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  • Profile photo of David_MDavid_M
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    @david_m
    Join Date: 2004
    Post Count: 8
    June 10, 2004 - 11:52 am
    Originally posted by The Adviser:

    Most banks will view you living at home as favourable. They will still allocate a minimum living expense though and your income is below the amount they usually allocate. I think you could do something with cashflow positive properties if you go to one of the lenders who allow 100% of rental income and deductibility on investment properties.

    looks as though i might have to look for a new job… or just wait until i finish uni before i pursue further PI’s [mellow]

    Profile photo of David_MDavid_M
    Member
    @david_m
    Join Date: 2004
    Post Count: 8
    June 9, 2004 - 9:04 am

    Kay Henry:
    in reply to your post, i’m not on austudy, actually have a small part time job, that 150-200 doesn’t include my rental income as like you said is going directly toward my servicing my current loan.
    The repayments on my property are at a minimum of 135 per week, but i repay 155 currently. i’m getting 160 per week rent (which i haven’t increased since buying the property 2-3 years ago). yeh i’m still living at home, so living expenses are minimal as i have it pretty good here.

    by the looks of things, i may still have 1.5-2 years left of uni before i finish, wish it would hurry up though as i feel as if i’m limited to what i can do in terms of my goals for PI.

    does the bank take into account the fact that i do live at home and that my living expenses are very minimal?
    the more i think about it, it does seem as though my low income is holding me back. Even though to me it seems possible to service the loan, due to my low living expenses from living at home, the bank might/will see it differently.

    really appreciate your input kay.

    The Advisor:
    yeh i think it would be a very good idea to see a broker, and in time i will. I’m just trying to get a few ideas and see if it is possible.

    Profile photo of David_MDavid_M
    Member
    @david_m
    Join Date: 2004
    Post Count: 8
    June 8, 2004 - 2:51 am

    MortgageHunter: I am still in the very early stages of purchasing another property as i have alot of research to do, but lets just say that looking to purchase a property for under 100k.
    what would be considered reasonable equity and also in regards to serviceability, what factors do they consider, besides income, as to whether you’d be able to service the loan.

    The Advisor: thanks heaps for the sites… :)

    to everyone, sorry if my questions seem stupid or simple as i’m very new to all this and i appreciate your patience.

    Profile photo of David_MDavid_M
    Member
    @david_m
    Join Date: 2004
    Post Count: 8
    June 8, 2004 - 1:35 am

    thanks for the quick reply.
    I’m currently studying B. E-Business (which i’ve nearly completed) and hopefully get accpeted to do a double degree with B. Property Economics.

    one other thing do you have any tips for doing online research on property markets/ population growth and any other aspects which may help in determining which areas are good to invest in?

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