Hi guys, I have a real complex situation in regards starting my property folio. Im 26, about to finish my degree off PR and Marketing and I have saved $60,000
I have no debts or hecs fees to pay off. Next year I will be earning round $60,000 gross p.a.
Now here is where my problem comes into hand. My father is a recovering gambling addict, although an extremlly in demand SAP IT analysit. He blew all of his super and I have had controll of his finances for the year-his salary each week gets deposited directly to my account and have saved about $50,000 of his money-I just give him a living allowance each week.
He currently grosses $220,000 p.a. His credit rating had been blown to peices, I have payed back all his debts. He has given me permission to use his money in order to set up my property folio.
How will the banks view this when Im applying for a loan
I will have savings of a total of $120,000 plus first home owners grant, and between my fathers and my income combined we can afford to pay at least $1500 p/w. back to the banks. I want to move into positive cashflow rentals in Geelong, Victoria and also have somewhere to live
What is the best statergy to use when I have more than en expected house deposit
Any advice is greatly appreciated. Thanks
loki8484 wrote:What is the best statergy to use when I have more than en expected house depositThe obvious answer is to buy more than 1 house
Consider putting the funds you have into a TD, with the lender you are likely to use for finance, for say 60 – 90 days while you do your research on properties (perhaps more than one as Propertunity suggests!) and then when you are ready, the funds have some "provenance" with the lender, that is to say, the funds came from the TD.
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