Canstar asked 5 experts, including me, to share how we got on the property ladder and share what we learned from our experiences Here’s what we had...
How Soon You Could Tap Your Equity to Borrow and Buy New Property
If you’re renovating, usually most of the lenders won’t let you do a refinance within six months of purchasing a property.
Some can get you to three months especially if your broker has that conversation around the fact there’s been a significant renovation or change.
But usually they’ll accept that they need three to six months. So it’s not a buy, renovate and then 10 days later, let’s get a refinance that could be difficult.
It could be that you’ve got a current property within your portfolio, you renovate it, and then you refinance whenever you want to. So there’s that opportunity.
Buying between properties is essentially its really up to you when you can afford it. And as long as you’ve got a buffer in place, so that you make sure if something goes wrong, you know, you’ve got some cash to cover vacancies, etc.
You have to think ahead of what your strategies and have the right finance setup.
If your plan is to buy a property and access equity, make sure that you’re with the lender that’s going to allow you to access that equity and has the policies to allow you to do it.
If you’d like a complementary call to talk with one of our experts then book a call https://investorschoice.com.au/bookacall
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