Dumb question: “what’s the lowest interes rate you can get me.”
Intelligent question: “do you think I should have my investment property on interest only or principal and interest if I still have a mortgage on the home?”
The first question – completely out of your and my control.
All we can do is choose one of the 8 or so lenders that we KNOW will offer, what I call, “always competitive interest rates”. That’s what you want.
Moving on.
The intelligent question regards something wholly in your control. Wow.
Not many people want to talk about loan structure with me. Why not?
This is the fun bit.
Structure could relate to the way you run your cash flow to preferentially “hose down” a certain debt or type of debt as a priority.
It could relate to the tax vehicle you’ve arranged and how the banking works with that.
It could relate to the repayment type, loan term, repayment amount, etc. etc.
These are the smart questions to ask.
HINT: when you book a call with me, ask me about structure.
Yesterday we had four groups of people through the office – All investors, all with different priorities and they all received different structural advice from me.
Why do I harp on about structure? Because it’s fundamental to debt-clearance and creating Financial Security as rapidly as possible.
Book a quick 10-min call and let’s talk about structure!
p.s. The property market remains buoyant in WA. With the increase in rents, it’s probably still neck and neck to rent or own. Take the stress out of the process – get pre-approved. Trust me on this.
Cheers,
Brodie Brown
Professional Mortgage Broker