It’s important to go into any type of investment with your eyes wide open. And it is vital that you understand the total costs of purchasing & financing a property.
Consider the following:
- How much are you able to borrow and what will the repayments be?
- Do you need certainty and a pre-approval agreement in place?
- What is your credit rating and how could it impact your loan application?
- Will you be borrowing a high proportion of the value of the property? You may need Lender’s Mortgage Insurance
- Can you meet your loan repayments? Do you have a budget plan?
- Will an interest only loan repayment plan benefit you in the early years?
Do you need to monitor your monthly expenditure? Do you need income protection insurance? Your Personal CFO can help with budgeting and in determining the appropriate amount of income protection insurance to make sure you and your family are financially secure.
You can also work with our business partners Your Personal CFO and Strategic Wealth to assist with budgeting and monthly expenditure. It’s important to measure this aspect to ensure you are reaching your financial goals.
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