For generations now negative gearing or tax effective property investment has been used to help the average Australian get ahead. But while so many Aussies are striving for greatness in the property market they forget to protect their most important asset.
So many people wonder what their biggest asset is. Usually they say their home or their investment but it's not. It's their income. Because if the income goes, so does every other asset.
The number one reason property investors fail is not lapses in the property market. It's the inability to pay the mortgage. This more often than not happens when the owner/s become injured or ill and cannot work and all of a sudden their income stops.
But what is such a big deal about a few weeks/months off work? When you're paying bills for two properties, relying on tenants, paying large rate notices as well as a property investor I'm sure you appreciate the taxation issues. If you're righting off losses on an investment property you will be penalised further because all of a sudden your tax rate changes. This can become seriously stressful.
Great news, this can be prevented, income protection insurance is an option for almost every occupation and there are tailored solutions available to you.
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