Step 1: Speak to an MFAA Approved Credit Adviser
When considering an investment property, your first port of call should be your credit adviser. An MFAA Approved Credit Adviser can help you achieve your investment property goals. They will review your assets and liabilities to determine how much you can borrow, which will, in turn, give you a general idea of your target price range, so you can 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 best way to budget for an investment property, speak with your MFAA Approved Credit Adviser, they can help you to get on the right path.
Step 3: Important conversations
Your MFAA Approved Credit Adviser will discuss your plans and your circumstances with you to determine what you can afford. Your adviser will also provide statutory documentation to initiate the lending process and work out for you what loan products will be appropriate in your circumstances.
This is just an abridged guide to help you get started. For more information and further details, speak with your MFAA Approved Credit Adviser.