It’s important to get pre-approval for your investment loan so that you know exactly how much you can spend and what your repayments will be.
It won’t cost you a cent and you’ll be able to go out and view properties with confidence. There are a few things to look out for though:
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Quick online approvals. Websites that offer super-fast approvals are unlikely to be accurate. You might end up thinking you can buy something that in reality you cannot afford.
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Deposit Bonds. If you’ve got equity in another property and limited cash for a deposit, a Deposit Bond is a kind of insurance policy that you’ll pay a 10% deposit on any investment property your purchase. Essentially, your insurance company promises to cover the 10% deposit once you agree on a price. This means you can keep your deposit amount in your account until settlement, which is great for off-the-plan and auction purchases. Always check with the agent whether they accept Deposit Bonds before you buy.
If you’d like help finding a lender that offers reliable pre-approvals, reach out and let’s talk.
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