Consider
the way your investment property is financed.
Avoid using
a bank or just an average mortgage broker, as your options may be more limited.
I would
strongly suggest speaking with an independent finance strategist, they will be
able to work in your best interests.
The most
obvious thing to do initially is to see if they can find you a better interest
rate.
In
addition, it may be wise to discuss how the loan is set up to see if that would
make a difference.
Are you
paying Principal and Interest repayments or Interest Only on your loans?
Remember
your priority is to hold this asset for the longer term.
Switching
to interest-only repayments may reduce your repayments to cover the shortfall
to avoid an unnecessary sale.
You can
always switch back at a later stage, perhaps when rents have also risen higher.
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
Thursday, 20 July 2023
