At Arafura Finance Brokers we have seen a spike in interest in buying off the plan investment properties since 2010, which is what has inspired this FAQ.

Buying a property ‘off the plan’ simply means purchasing a property before it is completed and registered with the Land Titles Office.

When buying off the plan the purchaser typically pays a deposit—usually 10% of the purchase price, and once the property is completed is when you pay the balance.

Purchasing her first home could have been a complex task for Lydia, who spent most of the year out of town, leaving little time to search for properties.

Lydia asked mortgage broker Nicholas Kirlew, of Arafura Finance Brokers Darwin, for help with a particular challenge in finding her first property – she was away from her home base for much of the year, so she didn’t have time to look for properties every weekend.

When Jane* approached Mortgage Broker Nicholas Kirlew, she wasn’t sure whether she could buy her first investment property. With good advice and a private treaty, Jane managed it at a favourable price.

Jane was referred to Nicholas, a credit adviser at Arafura Finance Brokers, by a financial planner who looked after Jane’s father.

“Jane was a very stable client,” says Nicholas. With 10 per cent of the deposit saved, a small financial gift from her parents and long-term employment, Jane was also happy to pay for mortgage insurance to secure a fantastic property.

Maximising the amount a lender will hand over to you isn’t about trying to take on unmanageable levels of debt. It’s a matter of taking a few simple but smart steps that could mean the difference between toiling in that ‘fixer-upper’ or owning your dream home using a Darwin mortgage broker for a home loan.

1. Shop around for lenders

Different lenders define income in so many different ways that it pays to use a mortgage broker who knows their way around what’s included and what’s not. One lender may allow share dividends as income, while another lender may not.