Forum Replies Created
G’day DaveA,
My wife and I used this type of loan (family equity) to purcahse out current unit with the help from ehr parents. It was really the only way we felt we were going to get in to the very expensive Sydney market. It takes a bit for the parents to get use to but it really is a great way for parents to be able to help their kids out without having to give a heap of cash.
We also had our solicitor draw up a basic contract so everyone was happy and we haven’t looked back. We are even looking at doing it again as it’s a way of avoiding mortage insurance also.
Good luck.
Beachesboy[biggrin]
Hi Sarah,
Well done saving $10,000, hopefully you have it in building more and more interest in an ING Direct or Bank West online saver account while you are working out what to do – if not they are easy to set up and it’s amazing how the interest keeps ticking over each month at 5-6%.
Do you have any family support or a manager who trusts you with your money? If so I would suggest looking into the Family equity loan with either CBA or St George Bank. We used the CBA family equity loan when we purchased our unit and were able to borrow up the unit value with out having to pay mortgage insurance (big saving & also the flexibility to borrow more money). They both work where the person overseeing you has a limited guarantee and there are various options as to how they can support you with obtaining the loan. The other fantastic thing is the guarantor doesn’t need to give any money just a guarantee over there property which can be limited.
We had an official document written up for our guarantor and have set our goal of getting him off our loan by the end of next year.
I’m from Sydney so don’t know Melbourne to well so can’t give you any suburb tips. I‘ve got a few friends buying now in Melbourne and they are saying they are finding good bargins so getting into the property game when you can.
Good luck.
Beachesboy
[suave]Hi Guys,
I like the sound of a Young Investors Club. I’m 26 and brought my first property in December last year and am now looking for another investment property to purchase over the next 12 months. I invest in the share market also and enjoy investing, talking about business opportunities and thinking up creative investments. I’m aiming to be set up by the time I’m 40 so I can live off my investments and enjoy life.
I live in Sydney and would be happy to travel within Sydney to meet up with like minded people.
Cheers,
Dan (aka Beachesboy)
Hi richard1984,
Don’t know if this is a possibility for you but what we recently did was used the CommBank Family Equity Home Loan (St. George also offer the Loan) to purchase our beautiful 2 bedroom 2 bathroom unit in Sydney close to the beach…Took a bit of convincing of my partners parents but they agreed after we sat down with them and showing them all the figures. You can structure the options in a number of ways, check out http://www.commbank.com.au/equity/ and look at the different option which could suit you. The best things about the Family Equity Loan it is base on a limited guarantee (meaning your parents or relative is only guarantee to say 10 or 20% of your loan). Additionally the type of loan eliminates mortgage insurance which can be a fair bit.
You can get your limited guarantor off your loan once you reach the 80% of the value…this will also allow us to possibly refinance and then look at another investment property.
Good luck.
Beachesboy
