While the
legislation was introduced to give lenders a greater duty of care when it comes
to ensuring borrowers can afford the loans they're offered (it's called responsible
lending), a large responsibility still falls on your shoulders when it comes to
knowing what financial commitments you can uphold.
Getting in over your head is never a good idea and it's not going to
help if you fall behind on your repayments and try to point the finger at your
lender.
Get it right
If you think you might be about to sign up for something you could
struggle with financially, don't proceed.
There is no point putting yourself in financial hardship and enduring
sleepless nights for the sake of a bigger and better home or trying to escape
the rental roundabout.
If in doubt, wait or lower your expectations, draw up a budget and make
sure you have enough left over after all of your expenses to meet your mortgage
repayments.
RealRenta has all the tools that a property manager has but for less than ¼ the cost of a property manager.
Join now and the cost is less than a cup of coffee a
week to manage your rental property
RealRenta also has a free vision, so why not check it
out
Jason Gwerder
Wednesday, 31 August 2022
