In 2014, financial providers processed approximately 900,000 applications in interest-only home loans, totaling a debt value of $295b.
Fast forward 5 years to 2019, maturing loans mean the principal kicks in, however there is an un-anticipated trick shot here. When the loan is reconsolidated with principal added, the new loan is only set over 25 years rather than 30.
Adding principal could already increase the loan by 50%, with the addition of this unanticipated 16% difference. Investors could see their total mortgage repayment increase by up to 70%, now with the average Aussie leveraged with 190% debt to income ratio. This is not good news for the consumers, banks or insurance companies.
However, in hindsight this is great news for tech companies to come in and save the day. We all know technology has been cutting out all the middle men over the last decade, meaning users are saving costs on all forms of shopping, saving time visiting banks and finding the best deals for whichever services they require.
It was only a matter of time before the risk-taking landlords ask the question "how do I manage my property" and take back their entitled extra profits on their properties.
Which is why instarent has developed a mobile app, with all the knowledge and resources of a property manager.
That’s right, you can now manage your own investment off your mobile phone.
The easy to use app is built with the latest features in app technology, being up to the standards of ISO security. Amazon is proudly hosting this innovative technology, and with PayPal integration there is no doubt this app will become a household name in Australia to assist in offsetting the overheads of investors.
Instarent is a free platform for landlords and tenants,
Now available on app stores, make the switch and start saving today.