I am currently a college student, and I would like to buy a rental property. I only do side jobs among friends, relatives, or whoever to get by. My question is can I find a loan that I would qualify for? Or am I going to have a hard time since I have no income or employment verification? What I am hoping to do is buy a property nearby the school, which I could also live in, but the other tenants would cover the monthly payment. I don’t see the point in making a monthly payment to rent a place when I could own it and have someone else making the payments.
thanks.
A NODOC loan will do the job but the drawback is that you need a 30% deposit plus costs to get one.
You may qualify for the FHOG and stamp duty discounts which will help somewhat.
Is a good idea – I have five uni student tenants paying me $550 pw for a house I rent to them. If one opf them was organised he could buy something similar and rent four rooms to cover his mortgage!
But none of them are which suits me!
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
