According to Corelogic data, there are over 10.5 million dwellings in Australia and ATO figures shows just over 2.2 million property investors.

With first home buyers priced out, more existing property owners want to join the ranks of over 2 million people investing in property across the country’s states and territories.

It’s important for budding investors to pay attention to their financial footprint and consider it as a significant influencer of their investment decisions from the very beginning.

If you are aspiring to join the 2 million club, ask yourself the following questions.

·       Is your job stable enough?

·       How much are you earning?

·       Are you a single or joint borrower? If joint, what’s the combined household income?

·       Do you have kids?

·       How long before you reach your retirement age?

·       How much are your savings?

·       How much are you spending?

·       Do you have debt?

·       How much deposit can you pay?

These are only some of the questions you need to ask yourself before buying your first property.

These factors will help you determine how much you can borrow for an investment property, which property type to invest in and how to structure your home loan to help you maximise your earning potential and your overall investment strategy.

Investment strategy

Starting a property investment journey is more than saving up for deposit or doing an equity release from your current mortgage and looking a property that fits the budget.

Every portfolio should be tailored to the goals, capabilities and limitations of the investor.

There will be multiple investment strategies to choose from once you’ve decided to enter into real estate investment game and there’s no one strategy that fits all.

You’re not just buying a property. You’re buying towards a goal and you’re buying it safely, so if things were to change in your life, such as in addition to the family or changing employment, you don't have to put the reset button on and sell the property.

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This article does not constitute advice; readers should seek independent and personalised counsel from a trusted adviser that specialises in property, a tax accountant and property design specialist.