16 Oct Buyer’s market for home loans
Rate cuts may mean extra savings for home buyers but depending on the provider, that saving can vary.
Finding the right loan can make enormous difference to investment property outcome and Interlinked Property Solutions Co-founder and Chief Operations Officer Rhonda Olsson says in today’s market, there are many more options than traditional banks.
“Smaller lenders are now offering new innovative products to support buyers,” Olsson says.
“Having the right lender and loan product that works for you and supports your future property strategy is critical and will save you thousands of dollars over the life of a loan.”
Research is also a critical component of entering the property market.
Olsson says it’s important to have a clear and deliberate strategy about what you are trying to achieve in both the long and short term.
“In the future, you will either be benefiting from the decisions you make now or counting your losses,“ she says.
“Have a very clear focus on what you are trying to achieve over the next 5 – 10 years.”
Understanding the location you are buying in is imperative so looking past the property you are considering, and to what is going on in the suburb, is essential.
“There can be major infrastructure projects planned for future years and these will definitely have an impact on the value of the property in the future,” Olsson says.
“Remember you are not just buying for NOW; this purchase needs to be working for you over a long period of time to ensure both capital growth and strong yields if it is an investment purchase.”
There are many things you need to do both before and after buying a property, and engaging professionals may help.