Property is a great way to build wealth for wage and salary income earners. Many Australians have taken the opportunity to build their wealth this way, often with 2 or more properties. As interest rates have increased, banks are suddenly less willing to lend. They said no to the house!
Many property investors have significant equity in their existing portfolio and have solid income to service their loans. In addition, long term investors often have a long history of making repayments on-time or often well in front of minimum requirements. Despite this, new credit is now much harder and ultimately may be impossible to access.
Our Leg Up supports responsible lending practices. Loans should only be granted where there is ample equity and income to service them. Our Leg Up credit standards are more stringent than those of the banks issuing the loans. So how can I increase my income if I can’t borrow?
If you find yourself with 2 or more properties with plenty of equity to support purchasing another property but insufficient income to support additional funds for loans, Our Leg Up can help generate income from the equity you already have.
With Our Leg Up, the unused equity in your property portfolio can generate income without incurring any more debt in the first place, that way there is no loan to service and no interest to pay.