Like many people in Sydney, I can’t (yet) buy where I want to live as saving that sort of deposit would seemingly take me the rest of my life! I decided to put the savings I had into an investment property instead which is getting more and more popular amongst Millennials or anyone who wasn’t lucky enough to have property in Australia over the last 20 years!
Due to the endless increasing regulation in our industry, I need to start by telling you that I am not a Tax Advisor or an Accountant so the contents of this blog (and all my blogs) constitutes general advice only.
I want to give you a quick lesson on lending in Australia. Something I believe they should teach us in school but hey ho. Turns out teaching us useful information about one of the largest transactions we will ever make in our lifetime didn’t make the curriculum!
Submitting a loan is not like it used to be. The bank ask for evidence of absolutely everything, basically down to what you had for breakfast! There are a few deal breakers to look out for if you are considering applying for a loan.