All Topics / Help Needed! / I am 19yo & have saved up $30,000??

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of nicopnicop
    Member
    @nicop
    Join Date: 2005
    Post Count: 2
    February 27, 2008 - 5:37 am

    Hi,

    I am 19 yrs old and have saved up $30,000. Having saved this amount I am looking to buy my first property. Based on borrowing power calculators it is estimated I can borrow approximately $145,000?? Can anyone suggest where I go to from here? ie. what should my next step be? A few sources have said I should find a mentor however I am not exactly sure where to go about finding one of these? Any advice would be of a great help. 

    Thanks!!

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    February 27, 2008 - 1:30 pm

    You can generally borrow around 5 to 6 times you annual income. Rent can be taken into account and interest deductions too if purchasing an investment. Let me know your income and I can give you an estimate.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    February 27, 2008 - 1:43 pm

    5 to 6 times scary isnt it.

    When i left University in the UK in the 80's it was 3 x your annual income or 3.5 x if you used the right lender.

    Richard Taylor | Australia's leading private lender

    Profile photo of blogsblogs
    Participant
    @blogs
    Join Date: 2005
    Post Count: 418
    February 27, 2008 - 9:22 pm

    Welcome. The first thing you shouldnt be asking is how much can I borrow BUT how much can I afford to repay, and being 19 years old Im guessing not a great deal?

    Profile photo of nicopnicop
    Member
    @nicop
    Join Date: 2005
    Post Count: 2
    February 28, 2008 - 10:31 am

    Hi,

    My annual income is $35,000 and I live at home.  Currently I save $500 per week.

    Profile photo of kum yin laukum yin lau
    Member
    @kum-yin-lau
    Join Date: 2006
    Post Count: 342
    February 29, 2008 - 12:33 am

    Hi, for perspective. I bought my 1st house on a salary of just under $14000 pa gross. Super contributions, tax etc was about $3500 pa. I bought a $166200 house in the national capital.

    Stupid, I know now. But I survived.
    KY

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