What should I consider when financing a property?

Unlocking your financial freedom, means that you need to make smart financial decisions.

How to finance a property is one of the most important considerations when purchasing. There are a number of options and preferences that you need to consider. Your ability to pay a mortgage vs lifestyle opportunities is an important consideration. You should make sure that you do not extend yourself to your absolute financial maximum, as you need to have plans in place should interest rates rise, or your circumstances change.

Your equity vs debt mix is an important consideration, and you may find that you can purchase an additional property with the additional value in your existing one. You should engage a financial expert to help you through the options available.

Have you heard of a deposit bond? This is where you pay a financial institution a one off fee for the purchase of a bond, as your deposit. This allows people who are in a strong equity position, to purchase an additional property without needing the cash up front for the deposit. You should consider a fixed or variable mix for your interest rate.

As there are a range of financial institutions it is important that you complete your research, and obtain the best loan that suits your needs.

Price guide - The market is very competitive, you will face loan establishment fees, mortgage insurance and other early payment fees. Make sure you compare a few financial providers.

We have provided a link to the Yellow Pages below, so you can contact a few financial professionals before obtaining your finance.

Yellow Pages - Finance - Albury-Wodonga

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