When it comes to getting your foot in the door of property investing – existing homeowners definitely have an advantage over first time buyers.
We all know that the biggest obstacle to purchasing your first home is getting the deposit together, but once you have that first property under your belt – it can be a lot easier to purchase additional investment properties.
For those that already own a property – there is a good chance that you could already have the deposit for your first investment property within equity of your current home.
Equity is the difference between the value of your property and what you currently owe on your home loan. If the value of your property increases (and your loan decreases) over the years (or even immediately if you are lucky enough to come across a great property deal) the amount of equity on your property will grow.
This equity can usually be released without having to sell your property. You may be able to refinance your property at the reassessed higher value, which opens up additional funds which you can then use as a deposit on an investment property.
Taking advantage of your current equity to invest in additional property means that you can get into the investment market years earlier than you could if you had to wait to save another deposit.
Have you thought about using your current equity to purchase investment properties? Have you strategised a plan to make sure wealth is part of your future?
Contact us now to evaluate what you can comfortably afford to borrow and what type of loan suits your situation. It’s amazing what is possible if you talk to the right people….. and WE ARE those people.
Contact Chris now for an informal chat on how we can help you ride the wave to wealth! email@example.com or 0434 449 455