Hi everyone
I have recently resigned my job in Darwin and I have moved to Brisbane. I have 2 and half months paid leave and I would like to use this time to; first get a job and second start property investing. Since I am quite new at this and it best to get right from the start, I need help. I’m living with a friend but I'll have to move out soon and I would like to purchase my own home. How can I go about this the best way to help borrowing capacity etc. for future financial investments?My personal stats are ATM:
Current Income: $60,000
Savings: $5,000
Debt:Nil (Literally none I owe nothing to no one)
Assets: NilI know, not to flash but you have to start somewhere.
Any advice will be greatly appreciated.First can you clarify_ You said you want to find a job. Then you said you are on $60,000pa??
You said you just got 2 and a half months payout but you only have $5,000 (or was it a very poor paying job?)
If you have just started working you will find it very difficult to get a home. AND you have no money. I don't see how buying your own home is possible in the near future. In your situation an investment property would be financially easier (when you can afford it).
But as you said. You need to start somewhere. Good on you for trying to put a plan in place.I'd consider keep sharing to enable you to save like crazy. Get more stability on the job front. Read some investment books (Somers, Lomas)
In a year see whether you are in a position to borrow.Hi Akuhata
Welcome to the forum.
You'll need to demonstrate a suitable employment history and 5% denuine savings before you can purchase something.
For that reason, I'd save like made for the next 6 months and spend the time learning, learning, learning. Catalyst mentioned some good books above.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Thanks
Yes I am currently looking for a new job, as a qualified personal trainer and still getting paid my normal wage for at least more 2 months. I currently have $5,000 saved, which only took me less than a month after using my entire saving of $30,000 to pay all debt including my car (so I could start with a clean slate).
I had being working for the army for 4 years so the pay was good since everything I got was free including food, accommodation, power, home utensils, entertainment, holidays, flights. So yeah I was silly for not starting when I had no burdens and trust me thou it’s not worth the effort for the benefits.
I've read a few books now and done plenty of research which why I'm quite so keen to start. Not just in real estate but in many areas of wealth creation.
I'm also working towards a small business in the fitness industry which I would like to take off before next summer (that’s when the industry booms).
Thanks for your advice I have being saving like crazy and plan to continue. Please lend me some more advice anyone. Regards GusThanks Jamie
Your welcome. Just noticed my spelling was atrocious.
Denuine = genuine
Made = madIf your thinking about becoming self-employed you're unlikley to get a full-doc loan within the first year or two (assuming your business does well and you can provide evidence of income). This means you'll need a larger deposit compared to a PAYG applicant.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
thank again Jamie I will consider your advice but I do have more information that could help me start my investment. If you could, can you please read over the below quoted which I posted on the overseas forum if you have more advice it'll be greatly appreciated.
"
I’ve got some good and bad news. First I now live in Brisbane and would like to start investing in property and get my own home but I run into a few problems I currently live with a cousin and I need to move out in a month so I thought I use this time to get my own home. Which lends me to my next problem, borrowing money, I had recently resigned from my job of 4 years in the Army and now I’m on 2 months paid leave of $60,000pa which then I’m going to work in the fitness industry as a personal trainer and open personal training business down the track. I currently have $5,000 in savings and have no debt so I’ll be saving large amounts at a time, another $5,000 by late Jan won’t be an issue. I’ve being advised that it’ll be difficult for me to get a full-doc loan with my current state, which is why I’m going to continue working full time instead of going straight into business, like I’ve stated above.
For the good news, my mum and family has inherited an incredible amount of land in New Zealand that no one in the entire family history had used it to create wealth. I’ve convinced them I can so they’re going to sign it over to me.
If anyone has any advice on how I should go about using this land with my current predicament and in conjunction with my ideas in Australia. I don’t much about the land yet just here for ideas, I’ll be discussing with my solicitor once have all the paperwork sent to me."
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