Property investment - borrowing power

Too many would-be property investors could buy now but don’t even know it.

I recently sat down with some good friends of mine who would love to buy a property. They were convinced that they could never afford to buy a place of their own, let alone an investment property. It was no wonder, really; they didn’t really know how much they earned, how much they spent or how much they’d saved. They were paralysed and defeated, surrendering before they even started.

The reality is that, with little research, we could answer all the above-mentioned questions. Then we discovered that most banks would loan them a modest amount – enough to buy their first property. Just imagine what a difference this made to their whole outlook! Most banks have calculators on their websites – why not take advantage of them?

A word of caution, though. The borrowing power you calculate on these websites is indicative only. You will need to check with your bank to confirm the details.

So if you don’t know how much you can borrow now (right now!) log on to your bank’s website. You’ll have an answer within the hour.

You might be closer than you think!