Very keen to buy first investment property, preferably before returning to uni March ’05. Though currently averaging $2-400 per week waitressing, my employment is casual. I have $6000 saved for a deposit so far. I was just wondering if anyone can give me any advice on whether or not i will be able to get a loan…looking at properties around the $80000 mark. Live at home, no board etc. My dad is also prepared to be my garanteur.
Hi Nswsren, welcome to the forum
If your father is guarantor you will still be required to demonstrate that you can service the loan independently,
Another option would involve your father as a co borrower on the loan, Keep in mind this may cause further implications with regards to names on the title and the FHOG.Regards
Steven
Mortgage Broker
Mobile Mortgage Market[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
nswren and Steven,
Your second option can work if you have your name as the owner but both yours and your Fathers on the debt. This way you are eligible for the FHOG as well. I did this with my partner and worked a treat, and is legal.
good luck!
I don’t mean to cut you down completely, but I think you will struggle with servicability. I work on a casual basis, consistently taking home $500p.w. I have a little over $15,000 saved, living at home etc. and still couldn’t get a loan at all – for anything between $65k and $150k. How long have you been working for this employer on a casual basis?
Keep at it though – I know your frustration – it’s a pain in the a@!# that lenders don’t give people like you and I any points for determination. Please let me know how you go.
Spank
Age doesn’t negate effort – you can never be too young or too old.
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