Monday, 23 September 2019 06:45   |   Read 104 times

Steps to Obtaining a Loan for an Investment Property 

Step 1: Speak to Aloha Loans

When considering an investment property, your first port of call should be your finance broker.  The first thing we will do is to review your income, assets and liabilities to determine how much you can borrow, which will give you a general idea of your target price range.  This will help you to narrow your property search within your purchase budget.

Step 2: Budgeting

Just like buying your first home, when purchasing an investment property, it’s essential to budget.  If you’re unsure of the how much you will need for the purchase of an investment property, speak with us and we will help you to get on the right path.

Step 3: Important conversations

Armed with all this information your Aloha Loans Mortgage Broker will discuss your plans to determine what you can afford.  We will then do some research to find the lenders that will meet your criteria and perform a comparison of those lenders to find the right loan for you.  After we have shown you the comparisons and settled on a lender, we will then help you to complete the loan documents, collect supporting documents from you and submit your application to the bank.

Step 4: Pre to Post Settlement

So what happens after you are approved for a loan and successfully made an offer for your property?  There can be many little things, like opening a bank account with the lender and funding it, coordinating between your conveyancer, the lender and the Vendor’s (the property seller) conveyancer to prepare for settlement and being your point of contact with the bank.  We even help you to apply for any First Home Owner’s grant that you may be eligible for.

For more information and further details, give us a call on (02) 9614 0888 or contact us through our website.

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