DEBUNKED! Want to find out 5 common myths when it comes to Real Estate Lending?
Applied for a loan and got rejected but it made absolutely no sense? We tackle exactly HOW the banks assess if you can service a loan in this week's episode of the First Brick Property Podcast!
5:30 – Myth 1 – You can only have 1 Loan at a time!
10:00 – Myth 2 – You can not get a loan if you have BAD credit!
13:00 – Myth 3 – You can borrow more than you need
17:00 – Myth 4 – You need a 20% Deposit to buy a property
21:00 – Myth 5 – Monthly repayments are the same as fortnightly repayments
25:00 – How the Banks Assess if you can service a loan
26:00 – HEM
27:45 – Credit Cards and other Debt
32:00 – Different types of Income
38:00 – Rental Income
39:00 – Negative Gearing
40:00 – Assessment rate
43:00 – Principal and Interest Vs Interest Only
44:45 – Debt Servicing Ratio
Some tips to helping you buy your next property!
Property Calculator Australia APP Download link
Android – https://play.google.com/store/apps/details?id=com.propertycalculator&hl=en
Apple – https://itunes.apple.com/au/app/property-calculator-australia/id1048864391?mt=8
Buying property is our passion, helping you do it is our mission!
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*Note that all information in this episode is based on information that is constantly changing and is general advice only*