What you need for an investment property loan application

Wisebuy Investment Group

What you need for an investment property loan application

You will usually need a higher deposit than you would for an owner-occupied loan. If you have equity (total or partial ownership) in your residential home, you can use that equity as your deposit on an investment property loan. The policies of different lenders varies, but each will have a maximum loan-to-value ratio (LVR) that they are prepared to accept for an investment property loan.

The LVR is the amount of the loan expressed as a percentage of the value of the property. For example, if you want to borrow $480,000 for an investment property worth $600,000, your LVR would be 80% (i.e. $480,000 divided by $600,000). If this percentage falls within the lender’s maximum LVR and you can demonstrate that you can afford your repayments, your investment Home Mortgage Loans Newcastle should be approved.

Interest-only investment property loans

As the name suggests, interest-only investment property loans only require you to repay interest on the amount you borrow. The main benefit of an interest-only loan is that it has low repayments, so taking one out can allow you to buy an investment property sooner. An interest-only loan can also help you to afford a more expensive investment property.

Interest-only loans are available for terms of up to five years. After that time, you can apply to take out another interest-only loan, or your loan will usually revert to a standard principal and interest loan.

Principal and interest investment property loans

A principal and interest investment property loan has higher repayments than an interest-only loan because you’re repaying back the amount you borrowed (the principal) plus interest. Each repayment you make reduces the total amount you owe.

How we can help

At Wisebuy Investment Group in Newcastle, our experienced and licensed brokers can help you to find the right investment Mortgage Lending Experts Newcastle. We can also help you with your application.

Contact us today for an obligation-free chat! We’ll take the time to understand your individual needs before providing you with appropriate advice. Our focus will be on finding the right investment property loan for your needs from over 60 Australian lenders.

And best of all, our service is free!

Wisebuy Investment Group

Commercial Property & Home Mortgage Loan Brokers Newcastle

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Wisebuy Investment Group’s commercial & regular home mortgage loan brokers will assist you in finding the right fit mortgage from over 60 lenders in Newcastle.

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Working with a mortgage broker in Newcastle is the best way to avoid losing money or getting a raw deal on your mortgage. While this can be catastrophic, you can still prevent some future problems by looking for and avoiding the following red flags. The debt-to-income ratio focuses on the relationship between the monthly income and monthly debt obligations of the applicant. To determine this ratio, loan lenders will divide your monthly debt obligations into your monthly gross income. With the right mortgage broker in Newcastle, you will be advised appropriately before you apply for a loan.

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If you are finding the best way to refinance your home loan or applying a first home loan, you can choose a trustworthy finance broker in Queensland.

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Many people believe that finance brokers are only useful when applying for a home loan.

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Mortgage brokers help to find the best loan that fits your needs and financial repayment status.

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What You Should Know About Working With a Mortgage Broker and Lending

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There are several reasons why working with a mortgage broker is beneficial. We are an experienced Newcastle mortgage broker, and we have a deep understanding of the lending landscape in Newcastle and the wider Australian market. Working with a Mortgage BrokerWorking with a mortgage broker can make the home loan process much easier and less stressful. Factors to consider when choosing a Newcastle mortgage broker:When choosing a Newcastle mortgage broker, it's important to consider their experience, expertise, and reputation. Tips for finding the best Newcastle mortgage broker:To find the best Newcastle mortgage broker, start by asking for referrals from friends, family, or real estate agents.

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