Myself and my son are both high-income earners. Myself $110k pa and my son $97k pa. BUT … I don’t have any savings, and my son has only been in his current job (mining) 3 months. Is it possible to get a loan without savings? I know there are alot of creative ideas out there … any suggestions. Or given our two incomes, could we somehow qualify for a bank loan? Anyone know an awesome mortgage broker in Melbourne?
I’ve had analysis paralysis for too long and need to walk the walk, and by my first IP. Any help would be much appreciated.
I'm no broker, but i think it is important to have your financials in order before trying to pursue any investing strategy. Without knowing your situation , the obvious question to me is how there can be no savings on a six figure income. Building up some savings on 100k plus should not be hard, if it is, then an in depth review of your spending habits would be wise. Getting yourself into property investing without adequate funds is a recipe for disaster. Good luck with your property journey.
Vivy wrote:Myself and my son are both high-income earners. Myself $110k pa and my son $97k pa. BUT … I don't have any savings, and my son has only been in his current job (mining) 3 months. Is it possible to get a loan without savings? I know there are alot of creative ideas out there … any suggestions. Or given our two incomes, could we somehow qualify for a bank loan? Anyone know an awesome mortgage broker in Melbourne? I've had analysis paralysis for too long and need to walk the walk, and by my first IP. Any help would be much appreciated.Hi Vivy
If you've got equity in property you can use that.
Otherwise, with those incomes, it shouldn't take too long to save a deposit.
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]
do you have a lot of expense ?
even 5 or 10k is still saving !
I believe you still get a loan, but the interest rate maybe a bit higher. ( having say that I am not a broker)
otherwise, just spend couple of month and save some money ! ( it shouldn't be that hard for high income eaners, just adjust your spending habit and cut down un-neceesary expense you will be on your way )
have a chat with some brokers on this forum, maybe give them a call start the conversation !
With no savings your credit score on those income is going to come up pretty low so unlikely to be getting a loan unless you can establish some form of track record.
There is the odd lender who will 95% without an genuine savings but in the main you will need to demonstrate a minimum of 5% over a 3 month period.
Depending on the likely purchase price of the property saving up 5% shouldnt take too long.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
with that sort of income x 2 …5% shouldn’t take too long.
Unless you have some friends /family that’s willing to lend you the 5% you could go for a Non genuine savings loan.Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Thanks everyone! Good advice. For the record, yeah I did have a good amount saved, but … tax bill … plus travel to see ill father … plus not managing my money correctly … equals about $8k left in the bank. Oh well, you live and learn. Good advice about getting my finances in order FIRST! Thanks again
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