Doing anything alone can be daunting and uncertain. Buying a house or investing in property on your own can be even scarier because you know the bank is looking solely at you and what you bring to the table, rather than the supplementation that comes with a partnership.
Whether you’re looking for an investment property, purchasing a new home, or taking your first step onto the property ladder, you’re probably going to need a home loan. Buying a property is one of the most expensive purchases for almost all Aussies, and most of us can’t afford to buy these properties outright.
With the new financial year well under way, and the effects of the Banking Royal Commission still rippling through the sector, it’s an interesting time for anyone to be refinancing, applying for new loans, and generally trying to convince the banks they’ve got what it takes to pay their loans back.
In May, we put out an announcement about the Banking Royal Commission and how mortgage brokers, with a few exceptions, have basically been doing the right thing all along. While this is still the case, it has become clear that the lenders have been less than transparent about their dealings with brokers and clients and have been slack in their diligence.
Phyllis and Vicki have been investing in property for many years and now not only have their own home but four investment properties worth over $2 million as well. Their last deal involved buying a block of land and building a duplex (a dwelling having apartments with separate entrances for two or more households), which was then subdivided upon completion into separate titles and rented out. They still retain those properties but were keen to do the same again as they expanded their investment portfolio.