All Topics / Finance / PhD Student first property purchase – finance advice needed

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  • Profile photo of ClioClio
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    @clio
    Join Date: 2012
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    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
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    Hi Jess

    Welcome to the forum and I hope you enjoy your time with us.

    As i am about to jump on a plane and head inter state i will keep the response fairly short.

    In essence you wouldnt qualify for a loan on a scholarship and whilst you might not be paying anything to your parents for living at home lenders will factor in both a board payment and a living allowance which isnt far off what you are currently receiving.
     
    If the loan is less than 80% and not mortgage insured you have more chance on getting it over the line but i regret that would mean waiting a year or so in order to save up a greater deposit.

    Not sure what position your parents are in but they may want to consider borrowing the funds and lending them to you are the same rate. They would not be governed by NCCP.

    As long as you meet the residency requirements of the FHOG you would receive this as well as the Stamp Duty concession irrespective of who finances the deal. You could always look to refinance and pay your parents out in a year or so.

    Cheers

    Yours in Finance  

    Richard Taylor | Australia's leading private lender

    Profile photo of andy28andy28
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    @andy28
    Join Date: 2003
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    I was able to pick up 4 properties while on a PhD scholarship over the years 2001-2004. The banks like the security of the scholarship income. My scholarship brought in $17,000 a year (plus I had $7,000 coming in from a Saturday job). The properties ranged in price from $80,000 to $160,000. Haven’t been able to get a loan since as I’ve worked in casual jobs.

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Andy funy hs the finance market has changed.

    This day and age casual income is not a problem subject to regularity yet no chance on a Scholarship.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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