switching
- Detail a monthly repayment schedule based on the increased lending
- Outline a structure that best suits the client based on their unique position
Often purchasing a second or third property will go hand in hand with refinancing as:
- Clients will usually look to unlock equity in the existing property to avoid mortgage insurance
- The increased total lending will reduce their rate position if moved to one bank
- Current cash back incentives ensure the client is not left out of pocket.
Thinking about purchasing another investment property?