Review your mortgages
When was the last time you reviewed your mortgages? With Australia’s cash rate at rock bottom and interest rates at their lowest for more than 50 years, there are some extremely competitive rates currently available. Talk to your mortgage professional about the pros and cons of refinancing or at least fixing a portion of your mortgage to make sure you’re getting the best deal.
Know how much your properties are worth
Do you know the current market value of your portfolio? With strong house price growth across Australia in the last 12 months, it may be time to get a valuation report. Up-to-date bank valuations will allow you to see clearly how much headway you’ve made. And this information will prove to be invaluable when assessing options for your additional equity.
Review your rental income
How long has it been since you last increased your rent? Your tenants may be part-way through a six or 12-month lease but it doesn’t hurt to do some local rental research. This way you’ll make sure you’re getting the right amount of rent to ensure maximum return on investment. Annual rental reviews should feature in your tenancy agreements, so your long term tenants will expect rents to remain market competitive. If you have a property manager, then check with them about a rental review (if one hasn’t been done in a while).