Finance advice

One in 10 investors unable to obtain finance, says bank

By Georgia Brown

A new report has revealed the extent to which regulatory requirements and tighter mortgage lending standards have shackled investors.

The J.P. Morgan Australian Mortgage Industry Report, released last month, revealed that up to 10 per cent of investors are now unable to obtain the finance they need to continue acquiring property. 

The report noted that the proportion of investors who are intending to transact in the next 12 months is decreasing, largely due to their inability to obtain finance.

According to Martin North, principal of Digital Finance Analytics and co-author of the report, investors are still active in the marketplace, but they are doing “somewhat different things than perhaps what they were doing previously”.

“Investors are still active, but there is now this little question about whether they can get the funding they want,” he said. “There is now around 9 or 10 per cent of investors who cannot get the financing that they want.

“This is a reflection of the different lending criteria that are being very much imposed on the market, and that’s obviously regulatory intervention in a number of dimensions.”

Mr North’s comments come after a high-profile mortgage broker revealed that clients with sizeable portfolios are being dragged down by new serviceability requirements from lenders, with expenses right down to children’s school fees beginning to come into play.

Ross Le Quesne, principal of Aussie Parramatta, says changes to many lenders’ serviceability requirements are creating headaches for clients with multi-property portfolios.

Mr Le Quesne explained that clients’ abilities to service their existing portfolios and to purchase additional properties have been significantly diminished in recent months, as lenders react to APRA’s crackdown.

The transition by several banks to repayment calculations based on principal and interest, as opposed to interest only, has already seen clients scrambling to come up with double or triple the income they required previously.

“We probably had half a dozen lenders who would assess on interest only, for example. On a million dollars, the bank might assess at 4.5 per cent – that’s $45,000 a year. Now they’re assessing those same loans on principal and interest at about $86,000 a year. So it’s an increase per million dollars of about $40,000. For a client with a couple of million-dollar portfolios, if they’ve got a $3 million portfolio, that’s an extra $120,000 of income they have to come up with to service the same portfolio they have,” Mr Le Quesne said.

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

3 big property investment myths busted open
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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

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They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

How technology is changing the lending environment
Lessons from a falling market
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AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Getting finance approved in this tightening lending environment

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