Anikesh Sasmal and his wife Swetalina Nayak have settled on their first-home purchase and are already planning to buy their second property.
Anikesh Sasmal and Swetalina Nayak are planning to buy their second home just months after their first as they race to beat a home price boom they believe is imminent.
The pair have barely settled their first-home purchase, but with news tax breaks will boost borrowing power they are on the hunt for an investment property to buy as soon as possible after July 1.
Ms Sasmal said they had always wanted to get into the property game, and now that they were going to benefit from a boost in their borrowing capacity, they didn’t want to wait too long.
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“Optimistically, we’d like to buy again in the next six months; that will give us enough runway for tax savings in the next financial year,” he said.
The 35-year-old said they were feeling “very confident” that they would be able to achieve their property goals.
“From a savings perspective, we targeted that before September this year, we should buy our first home because there is a prediction that after September, the interest rate might drop down,” he said.
“Once it drops, the property prices are going to skyrocket.”
Anikesh Sasmal and his wife Swetalina Nayak are already planning on purchasing an investment property with the boost they’ll have to their borrowing power after July 1.
He said with their mortgage broker, they decided to adjust the amount they were going to put down as a deposit on their first home from 20 per cent down to around 13 per cent.
Cinch Loans chief executive Arnab Baral, who helped the couple purchase their first home and are helping them look for an investment property, said with the tax cuts, more prospective homebuyers will have more income that will qualify them for bigger loans.
“That will become a very big determining factor for whether you can acquire a property or not,” Mr Baral said.
He added that middle income earners were going to have the best opportunities for purchasing a property post-July 1 as the tax cuts were designed for them.
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