You have recently spoken with your bank, and found that you are very limited as to how much they will lend you to expand into an investment property.
You have spoken with your accountant or financial planner, and they have advised you that you can afford to buy an investment property, and that you will benefit from doing so. But your bank just wont lend you as much as you thought they would to continue down this path.
Each and every lender have different qualifying metrics and criteria, which determines just how much they will let you borrow.
Some of the things that influence this, are the buffer amount they state you must be able to afford, above and beyond your anticipated interest rate. Other factors include how long you have been in your job, your industry, or your time as being self-employed. Furthermore, for self-employed applicants, lenders will vary immensely as to whether they average out your income, accept all of your depreciation add backs, and other technical factors which will influence how much you can borrow.
This is why, if you are seeking to purchase an investment property, and you are not “rolling in cash”, it will benefit you to speak to someone whom truly stays in touch with MULTIPLE lender policies, that can match you with a lender whom will see your net worth in the same light as you and your accountant do.
If you are struggling with the amount you can be approved for with your current bank, if you receive bonus or overtime income, have recently changed jobs or are self employed, contact us at Bee Finance Savvy on 1300 140 554. We will assess your situation amongst multiple lenders, to ensure that you do not miss out on your goals unnecessarily. We will also do this UPFRONT, without you making multiple applications which could further damage your ability to borrow funds.
Get it right the first time, and minimise your stress and time wasted.
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