If you are looking for a mortgage broker to see if you can buy a second property in Baldivis or any other suburb in the Rockingham area, you have made a great decision. Buying a second property can provide extra income from rental income and from capital gains.

According to Members Equity Bank, it’s also one of the top indicators that you are comfortable financially. In fact, one or more rental properties are seen as a key factor in providing yourself with financial security.

However, for many, the question is simple: “How do I find funds to buy an investment property?” Many Australians have found that they have enough equity in their current home to finance a deposit for their first investment property. Here are some financing options.

A Second Home Loan

If you have enough capital for a deposit but not enough to buy an investment property without a loan, the easiest answer is to take out a loan on the investment property. However, since the new guidelines mandated by the Australian Prudential Regulation Authority (APRA) have gone into effect, lenders have “raised the bar” for investment loans.

Luckily for you, we have more than 48 years of combined experience in the finance industry and access to 28 different lenders. The most important consideration is finding the loan that is right for your current financial situation. This includes options such as interest-only or principal and interest, interest rates, fixed or variable rates and features such as lump-sum payments or an offset account.

Refinancing Your Home Loan

If you want to take advantage of the equity in your home and wouldn’t otherwise be able to pay for a deposit, it may be wise to refinance your home loan. The new loan pays off your old loan with money left over in the form of a lump sum payment for your deposit.

Talk to a Mortgage Broker at Smartline Rockingham Today

To learn more, call Smartline Rockingham today: (08) 9527 1800.