All Topics / Help Needed! / Student looking to start!

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  • Profile photo of Invest88Invest88
    Join Date: 2007
    Post Count: 1


    I am new to both this site and the world of property investing. I am a university student with about 13k in savings and I have little expenses. However I am not sure how to start investing in property as I also have no assets and thus a loan is pretty much out of the question… Does anyone have any suggestions on how I could get started?


    Profile photo of Mortgage HunterMortgage Hunter
    Join Date: 2003
    Post Count: 3,781

    If income or deposit are low but the other is high then there is usually an answer.

    In your case you might be best to spend the moment learning and researching property.

    Keep building your deposit.

    When you have a decent income then buying your first property will be simple. I would suggest you consider buying a home for 6 months then move out and rent it. You will avoid SD and get a $7000 head start from the Federal Govt!

    Plus you will have a CGT exemption.

    You can rent some rooms out to mates to help with the repayments and building the deposit for number two!!


    Simon Macks
    Residential and Commercial Finance 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 The ContrarianThe Contrarian
    Join Date: 2005
    Post Count: 97

    Keep saving…
    Keep researching… read all the books you can on investing…
    Don’t worry about “missing the boat”…

    Overtime you will learn that a true investor can make money in ANY market.

    Just for now keep saving… into Bank West or ING is a good start…
    You’re in a great position… Keep it going…
    Enjoying getting richer every week.

    Profile photo of picklesampicklesam
    Join Date: 2004
    Post Count: 55

    mate u’re doing better than me when i was at uni, i had $0…i’m pretty late to this investor thing but my biggest advice is hang around in this forum, there’s some great advice and people in here..all the best

    Profile photo of PropertyLoserPropertyLoser
    Join Date: 2007
    Post Count: 5

    I was in your situation, and I bit the bullet and invested. And I don’t regret it for one second :)

    With the capital you have saved up, you could easily get a nice house up North somewhere (where property is significantly cheaper). With 13k, you could find a house for about 90k, put a 10% deposit down and cover your additional costs.

    With a buy-to-let mortgage, a lot of lenders won’t take into consideration your salary, they will base it on the potential rental income you can gain from a particular property.

    But hey, or you could do what everyone else says and keep saving, learning and, whatever else you students do these days :)

    Profile photo of Kipper57Kipper57
    Join Date: 2006
    Post Count: 252

    It would all depend on your income as a student, as when i was a student had a part time job, not all do. Depending on which way you would like to start the possibility of an investment property is there.

    For servicability most lenders will accept 70% of the rent as income. Providing you could service the rest that may not be an issue. You would also need to be able to provide the funds of difference eg
    Loan costs stamp duties transfer fees etc
    and the gap between the loan and the property value say if a 97% loan

    Finding someone to purchase the property jointly is another option and becomming more popular as well.

    However as most have said saving and researching with patience may be the best option at present.

    By purchasing an investment property first you can access the first home owners grant for your Owner occupied at a later time, unless the policy changes.

    Mortgage Adviser
    Email [email protected]
    Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service we come to you!

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