I am thinking of buying a new PPOR. I do not want to sell my existing home. I intend to rent it out to finance the loan on the PPOR.
The house I am looking at is currently tenanted till Dec. Now my questing is…. If I take out a home loan how long have I got till I must move in?
I really don’t want to have to set up a higher interest investment loan, only to have the added expense of converting to home loan in three months time.
Investment loans are the same interest rate.
Time is not an issue at all.
if you want to wait then just take an investment loan then move in whenever you like.
Whether you start with an investment or home loan makes no difference down the track and the lender doesn’t mind if you move in or not.
I suggest you call a good broker for a chat about your loan options and seek reassurance on my advice!
Cheers,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
What Simon is saying is correct and I would recomend you speak to him for all your finance needs, he’s excellent!
Roy H.
L.R.E.A., Dip FS (FP)
Guardian Property Specialists (GPS)
http://www.gpsnetwork.com.auThanks guys. yes i did assume that the interest rates were higher for investment properties.
and thanks for the tip Roy. I think the mortgage hunter would be a great broker. He’s in the wrong state of course. How bout moving north to qld Simon.
milly
I would love too – can’t wait for the warmer weather to arrive here!
My missus is at uni for another year then post grad work for two years after that. We are really stuck here for a while yet. But the summers are wonderful and Newcastle is so much nicer than I expected – is our sea change I guess!
All the best,
Simon Macks
Residential and Commercial Finance Broker[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
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