Buying a Rental
Buying a second home can be exciting and daunting all at the same time.
There are some really important decisions to make when looking at purchasing your second home.
Should you use a different lender to offer a level of asset protection, or should you use the same lender because you would like to maximise your tax position?*
Buying your second home can arise from many different circumstances.
These may include:
- A rapidly growing family
- A want to buy a nicer home
- Starting a rental property portfolio
- To become closer to family or friends
- Facilitating a move to a different city
- To purchase a property for a friend or family member
- Downsizing after family have flown the coup or for retirement
- To down size after family have flown the coup or for retirement
Your reason for purchasing a second home could be one or more of the above reasons, it could also be for a reason that is not mentioned above. There are many factors to look into when buying your second home.
Purchasing a second home can raise many questions, such as:
- Do you want to simply upgrade or turn your existing home into a rental property?
- Do I have enough equity in my existing home to purchase a second home?
- Will I have to add part or all of my savings to purchase a second home?
- Can you afford the new mortgage repayments?
- Do I want to stay with the same lender?
As you can see from the above points there are a lot of different things to consider when purchasing a second home, we would love to help you go through the process and help you with all aspects of purchasing a second property.
Contact us to go over your personal circumstances and reasons for wanting to purchase a second home.
* We strongly recommend you seek advice from a suitably qualified tax accountant before proceeding with any purchase that may change your tax liabilities.
Published by Scott Miller
Today's announcement on Mortgage Holidays
With today’s announcement by the Finance Minister about 6-month mortgage holidays, we have been inundated by enquiries from our clients.
Scott and his team made the whole process of getting a home loan so much easier when I pushed the panic button more than once.Oki Cole and Patrick Dench - 16 January 2020
Scott just helped us get a mortgage for the first time and was the most helpful out of all the professionals we dealt with, and gave the most useful advice.Mark and Stephanie Chin - 20th November 2015 - 20 November 2015
I have had dealings with Scott over about three years now and his service to my clients has always been excellent. He achieves great results in a timely fashion and he is personable and friendly to deal with. I have no hesitation in recommending him to any of my clients.Brent Selwyn - Senior Partner Harman Lawyers - 6th November 2010 - 06 November 2010