All Topics / Finance / Property Finance for Teen

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  • Profile photo of ausdmxausdmx
    Participant
    @ausdmx
    Join Date: 2003
    Post Count: 25
    February 6, 2004 - 4:33 am

    Hi all,

    I am 18 years of age and my income is about 15k with my part time job and Aus Study. I have saved about $2,000 and i can get the FOG $7k. So all up i have about $8,000 at this point in time. Would i qualify at all to get finance on a property? What do you think i would be able to borrow maximum? Do you know any lenders that could help me out?

    Thank a lot guys, i have learned so much already!

    Profile photo of EternityEternity
    Member
    @eternity
    Join Date: 2003
    Post Count: 29
    February 6, 2004 - 5:53 am

    Hello,

    First of all I would invest in a calculator! 2k + 7k = 9k… Not 8k[8] But thats ok.[;)]

    I think you would find it quite hard on the circumstances that you have mentioned. You can try looking at some cheap 30 -40k prperties, but beware they are hard to come by.

    Mortgage Hunter any thoughts?

    Eternity

    Profile photo of ausdmxausdmx
    Participant
    @ausdmx
    Join Date: 2003
    Post Count: 25
    February 6, 2004 - 6:29 am

    Thanks for that, i miscalulated it. I was told with $10k savings and $7k from bank i can go lo-doc loan for 80k property without showing my income.

    Profile photo of Mortgage HunterMortgage Hunter
    Participant
    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781
    February 6, 2004 - 6:33 am

    I did a loan for a student once but he was doing a PHd and had a work history.

    Are you going to get rental income?

    Doubt we would get it past LMI so therefore we need a 20% deposit. With your deposit we can’t go far at all after buying costs.

    Is there a family member who is willing to go co borrower?

    Good on you for trying and there probably is a way but perhaps not on your own.

    Simon Macks
    Mortgage Broker
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of ausdmxausdmx
    Participant
    @ausdmx
    Join Date: 2003
    Post Count: 25
    February 6, 2004 - 7:35 am

    yes i will have a rental income from it. If i had 10k of my own savings would i still need a co-borrower?

    Thanks [:)]

    Profile photo of CastleDreamerCastleDreamer
    Participant
    @castledreamer
    Join Date: 2003
    Post Count: 288
    February 20, 2004 - 9:04 am

    I got my first property when I was 20 years old. Good for you having a go. Maybe you could get a family member or someone to gift you the 8K you would need to add to your 2k savings – that would give you 10k + 7K FHOG and you could go with your plan for a lo doc loan. Just make sure you do your homework on where to buy that house and that you give yourself room to move if rents are down/absent or interest rates move – have fun, take a chance, you can’t go wrong if you never go anywhere!!!

    Cheers
    Lisa R

    Profile photo of KenshinKenshin
    Member
    @kenshin
    Join Date: 2003
    Post Count: 36
    February 20, 2004 - 9:14 am

    Eternity:
    Just curious but such properties 30-40K exist?

    I assumin ausdmx that you goin intend to live in the property b4 renting it out.? I would be thinkin maybe your parents or family can give u a helpin hand in this, it will make a big difference with u gettin a loan.. unless u know some dogey lender [:D]

    What I learnt yesterday, I know better for tommorrow – Dean

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