Hiya I’m Michael’s sister Anita. I am on the pension 3 kids, income is 360pw, no property, own car 6K & have 30K Cash. Current rent is 160pw & I save $50pw. I can if necessary have very minimal expenses & save upto $150PW, therefore a total of rent 160 + 150 saving pw is possible in my situation.
Can I go alone ?
Can I use family to go guarantor ? ( preferably not )
Anita
[?]Hi anita
the way it looks to me is you should phone some banks and run the numbers past them. i’m not a mortgage broker but usually Banks work on about 35% of your money to sevice a loan
on $18,700PA you could afford (at 35%) paying $126per week towards a loan. therefore you could probably only loan about 80,000.
with your own money as a deposit and for stamp Duty etc you will be able to buy up to $100,000 approx.
Depends where you live if this is good or bad news.
Try http://www.homepath.com.au Ph 1300 130852
They offer money at 5.65% and no costs, no est fees etc.
i know someone who was unemployed and he got a loan on a very cheap IP.
perhaps one of the many brokers on this site can help more ?
regards westan
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