Hello, here’s a question for you:
I’m a Uni student (Victoria University of Technology), studying for my MBA, who has been reading heaps on Property Investing and truly believes in creating a positive cashflow to create financial independence for herself – so here’s my question:
Who in the world would provide a loan for a full-time Uni Student with no job??(there are some positives, I have $20,000 saved up for a hopefully 10% deposit, plus parents who love me enough to loan a bit more if needed) – but I can provide the deposit for an investment property (but to make it complicated, I’m USA citizen, considered an Australian resident for tax purposes -been here since 1999 – applying for Permanent Residency as we speak)
But my real question is: Is there anyone out there who will provide finance for a Uni Student who has no income, but has the deposit (i.e. savings of $20,000) and has found a property which will provide a positive cashflow?
Thank you, thank you for some help!!
Cheers,
JenMy brother in law is a struggling Uni Student doing double degree in Engineering and Business..however..he also has a part time job and recently purchased his property for $170K..They were asking $210-220K
I’d say even with your deposit, you’d need ‘some’ form of income also..maybe get a part time job for the interem..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorHi Jen,
you will also find many of us… are studying for our MBA too…
Millionaires Bank Account…
Cheers and Goodluck,
sisHi Jen,
Are you boarding at mum and dads for now? What income do you use to pay for your living expenses? I don’t think you’ll get a loan on rental income only…
Want to email me your figures? I’ll can then work out how much you would need to earn a week to get the loan you want – and also what your costs are. What state are you in too?
Hope I can help…
Liz Wilson
Mortgage Lender
If you are not a permanent resident, then you will need Foreign Investment Review Board permission to purchase property.
There are loans out there that do not have too many requirements. You could probably borrow around 70% LVR or maybe up to 80%, but the rates would be high and the security would need to be good. ie not country property.
Terryw
Discover Home Loans
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
Jen,
If you do decide to go ahead with a purchase I have a contact for you who can help. She is a solicitor that helps with applications to the Forgein Investment Review Board that you will need to gain permission from. PM/Email me if I can help here.
Liz Wilson
Mortgage Lender
Aussie Partner? That changes things.
Terryw
Discover Home Loans
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
hmm – thought I posted in this thread – is someone deleting posts again?
Cheers,
Aceyducey
You must be logged in to reply to this topic. If you don't have an account, you can register here.
