What's your strategy?
Before you dive right in with your cheque-book at the ready, take the time to consider whether property is the right investment strategy for you. Weigh up the pros and cons of investment property ownership.
Sure, property provides you with a physical asset, can pay for itself through rent, and is able to provide tax benefits through gearing.
At the same time, consider the risks involved, such as rental income not meeting your requirements, depreciation in value, and the length of time it can take to find tenants and sell-up.
Getting the right loan
See the lending experts
It’s worth your while finding a lender with your best interests at heart. Greater Bank has a range of loans which will allow you to choose from principal and interest or interest-only repayment options.
Range of convenient features
With a range of loan features that will help you maximise the potential in your property, including free redraw around the clock and flexible repayment options, you’ll see why we’ve developed a reputation as experts when it comes to helping our customers buy property.
Compare Investment Home Loans
Our handy Home Loan Comparison Calculator lets you punch in a few simple details and see how our range of Investment Home Loans measure up.
Find the right property
Once you’ve made the right choice for your finance, you can move on to the fun part – choosing your investment property. Keep in mind – you’re not buying for you, so you should try to adopt the mindset of your potential tenant.
Will you buy a house, unit, townhouse, retirement villa? Are you willing to buy cheap and renovate, or do you want the finished product?
Consider things such as proximity to public transport, schools, shopping centres and major new developments, and keep in mind, if there are already multiple properties for rent nearby, the competition will be more intense.
Cover your asset
Once you’ve taken the plunge and secured the perfect place to suit your intended tenant, you should think about getting the right protection so your new asset remains just that.
Greater Bank has partnered with one of Australia’s leading insurers in Allianz to provide our customers with Landlord Insurance, which can be tailored to suit your needs and will provide peace of mind that both property and rental income are protected.
Rent it out
One more decision to make before you pop the champagne. In trying to find the perfect tenant, you have the option of renting your property privately or through an estate agent.
Renting privately means you have the chance to know your tenant and collect 100% of the rent, but you’ll be forced to manage the property yourself. Going with an agent allows them to act as a property manager but at a cost. Most estate agents charge around 10% of the rental income.
After you make your decision, all that’s left is for you to congratulate your new tenants and welcome them home.
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Terms, conditions, fees, charges and credit criteria apply.
^Comparison rate is based on $150,000 over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
#Discounted rates available for new home loans $150k+, with LVR of 80% or less.
~At the end of the fixed rate period customers can chose to re-fix their loan for another fixed rate period or let the loan revert to the applicable variable interest rate based on the loan and repayment type.
‡A prepayment fee applies to fixed rate loans if you make more than 5% in extra payments. Contact us before making additional repayments to get an estimate of the prepayment fee.
Interest Only home loans attract a 0.10% p.a. margin above the applicable Principal and Interest interest rate. Your interest rate which includes any margins, will be set out in your loan contract.
◊Cashback offers:
*Online Cashback of $2,500 for eligible home loans $250-$499k or $3,000 for loans ≥$500k available for applications submitted via the Greater Bank Digital Home Loan application channel (online application) with 80% LVR or below. Excludes refinances from Greater Bank or Newcastle Permanent. If eligible, cashback payment will be made within 60 days of the loan settlement date (loan must still be open at time of payment). Only one (1) cashback payment per eligible loan and for first eligible loan only. Not available in conjunction with any other cashback or promotional payment (except any interest rate discount offered). Offer may be varied or withdrawn at any time. See the full Online Cashback Offer Terms and Conditions.
+Cashback of $2,000 for eligible home loans $250-$499k or $2,500 cashback for loans ≥$500k available for refinance applications submitted via Greater Bank lenders (not online), with 80% LVR or below. Only one (1) cashback payment per eligible loan, and for first eligible loan only. Not available in conjunction with any other promotional payment. Offer may be varied or withdrawn at any time. See the full Cashback Offer Terms and Conditions.
**$2,500 cashback for loans ≥$250,000 with LVR less than or equal to 95%. Only one (1) Cashback Payment per eligible loan, and for first eligible loan only. All borrowers must be a first home buyer, which means they have never owned or co-owned a residential property. Not available in conjunction with any other promotional payment. Offer may be varied or withdrawn at any time. See the full First Home Buyer Cashback Offer Terms and Conditions here.
FASTRefi® is a registered trademark of First American Title Insurance Company of Australia Pty Limited ABN 64 075 279 908.