From a property investor perspective many of the headlines right now around real estate are ‘bad news’.
Take this mornings AFR headline for example:
“APRA targets living expenses, total debts in home lending crackdown”
What’s this headline about?
Well, in a recent announcement, APRA encouraged banks to look more closely at borrowers ‘real’ expenses, rather than ‘bench-mark’ expenses.
Let’s say high-spending harry is out to get a loan for an investment property.
The banks, say….well the average person in your situation spends $350 per week on fixed expenses and $250 per week on discretionary expenses.
So, we will take that into account when working out your serviceability (ability to pay back a loan).
But, as APRA points out:
High-spending-harry, may be a Gucci-wearing, Pokie playing, hard-partying guy!
$600 might just cover a good night out for him.
So, lenders need to look at what he’s really spending, rather than a hypothetical – and pretty modest- ‘bench-mark’.
So, in the hunt-for-high-spending Harry…. banks might be even more ‘nosy’ when you apply for your next property loan.
(And yes, if you’ve applied for finance recently, you know they already wanted everything except your DNA test and blood type.)
But now the good news….
The good news, is real estate is being ‘disrupted’ right now in a BIG WAY.
And an elite group of Property investors are using a host of different strategies to create wealth in real estate…without even going to a bank…even in suburbs with crazy high property prices.
For example, they are getting rental income from real estate that they don’t even own.
Even in blue chip suburbs in capital cities like Sydney.
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- What happens when “Bitcoin tech meets Bricks and Mortar”…
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- The Rise of the new ‘Rentpreneur’ – who gets up to triple the cashflow rental properties
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