Last updated 6:00am, 17th Jan 2022
Whether you are purchasing your first investment property or possibility adding to your portfolio, it is always important to have the right home loan for your strategy.
Your investment strategy will be different from your friend, family member or neighbour. As such it is recommended to speak with your accountant or financial planner to develop your own plan.
Your investment loan priority may be finding the cheapest loan, to minimise your costs. Maximising your borrowing capacity with a particular lender, requiring interest only repayments or maybe you require an offset feature.
With over forty different Australian lenders on our panel, our mortgage brokers can help you locate a
suitable investment home loan for your strategy.
All loans provide the same primary function, although rates, fees, features and other aspects will be different. A mortgage broker will help you identify the loans and lenders which might be suitable for your situation.
Why are investment loans more expensive?In most cases investment loan interest rates are higher than those of owner-occupied home loans. This resulted from previous government policy, which was aimed at slowing down property investors, although this policy is no longer current, the pricing variance has remained.
Can I just apply for a standard home loan?Lenders review the purpose of the loan and the intended usage of the security property. If it is evident that the loan is being used for a investment or income producing purpose, lenders will automatically classify the loan as investment.
What happens if I move into my investment property?Should you start residing in your investment property, let your lenders know straight away. Not only do they need to update your mailing address; they will likely reduce your interest rate to reflect the change in loan purpose.
If you are not happy with your interest rate, get in touch with us and we can help you review your current home loan.
Should I fix my investment loan?
Where or not to fix your loan is a personal choice and should be based on your needs and circumstance.
Speak with your bank or mortgage broker to understand the benefits and limitations of fixed your loan.
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Get a Better Rate is a local mortgage broking business. Member of the Australian Finance Group ('AFG') with access to loans from over 40 lenders including Westpac ('WBC'), Commonwealth Bank ('CBA'), ANZ, National Australia Bank ('NAB'), Macquarie Mortgage Solutions ('MBMS'), Pepper Money, ING Direct, AMP Bank, Suncorp and many more.
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The comparison rate is based on a loan amount of $150,000 over a 25 year term. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Terms, conditions, fees and charges apply and your full financial situation would need to be reviewed prior to acceptance of any offer or product.
