Hi guys
I've finally taken the plunge to go out and decide to buy my first IP. As this is my first investment I thought it would be important to fully understand everything before pulling the trigger on a loan and get it right the first time.
After researching and doing a lot of reading I've decided to go for the following
Loan: 400K
Term: 30 years
LVR 80% (deposit 80K)
Offset account
Interest Only
Interest: Variable
Single salary: 90K
At the moment I've engaged a mortgage broker (not listed on MFAA) and he has advised that I'm suitable for a professional package and has referred me to a few packages. Pending offers from two lenders out of the three.
While I wait I've also engaged loans.com.au and began the pre-approval process with them (have not submitted any documents to them yet).
1. Has anyone dealt with loans.com.au as their rates (interest & comparison) are the lowest when you do a look up on canster and other sites, is it a honeymoon rate? Just trying to avoid the gotchas if i go with them. Also i've noticed on www.finder.com.au the website says its not suitable for investment?
2. Will having multiple pre-approvals before property searching effect your future borrowing as the number of inquiries on your credit file increases?
At the moment i'm thinking of talking to another broker and see what other options they have.
Would be interested on hearing your thoughts.
ML
I've finally taken the plunge to go out and decide to buy my first IP. As this is my first investment I thought it would be important to fully understand everything before pulling the trigger on a loan and get it right the first time.
After researching and doing a lot of reading I've decided to go for the following
Loan: 400K
Term: 30 years
LVR 80% (deposit 80K)
Offset account
Interest Only
Interest: Variable
Single salary: 90K
At the moment I've engaged a mortgage broker (not listed on MFAA) and he has advised that I'm suitable for a professional package and has referred me to a few packages. Pending offers from two lenders out of the three.
While I wait I've also engaged loans.com.au and began the pre-approval process with them (have not submitted any documents to them yet).
1. Has anyone dealt with loans.com.au as their rates (interest & comparison) are the lowest when you do a look up on canster and other sites, is it a honeymoon rate? Just trying to avoid the gotchas if i go with them. Also i've noticed on www.finder.com.au the website says its not suitable for investment?
2. Will having multiple pre-approvals before property searching effect your future borrowing as the number of inquiries on your credit file increases?
At the moment i'm thinking of talking to another broker and see what other options they have.
Would be interested on hearing your thoughts.
ML