Finance advice

Mortgage Tips For Self Employed- How To Increase Your Borrowing Power

By Neil Carstairs

If like most business owners, you try to minimize your tax to save on the hip pocket, sometimes you could be doing yourself some financial harm when it comes to buying a property.

SPONSORED BY Blogger: Neil Carstairs, Director & Senior Lending Specialist, Mortgage Corp 

 

We’re going to show you an example of how planning strategically can set you up with great financial options in the future.

A tradie client, single, lived on his own. His accountant, like all ‘good’ accountants, had been trying to minimise the amount of tax he’s paying.

He wanted to buy a house and one of his friends recommended Mortgage Corp.

So he came to our office in Mt WaverleyWaverley, NSW Waverley, TAS for a free mortgage strategy session.

After going through his goals, lifestyle, his current finances, etc, I advised him to speak to his accountant and pay as much tax as he could 

He was confused, he had always been told to reduce tax in any legal way possible, but I explained how just paying a little more tax would benefit him in the long run and he would be able to buy a nice house in the suburb he liked.

 

Great business, descent savings, but banks won’t lend you money?

This tradie had a great business with good profit but thanks to his good accountant, he only had a tax income of below $60,000 for the 2 previous financial years. With the income he’s declaring, he was paying approx. $11,000 in tax for the year.

After some basic assessments, I told him based on his current taxable income, the maximum amount he could borrow was $360k. This means no bank will lend him enough money to buy the house he likes. And if he wanted to buy a property in the suburb he was interested in, he could only go for units and town houses.

He was shocked, “my business is making good profit and I’ve got $70,000 savings in my bank, I thought I was doing well…”

“A decent deposit is a good start, let’s have a look what you could do to get the house you wanted.” I took out my calculator and wrote down these figures:

 

 

By increasing around $6,000 in tax, you would have increased your borrowings by $159,000.

He could do a lot more with his new borrowing power.

 

$500,000 House + Investment Property

He followed my advice and came back to see me the next financial year with his tax return. Now he owns a house worth $500,000. He’s current renovating his home, as all good tradies should, and the renovations should help boost the value of the house when competed.

Upon completion of the home renovation, we’ll get his house re-valuated. We then plan to leverage the increased house value to buy an investment property.

This example shows that even on a very small scale how the benefits of getting as much advice as you can and proper planning can hugely impact on your borrowing power and your future lifestyle.

 

If you take only one thing away from this article it is that planning ahead and working with the right professionals can have a great impact on the success of your future investment.

Please note: every person’s situation is different, our goals, lifestyle and circumstances are different from our friends and family.

This is why, at Mortgage Corp, we always start with personal situation analysis on the free mortgage strategy consultation before going into loan products and interest rates etc., so we can make sure your mortgage is structured for long term investment success.

For specific tax advice, we suggest you to consult your accountant or we can recommend an accountant we’ve worked with and trust.

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FROM THE WEB

podcast

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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
5 steps to take on low-risk property developments
Securing finance after life-changing events: ‘Cash flow is key’

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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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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

    In this episode, hear from\u00a0Michael\u00a0about:<\/p>\r\n

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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.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

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
APRA investor measures have ‘run beyond their usefulness’: industry body

 

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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