Q: What other costs do I need to consider when applying for a loan?
A: In addition to the cost of your investment property, you will also need to factor any expenses incurred throughout the buying process, such as:
- Stamp duty
- Legal fees
- Mortgage transfer fees
- Land transfer fees
- Registration fees
- Application fees
- Solicitor/Conveyancing fees
Q: Besides mortgage repayments, are there any ongoing costs?
A: Yes. In addition to your loan repayment, you will need to consider other expenses such as building insurance, house and contents insurance, council and water rates and body corporate fees. If purchasing an investment property, you will also need to account for property management fees and landlord insurance.
To manage the costs with ease, our EasyPlan Financial Services will work with you to create a detailed cash flow budget to work with your financial situation.
Q: I don’t have enough money for a deposit. Can I afford to invest in property?
A: Not all investment property loans are secured by deposits. If you have an existing home or investment property, you may already have enough equity to finance your purchase. We recommend speaking with your EasyPlan financial consultant to best determine your eligibility.
Q: I am self-employed. Are there any available tax benefits when investing in property?
A: Depending on your financial situation and business structure, you may be eligible for tax concessions. We recommend seeking professional help based on your personal circumstances to determine what concessions are available before making any decisions.
Q: I am selling my current home but need equity to invest in another property. Is there anything I can do?
A: Yes. If time is of the essence, you may be eligible for a bridging home loan to secure your desired property. Bridging loans are often complex, and in time critical situations, are best dealt with by a trusted and experienced property investment firm.