If you're thinking of becoming a landlord, planning is essential to make sure you get the most from your residential investment property.
Key considerations include:
- You may be able to use the equity in your current home to invest in another property.
- Earn additional income to pay off the home loan.
At BSP we can help you buy your second home or your investment property.
What do I need to bring with me?
- Complete an application form;
- Letter of confirmation of employment & remuneration from current employer;
- Letter of offer from the customer confirming the purchase price and copy of the state lease;
- Letter of acceptance form the vendor;
- Evidence of 30% equity contribution by the customer;
- Super ID and copy of the latest statement;
- Copy of Driver's license
- Salary Deduction Authority;
- Quotation or invoices for the purpose of the loan;
- Confirmation of ownership of major assets advised eg; copy of state lease, copy of vehicle registration, must be provided with your application.
Frequently asked questions
How much cash do I contribute as equity when I want to borrow to purchase a residential investment property?
You will be required to contribute 30% of the purchase price of the proposed property as your equity contribution.
Can I walk into any BSP branch and lodge my application for a Home Loan?
Yes you can, walk into any of our Branches and ask to speak to the Personal Lending Officer.
Can I borrow from the bank and build my house on traditional land?
No, you can only borrow from the Bank if are building your home on State Lease Land.