Posting this for a friend,as my advice may harm the relationship.he is 48,single,never owned a home before,has a full time government job on 60k,super is 50k,no dependents.Has around 5k in cash.
Interested in members views,i realise we are all investors,but remember at one point we were all 1st home buyers,relising our dreams.
Cheers
Jim
Hi Jim
What advice are you looking for?
At a minimum, your friend will need to save a 5% deposit and come up with enough funds to cover the purchase costs (stamp duty, legal fees, etc). His $7k FHOG may cover some or all of the purchase costs (depending on the state that the purchase is made in).
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi,
At 48,he is wanting to break into the housing market.What would his best options be to source finance?
many thanks
Jim
First he'll need to save a deposit. Secondly, speak with an independent broker about his options – his age may mean a reduced loan term is required. If he has an existing credit facility with a lender that might come into play (if he's demonstrated good conduct with that credit card or loan than it will have a positive impact).
Lenders look at the applicants statement of position (assets and liabilities) relative to their age. If his applying for a 95% lend with little or no assets – the lender will be asking questions. The broker will need to present a sound argument in regards to this (providing there is one).
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Jim,
Is there any particular reason he has only saved $5K at the age of 48?
This may sound harsh and without knowing the 'ins and outs' of your mates position I may well be totally off the mark. If so apologies in advance.
Based on the limited information provided the first question your mate needs to ask himself is – does he have the financial nous and management processes and habits in place to be a homeowner?
Many thanks for the answers,no real surprises here.I will pass your contacts on to him.
Regards
Jim
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