Never has a subject been more hotly debated or made the headline news, ad nauseam, for months on end, other than the so called Housing Crisis in Australia. Never has a book on the subject of Housing Finance been timelier!
Housing and affordability issues are of course relevant to wherever you live, choose to live or would like to live, your ability to borrow to buy and then be able to repay.
With Australia on the way down from a huge mining and recourses boom, a time when to borrow money for housing, housing investment or anything else was almost a given, reality has set in with the Banks tightening up, lenders in general being far more a cautious and the Government looking at ways to be able to provide ‘more affordable’ housing in an already highly inflated marketplace. Once again this depends on where you live, etc!
This common-sense look at all the options available when you choose to borrow for your new home has been set out in easy to understand wording, unravelling the mystique which can apply to the world of Finance in regard to housing, far more palatable.
Andrew Crossley, well qualified in this area, has offered his years of experience to help you understand better the many nuances and layers within the finance sector, as well as laying out the many and various options available to the borrower, whether it be for a new first home or an investment property. There is much devoted to the tricky and touchy subject of, to negative gear or not, pitfalls for the investment borrower and the many different structures of loan available.
After you have read through each of the very informative chapters, a comprehensive understanding of borrowing, housing affordability and the world of finance should be far more clearly understood.
The overriding ethos in the book is before you do anything, understand very clearly what it is you wish to obtain, where it is you are looking to purchase and should something unexpected happen, can you still service your debt. As Crossley says and keeps underlining, lenders are there to make money, nothing else, certainly not to be nice.
Make sure you obtain information on all the various products available; do your research. If necessary engage a reputable Mortgage Broker to help structure your borrowing accordingly.
By the final page, you will have a far better understanding of finance in general, have a far better understanding of exposure to debt and be able to apply with confidence, for the loan you need for your first home or to begin your finance portfolio.