{"id":13706,"date":"2017-09-05T03:00:43","date_gmt":"2017-09-04T17:00:43","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=13706"},"modified":"2017-09-05T03:00:43","modified_gmt":"2017-09-04T17:00:43","slug":"10-lending-tips-to-secure-finance-today","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/10-lending-tips-to-secure-finance-today\/","title":{"rendered":"10 lending tips to secure finance today"},"content":{"rendered":"

It almost seems that every day brings with it new lending policies, doesn\u2019t it?
\nInterest rates are changed for investors and interest-only lenders, while loan to value ratios seems to be more fluid than a retreating tide.
\nWhile it can be difficult to understand the current lending landscape, that doesn\u2019t mean that finance is not still available.
\nIn fact, we\u2019re busier than ever, as more and more people are recognising advantageous market conditions in a variety of locations across the country.
\nHowever, investors\u00a0also understand that lending criteria are changing rapidly. They\u2019re seeking professional assistance to greatly improve their chances of getting their home loan applications approved.
\nIn fact, that\u2019s one of our 10 lending tips that can you help you secure finance today. Let\u2019s take a look at them, shall we?<\/p>\n

    \n
  1. Seek professional advice \u2013 you want people on your team that are specialists<\/strong><\/li>\n<\/ol>\n

    If you\u2019re serious about being a homeowner or property investor, it makes financial sense to have professionals on your side, who can help you achieve your dreams and goals.
    \nThis is especially true at the moment given\u00a0the complexity of the lending landscape<\/a>.
    \nWhen you\u2019re sick you go to the doctor to get better, don\u2019t you?
    \n\"\"
    \n(Well, unless you have a \u201cman flu\u201d \u2013 we all know nothing can cure that!)<\/p>\n

      \n
    1. Consider your living expenses and ensure you can justify them<\/strong><\/li>\n<\/ol>\n

      It\u2019s an unhelpful fact that most people spend far more than they earn.
      \nWhat\u2019s even worse is that most people don\u2019t even know how much it costs them to live every month.
      \nIf you\u2019re expecting a bank to lend you $500,000, you must have a good understanding of what your living expenses are.
      \nIf you don\u2019t know, or can\u2019t justify them, what do you think that will do your chances of getting a loan approved?<\/p>\n

        \n
      1. Principal and interest loans are not the enemy<\/strong><\/li>\n<\/ol>\n

        Sophisticated investors know that interest-only loans help with their cash flow, and help them maximise their allowable tax deductions.
        \nBut in the current environment, when interest-only loans are considered bad, it\u2019s probably a good idea to consider principal and interest loans instead.
        \nIf principal and interest is the only loan that you\u2019re going to get approved, then that is still better than missing out on investment opportunities, isn\u2019t it?
        \nYou just need to consider all your options and cash flow requirements to ensure it\u2019s the right strategy for you.<\/p>\n

          \n
        1. Interest-only loans aren\u2019t that bad<\/strong><\/li>\n<\/ol>\n

          Interest-only loans<\/a>\u00a0play an important role in property investment strategies.
          \nAgain, as long as you have a plan and can manage the repayments \u201cas if\u201d you were paying all your loans, principal and interest, then you\u2019ll be fine sticking with interest-only.
          \n\"\"<\/p>\n

            \n
          1. Put the additional funds away in an offset account to build your buffers<\/strong><\/li>\n<\/ol>\n

            Another tip to employ is to have access to your savings, to help finance your next property purchase, or to underpin your cash flow.
            \nFor existing property owners, this means saving your additional funds in an offset account, which will reduce the interest component of your repayments.
            \nThose funds are also much more accessible than if you\u2019ve paid off more principal from your home loan.
            \nFinancial buffers will not only enable you to invest again more easily, but will also ensure you have money when you need it the most.<\/p>\n

              \n
            1. Buying the right properties is paramount<\/strong><\/li>\n<\/ol>\n

              The problem with the recent strong market performance in Sydney and Melbourne is that many people will believe that it was their personal investing \u201cprowess\u201d that helped their property grow in price.
              \nBut the fact of the matter is that a rising tide lifts all ships.
              \nIt\u2019s when the tide (or market) retreats that\u00a0some ships (or properties) remain afloat, while others become stranded on the beach with flat-lining or falling prices.
              \nAnalogies aside, what we mean is that buying\u00a0the right investment grade properties\u00a0from the very start\u00a0will help your portfolio outperform the averages, regardless of market conditions.
              \n\"\"<\/p>\n

                \n
              1. Buying time is much more important<\/strong><\/li>\n<\/ol>\n

                One of the key lessons in\u00a0investment success \u2013 it\u2019s time in the market that matters the most.
                \nThat means buying the right properties and holding them for the long term.
                \nNow that can be easier said than done, which is why it\u2019s vital that you have sufficient financial buffers in place to allow you to hold over a number of property cycles.<\/p>\n

                  \n
                1. Sometimes saying \u201cno\u201d is the right thing<\/strong><\/li>\n<\/ol>\n

                  No one likes hearing \u201cno\u201d but sometimes it\u2019s for the best \u2013 you just can\u2019t see it at the time.
                  \nThe current lending restrictions<\/a>\u00a0are being enforced for a reason \u2013\u00a0the government regulator is worried about the market.
                  \nThere has already been plenty of banter in the media about the property bubble bursting, which is unlikely to happen if you ask me.
                  \nHowever, paying too much for a property at the peak of the market is usually never a good idea.
                  \nSo even if you get a \u201cno\u201d from lenders, it may be the opportunity to thoroughly consider your personal circumstances and plans instead.<\/p>\n

                    \n
                  1. Get your properties regularly re-valued<\/strong><\/li>\n<\/ol>\n

                    There has been extraordinary growth in the Sydney and Melbourne markets over recent years, which means that property owners have increased equity.
                    \nSmart property investors know that they can multiple that equity by using it to invest again and again.
                    \nAnd the way they do that is by getting their properties regularly re-valued and re-using their equity upswings by investing in more property.<\/p>\n

                      \n
                    1. Have a plan in place<\/strong><\/li>\n<\/ol>\n

                      Far too many people become accidental or haphazard investors.
                      \nWhile they might achieve some limited success, they\u2019ll probably never gain financial independence or freedom.
                      \nThe reason for this? A\u00a0                      failure to plan<\/a>\u00a0is a plan to fail.
                      \nMake sure you have a plan in place \u2013 and update it often.
                      \nIf you don\u2019t have one \u2013 get one sooner rather than later.
                      \nHow on earth are you going to find your way to financial success if you don\u2019t know where you\u2019re going?
                      \nDisclaimer:<\/em>
                      \nThe information provided in this article is general in nature and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information with regard to your objectives, financial situation and needs.<\/em>
                      \nThis article was originally published on <\/em>                      Intuitive Finance<\/em><\/a>. <\/em>
                      \n <\/p>\n","protected":false},"excerpt":{"rendered":"

                      It almost seems that every day brings with it new lending policies, doesn\u2019t it? Interest rates are changed for investors and interest-only lenders, while loan to value ratios seems to be more fluid than a retreating tide. 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