Forum Replies Created
Thanks guys for all of the information! The consensus seems to be that I should really look at getting an income for both a safety net and to help with the loan – I'll definitely be doing this. Something that I forgot to ask is the possibility of doing what I originally asked about though with a parent cosigning the loan. I don't think I'd ever do this but would that help possibly getting a loan and overcoming the income issue?
Rick sta wrote:Have you taken into account purchase costs such as stamp duty, legals etc.?Have you taken into account body corp/strata fees, rates etc.?
Yeah mate.
Jamie M wrote:Matagascar wrote:So you don't think not having an income at the time of application would be an issue?Hi Mat
Welcome aboard.
I can't speak for other brokers but I would have an issue with it.
We need to assess your situation and ensure that you can service the debt – if you're not generating an income, then it would be irresponsible to place you in debt.
I know that the property you're looking to purchase will generate rent – but there are other living costs that need to be considered as well. You might also have other liabilities that need to be met.
Cheers
Jamie
Hi Jamie,
Thanks for your reply. My current living expenses and other bills are pretty low and easily covered as I am bringing in a small income however nothing significant enough. I'm guessing the easiest option is to either find a new job or to start increasing my income.
So you don't think not having an income at the time of application would be an issue?
It's a simple 2 bedroom unit, 1 car garage, 1 bathroom. Thanks in advance for your help.
