- In Bee Savvy - Getting the most out of your loan, First things first - Steps before applying for finance, Getting ahead - How to improve your finances, Home sweet home - first home owner finance
For many first home buyers, buying an investment property may be on your to do list, rather than moving straight in to your own home. It may be difficult to know how or where to get started on this journey.
Where Should I Start?
If you are wanting to buy your first investment property, perhaps whilst you continue to live at home with mum and dad, it’s a good idea to have an initial look at what your potential budget will be.
We will need to have a look at your income and expenses, as well as what kind of deposit that you currently have saved up.
One interesting factor to bear in mind is that, if you are living at home rent free, most lenders will still factor in a nominal amount of rent in your application. This means when they are adding up your income and expenses, they will also add in several hundred per month as a rental expense, even if you don’t pay any rent at all.
The amount that will be applied in the lenders calculation will vary quite a bit from bank to bank. It also may or may not vary depending on whether you are buying with a partner whom also lives rent free with you.
What Do I Need To Do About This?
Having an upfront assessment from a good mortgage broker can help you to get an idea of how much you may be able to borrow for your first investment property. We have relationships with over 30 lenders, and understand just how much rules can vary between them.
Don’t worry – at Bee Finance Savvy, we can answer all your questions about getting a home loan when living at home rent free with your parents.
We help our clients from start to finish, so we’ll be here to support you from your first question, to the happy day you own your home!
Our friendly broker Desiree is here to help with a free consultation. She can answer all your questions, and help you understand all your options.
If you’d like to hear from just some of our satisfied customers, take a look at our reviews on WOMO https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda