I’m currently in uni, over 18, living in Sydney Australia. I am planning to buy a property to live in for about 2 years, then rent it out later. Have about $1000 savings, $9000 in shares, willing to sell shares if needed. I’m not sure of my chances of getting a loan as I only have a part time job. However, my parents can be a guarantor and will in the mean time make the repayments until i start working full time. Just talking to the mortgage broker casually, should be able (but not 100% sure yet of course) to get a loan in my name, and my name on the title too and my parents as gaurantors. That way I could apply for $7000 too.My parents will also lend to me the remaining deposit. My parents should be able to get a loan pretty easily since they have the income, and other properties.
I’m wondering if I’ll be eligible for the First home owner’s grant. Would my parents be regarded as having a financial interst in the property. But there was nothing against this on the NSW OSR website. So it’s not like in QLD where there is a disqualifying agreement when someone in your family is helping you out by lending you money. This rule doesn’t affect NSW, is that correct?
Many thanks in advance for answering my Qs.
Check out http://www.fhog.info
The easiest way to do this to stay away from all the mess is to get your parents to borrow the money you need for the purchase and just give it to you. You can write up an agreement between yourselves if it is needed so you are forced to repay the debt.
That way, your property will be unencumbered and in your name and no hassles with guantor issues. Also, any way you do it, if your name goes on title alone, you are eligible for the FHOG.
When you are in a position to start paying, you could borrow against your property and pay out your parents and then you will totally stand alone.
Let me know if you need additional info.
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential LinksIf Magic32 decides to let his parents borrow the money, what do they tell the lender they need the money for?
I’m interested because it could be a possible solution for me. I too am in Sydney, eligible for the FHOG, but I have a full time job and pre approval from a bank.
They tell the lender it is for future property investment purposes. It is a pretty simple process. Flick me an email if you need more info.
The Mortgage Adviser
http://www.themortgageadviser.com.au
[email protected]
Essential Links
You must be logged in to reply to this topic. If you don't have an account, you can register here.
