Tag Archives | Property Owners

Buff Out Your Borrowing Power

Whether you are looking for an investment property, buying your first home or wanting to upgrade the family home it is important to ensure that, when it comes to purchase time, you can actually borrow the funding you require.

There are several ways that a prospective borrower can boost their borrowing power, enabling them to borrow more or at a better deal.

Tips include:

  • Credit Cards – Sort out your credit cards, pay them out and get rid of them. Lenders take into consideration the number of cards you have and the credit limits on them (even if you have a zero balance). To boost your borrowing capacity you are best off without them.
  • Protect Your Credit File – Every time you make apply for finance it is recorded on your credit file. Some lenders will decline a loan if a borrower has made application too often in the previous 12 months.
  • Collect The Rent – If you own an investment property make sure you are obtaining maximum rent. Under charging tenants lowers your cash-flow.
  • Keep Your Job and Your Residence – Lenders like to see stability. Remain in your existing employment for at least 6-12 months and maintain your current address for a period of time. Lenders don’t like people that switch their lifestyle frequently.

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Creating Wealth and Lifestyle Through Property Issue 6, Out Now

Check out our latest issue of “Creating Wealth and Lifestyle Through Property” for great advice on gearing property through Super, Insurance, dodgy insulation and lots more…plus how to win a FREE Holiday on us!!

Click Here to download your copy now! If you would like to receive our monthly newsletter by post, email us at grantpenrose@remax.com.au or call us on 3510 5256.

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Energy Audits Will Add Extra Costs to Property Owners Yet Again

Proposed new legislation will slog property owners with up to $1500 to undergo a mandatory energy-efficiency assessment before they are sold or rented under new laws aimed to tackle carbon emissions. The mandatory assessment – being drafted into law by the federal and state governments – will rate homes by an energy efficiency star system, similar to the ratings given to fridges and washing machines. It will apply to all commercial properties from later this year and to all residential properties from May 2011.

Whilst I am all for protecting the environment and I do take into consideration the ratings when buying new white goods etc  I really question whether a home buyer is going to change a purchase decision on this basis.  Let’s face it most of us are emotional in our decision making process and usually there is only one home that we see that screams this is the one for me that fits both our needs and budget at the time. Are we really going to give it up if the energy efficiency is not great and keep looking?

Details were provided to us by Stacey Holt Real Estate Excellence who sourced it on 7th February 2011 from this link.

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