Hi Guys, Is there any rule that a Home owner who purchased house with less deposit (10%) of purchase price cannot Rent the property completely till their Equity share reaches 20% of the property value. I heard this from a friend who mentioned, getting income from rents is nothing but an Investment property or investors will do and you got to pay 40% to banks as a deposit for that.When you're buying a house with an intention to live there then it's not an investment property 10% & above deposit should be enough.
Could any one please explain me if this rule is true, my mortgage broker never explained me this and he knows that my intention to buy first home to Rent it out.
Could any one please explain me if this rule is true, my mortgage broker never explained me this and he knows that my intention to buy first home to Rent it out.
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