Get Pre-Approval For Home Loan
2009
If you are considering an investment property real-estate purchase between now and Christmas, it will be imperative that you get some sort of pre-approval from your lender. Better still ask a competent mortgage broker to secure you pre-approval. In writing!
The Reserve Bank seem hell bent on increasing official interest rates again, (the popular media have been selling the idea for them in every news program or update) and I feel that this action may just be the trigger for a sell-off of property in the low to medium price band.
Many in this band are recent first home buyers who have paid the first home buyers bonus driven inflated market value for their property. So they have bigger than expected home loans. Added to this many have funded the exorbitant lenders mortgage insurance premiums charged on their home loans with their credit cards, personal loan or loan from family.
This means opportunity if you are cashed up and ready to move.
However, credit is tight and lenders seem reluctant to lend without creating time wasting road blocks. On the plus side your rents will be good as there is still a shortage and the people who have to sell up will need somewhere to live and with immigration adding 2000 new aussie’s a week, residential property is destine to rebound strongly over the next 20 years even if interest rates follow historical trends.
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