When you’re purchasing an investment property, whether it is your first or your fourth, it is important to know that not all lenders will treat your situation equally, regarding how much you can borrow.
You should never put multiple applications in to test the waters. This can negatively impact your chances of being approved.
That’s why it’s important to speak to someone who has knowledge of multiple lender rules. A good broker can assess your situation upfront before applying. They can help you decide which lender will be a better match for the amount you wish to borrow.
Lender rules don’t always make sense…
There are multiple rules for assessing your income and expenditure, for example some lenders will accept 80% of your rental income while others have recently switched to accepting only 75%.
Some lenders will make you prove that you can afford to pay rent, even if you aren’t renting! Other lenders don’t do this, and take a more practical approach. You may be able to borrow much more with them.
If you would like an assessment of how much you can borrow for your next investment property, contact us at Bee Finance Savvy . You can call us on 1300 140 554. You can also email us at firstname.lastname@example.org.
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