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Buying A Second Home Or Property

Buying a second home can be exciting and daunting all at the same time. There are some really important decisions to make when looking at purchasing your second home.

Should you use a different lender to offer a level of asset protection, should you use the same lender because you would like to maximise your tax position?*

Buying your second home can arise from many different circumstances.

These may include:

          -          A rapidly growing family

          -          A want to buy a nicer home

          -          To start a rental property portfolio

          -          To become closer to family or friends

          -          To facilitate a move to a different city

          -          To purchase a property for a friend or family member

          -          To down size after family have flown the coup or for retirement

Your reason for purchasing a second home could be one or more of the above reasons, it could also be for a reason that is not mentioned above. There are many factors to look into when buying your second home.

Purchasing a second home can raise many questions.

These may include:

          -          Do you want to simply upgrade or turn your existing home into a rental property?

          -          Do I have enough equity in my existing home to purchase a second home?

          -          Will I have to add part or all of my savings to purchase a second home?

          -          Can you afford the new mortgage repayments?

          -          Do I want to stay with the same lender?

As you can see from the above points there are a lot of different things to consider when purchasing a second home, we would love to help you go through the process and help you with all aspects of purchasing a second property.

Contact us to go over your personal circumstances and reasons for wanting to purchase a second home.

 

* We strongly recommend you seek advice from a suitably qualified tax accountant before proceeding with any purchase that may change your tax liabilities.

 

Contact us to get free personal mortgage and home loan advice

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