hey everyone,
i’d like to discuss about how I could get loan at the age of 18 if i have a temporaray job?
does it depend on the size of da wage or type on the job (permanent) to borrow money?thank you very much[thumbsupanim]
Nehal Rajan Singh
there is a pure relationship between loan amount and the applicants salary, savings and situation.
its sort of…non negotiable (no matter if “u r da man’ – apologies to the other ‘the man’)
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker BrisbaneHi Nehal,
Brahms is right. You’d probably do well to work as much time as you can and save as much as you can every week.
But as Steve McKnight said at the Sydney Masterclass, “there are usually 101 different ways to do anything.”
Could you convince your parents to get the loan for you? Would they go guarantor for you? Do you really have to work only part time? Could you do a joint venture?
These are not recommendations, but its always good to think outside of the box.
Dan ‘the man’ Lewis
PS – no insult taken Brahms [suave]
Nehal,
No rush
I really don’t htink anyone without a job should get a mortgage- but that’s just old conservative me IP’s are expensive, and you need something behind you to pay it down.I am also not really into parents going guarantor for their children whodon’t have a job, but if your parents want to take that road, it’s up to them- as long as they know their liabilities in the case of your default.
Why not do it hte old-fashioned way- get a job, and THEN get a loan? Save for a deposit and put your money into ING or one of those places- your returns would be a lot safer right now.
kay henry
Good points made,
So you mean, i hav to get a job and pay of the loan… ok, this is wat i want to do..
i want to buy a investment property and i want loan to buy it.I only have a part-time job and im going through uni.
is it possible?Nehal Rajan Singh
If you have a PERMANENT part-time job, you might be able to borrow some money. I would assume you earn very little and after your living and uni expenses, I can’t see you having enough income to get a loan.
Your question has been answered numerous times. You need to earn enough income to repay the amount of money you want to borrow. If you can do this, you can borrow.
Without more information as to more accurate amounts, no-one can give you a definitive answer.
Robert Bou-Hamdan
Mortgage AdviserHave you considered the possibility of buying on a lease option?This way you don’t need to rely on the banks…just to get started!The second possibility is to do a joint venture with someone who does have a job and a deposit but not the time or the knowledge to do their first investment.You share the profits giving you the chance to be in the market and provide the time you need to meet bank criteria for your first loan.
Hi Nehal,
I admire your courage in seeking to purchase a property at such a young age. Talking from experience, getting into a mortgage requires dedication in meeting repayments and sometimes requires sacrifices. Think this over first, maybe you would like to see the world and save some money like travelling or something. If you are serious in purchasing a property however, I am assuming you do not have much capital to afford a property as yet. In this case i suggest you to invest in either a managed fund or cash management trust and contribute your extra savings there. Over time with the help of compounding you would probabaly have enough money for a deposit to purchase a property. There are alot of products out there depending on the amount of risk your willing to take.
thank you very much,
i knew all that stuff before but wanst that sure about the loan..
but i think its a good idea to get a loan from your parents because i’m 100% sure i’ll b successful in investing..Nehal Rajan Singh
Nehal,
I admire your determination and desire to get into property. There are ways of getting that loan just as my son has with some help from mum and dad.
It went like this: 18 yo first year at uni, has regular casual job for the uni breaks, treasured each dollar he made(non-smoker,drinker. girlfriends, clubbing, and other things); saved for his first car than saved for a deposit.
We found a 2 br unit for $141K near his uni. Because of his low income I went as joint applicant for his loan of $112K. He got $7K from Jonnie FHOG and stamp duty exemption in Vic because he was a concession card holder. He had saved $11K and received the Mum and Dad grant of $5K.
He let the tennant stay till he had to move in to satisfy the FHOG (12 months) then moved in and found a flatmate to share the living costs and the mortgage. After living there for 8 months he found that he missed the comforts of home and it was difficult to study.
He is now 20 yo doing his 3 rd (last year) at uni, has a good tennant, works one day per week and receives Ausstudy allowances which he could not get access to when 18 due to his parents income.He is now $9K in credit as he deposits all his Ausstudy and wages into his load account and redraws when absoultely essentail.
You can do it!
Good luck.
hrm
Hi Nehal,
What about moving your thinking sideways…
Until you can get funding on your own two feet, why not put a deal together and then seek private finance and/or money partners and share your profits.
Remember that 100% of nothing is nothing. Sophisticated investors look further than what they can do by themselves as they know a good project will always attract smart money.
In your case then, as a concept (not an invitation for business) I wouldn’t back YOU (given lack of experience etc.), however I might back YOUR DEAL – provided you had all the basics covered.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
you guys are right,
look i am 15 years old, and i dont know how i got into investing..its amazing and your (Steves)website and all the memebers incl staffs had helped me so much…..
I read few books of ivesting, and having a great lifestyle and i know in the next 4 years i will be successful..
I planned it all from my profession..
I’d like to thank you all..
if you got more information, just reply post…thank you
Nehal Rajan Singh
One valuable piece of advice…
If you want people to help you, DON’T LIE!!!
Good luck in the future.
Robert Bou-Hamdan
Mortgage AdviserIf you only have a temporary job, maybe you could change to full time just before your loan application. What you do after the loan settles is up to you.
Terryw
Discover Home Loans
Mortgage Broker
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
I would love to see him get a loan at age 15.
Robert Bou-Hamdan
Mortgage AdviserOriginally posted by Nehal:hey everyone,
i’d like to discuss about how I could get loan at the age of 18 if i have a temporaray job?Terryw
Discover Home Loans
Mortgage Broker
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
Originally posted by Nehal:you guys are right,
look i am 15 years old, and i dont know how i got into investing..
thank you
Nehal Rajan Singh
Robert Bou-Hamdan
Mortgage Adviser[aacool] hye…hav u guys read about jamie mctyre and his theories.
when you connect his ideas with Steve’s, there will be a new good investing theories..
so think about it
Nehal Rajan Singh
Guys,
I don’t think he is lying. More trying to plan for when he turns 18 and 19. I hope this helps clarify. [chill]
Hi Nehal,
At 15 you may well be precluded BY LAW from signing a legally binding contract, but if that’s not the case you could look at becoming the ‘purchaser’ in a rap deal, provided the property was right.You could perhaps find one or two “flatmates” to help with the repayments, then in a couple of years when some equity has been amassed you wouldn’t need a ‘deposit’ and you would have established your bona fides with mortgage brokers to buy the property outright.
But a job kinda helps!
Good luck, and keep thinking about it.
RC for,Lynn Candey
I really don’t htink anyone without a job should get a mortgage- but that’s just old conservative me 
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