- brad53Participant@brad53Join Date: 2004Post Count: 1
My name is Brad, Im 17 and real keen to get my first investment property. Ive done a few coarses and heaps of research about where im going to buy but my biggest hurdle is finance I have about $15,000 saved for a deposit and I turn 18 in a few months so I am trying to get everything organised for then (unable to sign any forms etc until 18). I am an apprentice and earn only 250 p/w. CAN ANY ONE HELP ME WITH SOME ADVICE OR CREATIVE IDEAS ON HOW I CAN BORROW ABOUT 170000 FOR A RENTAL.
BRAD SMITHlandt64Participant@landt64Join Date: 2004Post Count: 166
for someone so young you’re certainly on the right track. I’d suggest you talk to one of the many brokers on this site, because I’m sure they’ll be able to give you some good advice. Good luck with your investing.
LandtpfsfinanceMember@pfsfinanceJoin Date: 2004Post Count: 171TerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
If your living at home, and wish to buy a rental property firstly, you will be able to include potential rent as well – boosting how much you can borrow.
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Click below to email meneo25x5Member@neo25x5Join Date: 2005Post Count: 166
like you i started when i was around 18. i too found it difficult initially to get anywhere with the banks, esp. on my own. after speaking with my fathers bankers i was able to get something arranged. my advice to you is that it certainly would be possible to do something. check your numbers and get in touch with a broker. try to build a good relationship with this broker as they will be invaluable in your future investment decisions. good luck, i hope you find great success with your decision.PropertyGuruParticipant@propertyguruJoin Date: 2003Post Count: 1,502depreciatorMember@depreciatorJoin Date: 2003Post Count: 541
The first time I went for a loan I was 19. I had an appointment with the lending manager at a branch. It was afternoon peak hour and I was running late. There was nowhere to park, so I rode my motorbike up onto the footpath and parked it right outside the bank. I jumped off it and ran inside with my helmet still on. Then somebody screamed. And one of the tellers hit the panic button. I looked around to see what all the fuss was about and I realised it was about me. I didn’t think there was much point trying to explain that I was there for an interview and not a hold-up, so I walked out. Right when the cops were walking in. That’s when I had to start doing some explaining. They eventually saw my point when I said I probably wouldn’t make an appointment in my own name if I was going to hold up the place. They booked me for riding on the footpath.
I got the loan from another bank.