Are You a First Time Investors or Are you Adding to a Growing Portfolio?
Property Investment can be an exciting and equally scary proposition. The wrong property can cost you thousands and the right property can make you tens, or hundreds of thousands.
The first, and perhaps most important, part of the property investment process is gaining accounting advice. Speak with your accountant about whether they believe this is the right approach for you. If you don’t feel comfortable asking this question of your existing accountant, GET A NEW ONE. Accounting advice and accurate accounting is paramount to the property investment process.
Once you have sought accounting advice we believe establishing a Pre-Approval with your broker is the most efficient way of stepping through the process. This allows time to review any existing loans, release equity from existing property if required and change loan structures or products if required.
Considerations as part of this process include
- How much to spend on the investment property?
- Should I look at fixed or variable interest rates?
- Are interest only repayments better for me?
- Do I need an offset account? Or, What is an offset account?
- Should I have my investment loan with my existing lender or should we separate them?
The investment property purchase is most simple when buying the property in your individual name but there are other considerations, including
- Self-Managed Super Fund (SMSF) Purchases
- Trust Structure Purchases
- Company Structure Purchases
These structures tend to be for the more sophisticated investor, but not always. This is why it is important to get good solid accounting advice prior to finding a property to buy.
As with all files, we act as the file manager and will drive the process for you including providing details of local building inspectors, solicitors and conveyancers, accountants and we will drive the process right from initial application through to the settlement of your property. By following one of these links you will be able to view current stock that may be suitable as your next purchase.
For more information or to begin your Pre-Approval please fill out the form below or call Lee directly on 0412 951 773.