Hi all, My name is Leonie and I’ve just read Steve’s book. I am a sole parent of 3 teenagers. I am renting and need to move out sometime after July next year. I want to buy my own home and begin investing. My situation is as follows. On a pension and working 3 days a week. No savings. 3 credit cards totalling $10,000 all to the max. Mother also renting but has K200 invested and oldest child is nearly 19. You’ll probably say PAY OFF THOSE CREDIT CARDS first then come back! Yes, starting to do that, but can you advise on other options. Mother would need convincing tp participate if that is an option. She may like to buy again too. I’ve owned before so first homeowner grant not an option for me but my daughter?
Can you please explain in more detail what you mean by this question.
Matt
“If you do what you have always done, you will get what you have always had.”
“Isn’t it time for a change?”
Antara
Where do you live? I am asking because you maybe able to get a place wrapped to you for something similar to what you are paying in rent. Maybe your mum could lend the some money for a deposit?
or
You and your mum could go in together and purchase an investment property or two. You could use part of mum’s money as a deposit and borrow the rest using a asset loan (eg).
or
Maybe your mum could buy something and you could rent it? (keeping the profits in the family).
Just some ideas
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Can you please explain in more detail what you mean by this question.Matt
“If you do what you have always done, you will get what you have always had.”
“Isn’t it time for a change?”
Hi Matt,
I’m wanting to move out of renting as every few years I’ve needed to move because the house was sold or whatever. So I want more stability, but also I believe that no matter what, I can have what I dream of. However, my financial situation is such that it’s difficult to save let alone get monet together for any sort of deposit and the banks won’t even look at me. BUT, my mother has money invested and I thought there must be a way we could mutually benefit. She could lend me some and I could somehow buy and also buy something for her. Also, what are the possibilities for my 19 year old to buy/invest? Can I use her legally to get the FHOG and buy property for me? I have owned before so I don’t qualify.
So this is the line of my query. Any ideas as to how I could move from my current financial situation to the one I want?
Thanks, Leonie
AntaraWhere do you live? I am asking because you maybe able to get a place wrapped to you for something similar to what you are paying in rent. Maybe your mum could lend the some money for a deposit?
or
You and your mum could go in together and purchase an investment property or two. You could use part of mum’s money as a deposit and borrow the rest using a asset loan (eg).
or
Maybe your mum could buy something and you could rent it? (keeping the profits in the family).
Just some ideas
Terryw
Discover Home Loans
North Sydney
[email protected]Hi Terry,
thanks for the info. I live in central Queensland, as does my mum. Small place called Yeppoon, right on the coast. I’m late forties, she’s late 70’s so I’m not too sure how easy it would be for either of us to get a loan. What is an asset loan, pardon my ignorance. I do work, but my income is small, and I have those credit card debts. Banks won’t even give me a $5000 personal loan. Around this time last year I checked out Aussie Home Loans to see what they could offer and it was around $50,000. With low income and a couple of dependants it looks impossible, but I believe it can be done.
OK, thanks, again, LeonieHi Antara
I am also a sole parent on limited income, so i can relate to your story.
Have you tried homestart?
Regards Bear
Hey Leonie
I love Yeppoon. Do you know the Picketts?
From what they have told me the prices in Yeppoon are way higher than Rocky (and yes, they wouldn’t live there unless they had to, but I’m not sure of your feelings). Could that not be an option? At least to get you going?
Cheers
Mel
Hey LeonieI love Yeppoon. Do you know the Picketts?
From what they have told me the prices in Yeppoon are way higher than Rocky (and yes, they wouldn’t live there unless they had to, but I’m not sure of your feelings). Could that not be an option? At least to get you going?
Cheers
MelHi Mel,
no I don’t know them, and yes they are right about the prices and also about living in Rocky. And yes, Rocky may be an option to get going.
I certainly have some food for thought and need to do some research into what I can do.
Thanks,
Leonie
Hi AntaraI am also a sole parent on limited income, so i can relate to your story.
Have you tried homestart?
Regards Bear
Hi Bear
homestart sounds wonderful but I’ve never heard of it. Could you enlighten me please or is there a website I could look at?
Many thanks,
LeonieHi Leonie,
To answer one of your questions. Your 19 year old could qualify for the FHOG by the sounds of it. We have done some wraps for people in a similar situation to you. The issue being that the property would essentially be hers. Sometimes this causes problems, sometimes not.
There are a lot of QLD wrappers around so I’m sure someone will have a look at your situation and see if they can come up with something.
We are in NSW but if you can’t get any local wrappers to assist feel free to get in touch with me at [email protected]
Cheers,
BobIf a wrap in Rocky is an option, I believe Qld’s 007 does quite a few up there. I think there website is http://www.fhog.com.au, but he posts on here quite a bit, so you should be able to find it easily, it’s always in his signature block.
Although I do think you have other options that are probably better if you can get your mum on board.
Cheers
MelHi again
An asset loan is one where the lender lends you money based on the value of the property only. No income is required to be listed. There are not many lenders that will do this, but one, RAMS, will lend up to 65% of the value. So in your case you could borrow 45% from your mum and the rest from the bank.
There are location restrictions as well, so it may not work in all areas.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
If you desire I could assist in many different ways.
First I have great associates in Rockhampton and Yeppoon and Emu Park. Can find vendors willing to loan back deposits.Secondly, need to look at income to assess your borrowing power. You should be able to borrow more than $50k.
Thirdly, for assest loans (TerryW suggested), you will need to be quick, if want it for owner occupied, as Mortgage Insurers from the 5th of Jan 04 are only allowing these loans for investments. Also you now will have to pay LMI on loan amounts above 70 -75%.
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