In 2013 our client purchased his first property in Cremorne for $725,000. Fast forward two years and he was ready to go again and buy an investment property.
Our client had checked his property value via RP data and could see that his property had experienced some serious growth; growth that he couldn’t achieve using a regular savings plan, his challenge was to save enough deposit to make it happen but the rate he was saving meant that this plan would take him too long to get started.
In 2015 our client’s property value had increased to $950,000, we refinanced his existing loan and borrowed additional funds to be used as the deposit for his next purchase. The total loan remained below 80% of the value of our client’s property to avoid the payment of Lenders Mortgage Insurance and the lender selected had favourable cash out policy and applied owner occupied interest rates.
We introduced our client to a property research company who helped him purchase a $634,000 two bedroom Aria built (Award winning developer) off the plan property in Woolloongabba.
2017 and the investment property finished on Schedule, the bank valuation of the property came in as expected on point and within 4 weeks our client had secured a tenant paying rent of $635 per week (5.21% rental yield).
Do you have untapped equity in your property? Do you want to put in place plans to secure your financial freedom?
Request your free RP data report on your property today and let’s see what we can do!