Tag: Debt

Six tips to help Gen Y buy property

Gen Y

Gen Y is having to explore many tactics to help them be able to save to buy Australian property. Guest writer Dylan Salotti from Divitis Finance explains some of those tactics here.

Gen Y is increasingly having to call on the help of their parents to help them get a stake in the Australian property market. Other young people are choosing to rent in the areas they want to live and buying property in more affordable areas as a way just to get in.

Here’s six quick tips that can help you buy property and avoid a costly mistake like getting taken for a ride by the sales agent and overpaying for that new property purchase:

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Increase your wealth using Leverage

Leverage

One of the most attractive elements of property investing is the ability to Leverage a smaller amount of your own money to control a much bigger asset. Banks will allow you to fund the deposit on a property purchase and lend you the balance in return for paying them regular interest.

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Is your Equity accessible?

 

Equity

If you already own a home, one of the best ways of funding your first or next investment property purchase is to use the equity that you have built up over the years. Equity is created either by the growing value of the property or by reducing the debt or both.

Simply put:

Equity = Property Value less Outstanding Debt

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