Financing.....1st Deal......Deposit?

Viewing 4 posts - 1 through 4 (of 4 total)

1leonphelps
Participant
@1leonphelps
Join Date: 2004
Post Count: 1
August 9, 2004 - 10:29 am
Hi Guys,
As a newbie I will apologise firstly for any mistakes that I make in this forum, I’m trying to break the newbie thing. I am eager as a beaver to get into investing. As I have about $12k bad debt over my head and sinking every spare coin I can get paying it off, is there any suggestions for starting to aquire property without a deposit. We currently earn about 75k (combined) a year with a great Credo Ref. In front with loan repayments. Just no deposit for investing. Any suggestions would be great, even harsh ones.
CJ
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
August 9, 2004 - 11:29 am
Minimum deposit for a normal type of loan is 5%. This must be genuinely saved over 6 months.
Stop paying the extra on your bad debts, pay the min and start saving that deposit.
You can decide whether to pay it off or not whe you are ready to buy.
Just an idea!
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
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.
Mortgagekid
Member
@mortgagekid
Join Date: 2004
Post Count: 7
August 9, 2004 - 1:28 pm
if you are planning to use the property for owner-occupied purposes you can obtain 100% finance for a little higher than standard rates (without mortgage insurance). Mortgage hunter is correct when he said to stop paying extra on your bad debts.
Cheers,
Kayne
Free Service-7 days!
DanTheMan
Member
@dantheman
Join Date: 2003
Post Count: 100
August 10, 2004 - 1:14 am
The other option is to find a JV (joint venture) partner that has no income and/or bad credit, but has the money. This would allow you to get in sooner, but you would have to share.
Dan.
Looking for positively geared property? Check out http://www.positivelygeared.com.au