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I didn't think of the fact that my car loan would not be deductible.. this is interesting… i hoped i could combine all my debt into one when i bought a house after 6 months move out and have it as an investment utilizing NG…
I guess i could always take out a home loan.. then redraw on the loan to pay out my existing debt? or again will this be considered a non tax deductible expense when i turn the home into and investment property?
The reason why i dont want to have more than 1 loan is that the amount of money i am commited to pay back each month is reduced in case 1 week I am unable to make a repayment
Unfortunately it may seem slow and boring but saving for the deposit as said really is the first step.. i am still in this step now and i am 22.
Like yourself i am keen to enter the market but in order to secure a loan you must be (at least) 18 and (not always but usually) have 5-10% deposit depending on whom you are getting the loan from.
May i make 2 suggestions. Begin to put money away each week… given your 14 and you may not be employed the amount does not have to be much but build a routine, it will help later.. place it into an account offering 5-6% interest and see the money grow!
Secondly Do not fall into the trap of credit cards and debt. This will only slow you down. My car died last year and forced me to take out a mighty loan combined with my credit card debt accrued in Europe (altho worth it) will hinder my chances of achieving a loan from most banks. I am going to have to show them more savings.
But Congrads to you, you may just be the next Warren Buffet!
