Finalise Finances

Financing is the Key
The property investor and author Jan Somers, who wrote 'The Australia Investors Guide to Making Money' and 'Residential Real Estate' stresses that finance is the key to any investment property proposition. She stresses that the creative use of collateral (or borrowings) is essential to the growth of wealth through property. Most people today have achieved great wealth by using other people's money (OPM) rather than using their own money.

Finalise your Money Now
By now you have given your application to your bank or lending institution and have received approval for the loan on the property. Because the deal has now been negotiated and completed, the only thing left is settlement.

You need to finalise your finances now and move the cash over to your lawyer for the final payment on settlement date. The amount of money you have borrowed, plus your available cash, should meet the cost of the purchase, as well as the borrowing costs, plus selling costs. The selling costs include the realtor's ...

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