In this episode of the My Mortgage Podcast, Claire and Greg discuss how to fund your first investment property, and how this might look when you're approaching your bank.

We discuss;

• Serviceability in property investment, breaking it down for everyday Kiwi homeowners

• The big misconception - it's not just about rental income verses loan cost!

• Breaking down bank serviceability calculations

• Income is important - from salaries to more complex earnings like commissions, tax credits, and rental income. For business owners, understanding how banks evaluate net profit, business debts, and rental income is important

• Can the property you buy affect serviceability? Criteria varies based on payment setups and the post-2021 landscape after interest deductibility changes (which are now changing back in 2024...)

• Strategies to increase income structures or contracts

• Bank policy differs, and lending terms can very depending on how many properties you own, and what your goals are

Don't miss the next episode of "the My Mortgage Podcast," we're we're discussing investment structures, bank splitting, and choices between interest-only or principal and interest payments.

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