It's the lender's fault if I can't make the repayments on my property investment loan

While the legislation was introduced to give lenders a greater duty of care when it comes to ensuring borrowers can afford the loans they're offered (it's called responsible lending), a large responsibility still falls on your shoulders when it comes to knowing what financial commitments you can uphold.

 Getting in over your head is never a good idea and it's not going to help if you fall behind on your repayments and try to point the finger at your lender.

Get it right

If you think you might be about to sign up for something you could struggle with financially, don't proceed.

There is no point putting yourself in financial hardship and enduring sleepless nights for the sake of a bigger and better home or trying to escape the rental roundabout.

If in doubt, wait or lower your expectations, draw up a budget and make sure you have enough left over after all of your expenses to meet your mortgage repayments.

RealRenta has all the tools that a property manager has but for less than ¼ the cost of a property manager.

Join now and the cost is less than a cup of coffee a week to manage your rental property

RealRenta also has a free vision, so why not check it out

Jason Gwerder
Wednesday, 31 August 2022

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