Looking to buy a house and rent it.

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ZenMe
Posts: 3
Joined: Tue Jan 01, 2013 6:44 pm

Looking to buy a house and rent it.

Post by ZenMe »

Hello!

I am looking to invest, where I want to buy a property to rent out at a rate similar to repayments. Is that possible?

House I am looking to purchase costs 550k,I have 250k as savings.Looking to purchase in WA and am a first home buyer so any suggestion would be of great help.

Thanks !

Jen

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Amine Berrada
Mortgage Specialist
Posts: 55
Joined: Wed Aug 12, 2009 12:20 pm
Location: Sydney, Australia
Contact:

Re: Looking to buy a house and rent it.

Post by Amine Berrada »

Hello Jen,

Thanks for participating to our Forum. If you are looking to buy an investment property for $550K, you will need to find out how much would that property be rented out per week.

I have done some calculation based on the following information:

Purchase price: $550,000
Funds to contribute towards the purchase: $250,000
Loan amount required:$323,000
Weekly repayment: $420
Let's say, if the weekly rental income on this property is about $500, then it should be more than enough to cover the weekly repayments.
For more details about our services you can log into www.homeloanexperts.com.au.
If you are looking for an approval you can contact us on 1300 889 743.
Thanks!
Amine
Amine Berrada
Senior Mortgage Broker
P | 1300 889 743 E | amine@homeloanexperts.com.au
Home Loan Experts

ZenMe
Posts: 3
Joined: Tue Jan 01, 2013 6:44 pm

Re: Looking to buy a house and rent it.

Post by ZenMe »

Hi Amine,

Thanks so much for your reply.Information you've shared was much help,will also go through the links you have provided.

I will make sure to contact you guys if anything.Thanks again.

Cheers !

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Tina Pham
Mortgage Specialist
Posts: 175
Joined: Thu Jul 22, 2010 9:41 am
Location: Sydney, Australia
Contact:

Re: Looking to buy a house and rent it.

Post by Tina Pham »

Hi,

Not sure how much savings you have - is it $2,500 or $25,000?

If $2,500 then we can't assist unless you have a guarantor. If $25,000 then we can assist - please call our office to work out your borrowing power and organize a pre-approval so you can start looking for a property.
Tina Pham
Senior Mortgage Broker
Ph: 1300 889 743
The Home Loan Experts

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Tina Pham
Mortgage Specialist
Posts: 175
Joined: Thu Jul 22, 2010 9:41 am
Location: Sydney, Australia
Contact:

Re: Looking to buy a house and rent it.

Post by Tina Pham »

Hi there,

You can look at Blue Wealth who specializes in finding high yielding properties plus good capital growth. Once they have located you a property please call us to arrange suitable finance.
Tina Pham
Senior Mortgage Broker
Ph: 1300 889 743
The Home Loan Experts

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