The question that’s on property investors, mortgage & finance brokers, banks, property experts and the mum & dads ‘minds at the moment is, can I still borrow money to buy an investment property?
The simple is yes, there is still plenty of money around to purchase a property investment despite what the media is saying.
It’s true that some of the lending criteria has changed and I believe maybe it’s better for the client. It’s also true that some people are finding it harder to get loans and maybe they really should not be buying a property investment at the moment, probably because they really can’t afford it or don’t have enough equity in their current home to do so. It’s also true that the powers that be (governments, government bodies like ASIC, APRA, RBA and others) are playing a political game of cat & mouse regarding the property market which I believe is influencing the media to a large degree as to what they put out each day. Remember there is an election coming up so lots of things change when this occurs.
The best way to obtain finance at the moment is go to a qualified and independent mortgage broker who has plenty of options for finance and get a financial assessment of your current situation. Listen to what they say and maybe its not the right time for you to purchase a property investment, you might have to save more, change your spending habits, cut back or look at a different type of property but you will get there in the end if you take your time. Don’t rush and buy a property investment based on FOMO (Fear of missing out) as there are thousands of good, quality property investments available all the time.
So, don’t give up on your dreams, goals and aspirations of being a property investor, just start planning it better. Work on a long-term strategy for success and talk to your finance broker, accountant, financial planner and property expert who is independent and client focused. Work with independent professionals who have integrity and your best interests at heart.
