In this week’s episode of Ask Kevin Young, I’m explaining what is happening in the property investing market with the big banks and how to protect yourself from them taking more money out of your pockets.
As you know there is a banking monopoly out there. It’s going under the nose of our government’s treasury department, that’s why you’ve noticed they have been pushing the rates up, despite the fact costs have come down. This is the first liberal treasurer who hasn’t insisted that the banks lower their rates and the costs have come down. That’s not good for you or me.
So how do you protect yourself?
Two options the banks will provide you with is to either; alter the loan to valuation ratio or change from an interest only loan to a principal plus interest rate loan.
Neither of these are going to help you and instead take more money out of your pocket to give to the bank. This is very risky as it removes the flexibility of your personal wealth.
So what’s the answer?
Well, the best answer is to remove yourself from the banking monopoly and find the non-majors who can provide more competitive rates for funding. Come to the club, speak to your mentor and we’ll help protect you from bank greed.
If you need more information join the club or see your mentor today to get started. I’ve also got a few more insights to read about here – https://www.propertyclub.com.au/insights-by-kevin-young/
I’d also love to hear what your thoughts are on the topic, leave a comment below.
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