Hi guys, got a feeling i already know the answer to this one but am gonna ask anyway!
I am in a position to buy a property that has been in my (girlfriends) family for some time at well below valuation. The property is in country WA (in a township, about half an acre), and i can get it for about $23,000, the catch is that it's in a complete state of disrepair, having not been lived in for many years but it's still eligible for the first home buyers grant, and so am i. The plan is to renovate to get into a livable state, and then live in it while finishing it off and satisfying the grant requirements then selling.
Long story short, i'm a student with very little income outside of Austudy (just a few small cash jobs for my father when i get the time) and limited savings. I can put the entire amount of the first home owners grant towards the purchase. I have been advised to look into no doc loans but i have done some research and these appear to have disappeared and in any case they don't seem suitable (most need capital city security, minimum loan of 50k etc, could be wrong though). Would there be any alternative for me to obtain finance given the loation, the small amount being financed and the fact that i am a student? My credit history is clean, well until i have applied for a couple of personal loans in the past few days to try and make up the shortfall! Which incidentally failed
I can possibly borrow the money off family members but i'd prefer to leave it as a last resort, but one that looks increasingly likely, but would love for someone to prove me wrong!
Cheers
JA
JA
Yes you are right neither Nodoc and lodoc loans will not be available to you in this case due to a variety of reasons
Property location, questionable whether it is even mortgageable, lack of evidence of income, not self employed, small loan amount, sorry but the list goes on and on.
You could look at a secured personal loan but again lack of income will prevent this one getting off the ground.
Bottom line is the reason why you can finance the deal is that you show you can ever make the repayments.
If you had any income at all then finance would not be an issue.
Richard Taylor | Australia's leading private lender
What about a family member guarantee on the amount that is the short fall to keep lender happy.
Maybe a joint partner like girl friend if she has a job
I had the same problem when I went to university and still have the problem due to not getting a job after university so I have limited borrowing power.
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