Step 1: Speak to an MFAA Approved Finance Broker
When considering an investment property, your first port of call should be your finance broker. An MFAA Approved Finance Broker can help you achieve your investment property goals. They will review your assets and liabilities to determine how much you can borrow, which will, in turn, give you a general idea of your target price range, so you can narrow your property search within your purchase budget.
Step 2: Budgeting
Just like buying your first home, when purchasing an investment property, it’s essential to budget. If you’re unsure of the best way to budget for an investment property, speak with your MFAA Approved Finance Broker, they can help you to get on the right path.
Step 3: Important conversations
Your MFAA Approved Finance Broker will discuss your plans and your circumstances with you to determine what you can afford. Your broker will also provide statutory documentation to initiate the lending process and work out for you what loan products will be appropriate in your circumstances.