I own nothing!!
I have money…but own nothing. Is that a bad thing? To be a renter? To sit and wait for the crash and boom of property prices falling?
And does anyone know….if I have 50 thou invested…can I declare that to the bank and lend money without them expecting me to touch it or use it as deposit for the house Im buying? (I have the 10% dep locked away sepearately)
Im asking….coz y’all already know how blonde I am……. [
]Pinky,
Invest in me ! [
]I will invest your $50K. It will stop the urge to spend it.. [
]I will hold it for 30years, and it will return a huge 1% yeild. [}
]Regards,
Arty.[
]
“Why work to the age where you cant enjoy
what you have worked for !.” (Author: Me)Hi Pinky,
If you have 10% dep and can show to the lender that you are able to make repayments on your loan you shouldn’t need to touch your investment money. With a 10% dep I believe you would probably have to take out mortgage insurance though. And don’t forget the extras you need like stamp duty, legal fees, transfer fees, etc.
Then again, I’m blonde also, so I could be totally wrong! Some expert will jump in now and correct me if I am wrong……
Keep smiling,
Sue [
]Be careful not step on the flowers when you’re looking at the stars
Hi Pinky
Being a renter is actually a cheaper option financially. This way you can put your money into investment properties and get some tax advantages which you wouldn’t get if you were owner occupier My thinking is the longer you wait to do something the longer it will take to reach your goals. Saying this though I’m not suggesting you rush out and buy any old thing. Remember to do your due diligence.When you say you have 50thou invested are you talk about the stock market? I wouldn’t think that the bank would expect you to use that money but more likely to use it as security to take out a loan. Don’t quote me on it. Your probably best advised to speak with a mortgage broker who would know the requirements from different banks.
Happy investing
BBI agree with the blonde (Sue that is).
There’s no reason you should have to touch that $50K provided you meet all of the lenders other criteria (deposit, serviceablity etc.)
Rod.
yep I have all the extras covered..with a liitle left over (maybe I could put a deposit on a red ferrari LOL)
The 50 thou I want to use for buying a couple of investment properties…thats why I want it untouched for the moment[
]As for Investing in you Arty…at 1% interest?? Hey my “assets” alone deserve more interest than that!!!!!!!!![
][].
~ Heaven doesnt want me and Hell is afraid I will take over! ~ :þ
Hi Pinky
Its a good piint u make!
I would agree that investing in properties would be the way to go.However an option many overlook is property swapping. ITs a new craz that works really well if u have a good freind in the same situation as your self wanting to get into the market of owning a home.
I 1st saw this concept on a currnt afairs show the other nite and seems like a great idea. IF any one would like to know more please emial me at [email protected] or i can put it in here. Or check out either the today tonite or ACA web sites.
Regards Bear
Hi Pinky
How are you[
]Hi Pinky,
You could also look at other investments other than property to help grow your capital. I’ve been investing in gold lately and it is very exciting at the moment. US$ is dropping like mad and the oil and gold prices are ready to sky rocket up. If you catch it at the right time easy to make 200% profit in one month. Worth looking into????
Cheers
Adam
[8D]PS Blondes have more fun anyway! [}
]
Being a renter is actually a cheaper option financially. This way you can put your money into investment properties and get some tax advantages which you wouldn’t get if you were owner occupierShort-term, yes. Long-term, no way (IMO). Look at the cost of housing relative to salary, it’s been going up steadily for many years. The longer you wait, the more you pay (as a proportion of what you earn). Add that to the fact that sooner or later, almost everyone buys (I don’t know of anyone that has rented long term).
Of course, you could take a gamble that there will be a price correction or even crash, and put off any potential purchase til then.
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