Hi all
Was hoping someone might help with this advice.
I have been discussing with a freind who rents a townhouse for $200 about purchasing prop’s etc. and she mentioned that she would like to buy the property she’s in. I mentioned vaguely to her about wrapping, and perhaps a good idea (thinking outside the square), would be for her to approach her landlord with a wrap deal.
The townhouse she’s in is valued at approximately 120-150k, and she is also entitled to the First home owners grant. She also has about 5k in savings. About 12 – 18 months ago the towns houses were selling for 65-80 k
Q. How would she approach the landlord so that this would be a win win situation?
Kindest
Chris.
Sounds to me like she could afford to buy this place with a normal loan. Call a broker – she might be surprised.[8D]
Chrissos,
Out of interest, in what area is this property located?
RegardsYour friend will need a min 5% deposit to buy. Don’t include the FHOG as this will be needed to cover LMI, SD and other purchase costs.
So at the price range listed she will need $6 – 7.5K genuine savings. The more she has the better.
She will also need the income to service a debt like this.
Assuming no dependents and a small credit card she will need about $30K pa. There are so many variables involved so treat this as a rough figure only.
Hope this helps,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanks all that responded
The area is on the Gold Coast.
Two school age kids – I think she makes about 30 k per year.
Kindest
Chris.
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