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look up on net national Aust. bank, ANZ etc websites. They will have all the answers you need like conditions. Look up on the sites personl tab then, home loan, then find calculators, there you can find current repayments on a loan of $200,000.
It will also give you info on their costs for applying for a home loan eg fees, stamp duty etc etcgive me an email if you want me to help you further in finding the info on a banks website.
To do this, take the purchase price of the property, (say $100K), divide by 1000 (= $100) and multiply by 2 (=$200). So you should get $200 pw rent for a $100K property.
Alternatively, if you have a rental of $120, divide by 2, $60 and multiply by 1000 = $60K. So you don’t want to pay more than $60K for this property.
So if you have a property worth $380,000 then you should charge rent $760 per week? Seems very very steap. Why bother renting when you can put that amount to a morgage. So many people must charge less then that theory for their renting property cos i would’t pay that much a week on rent!!! Must be hard to crack…
Hi Patsy,
I lived at a student accomadation and was close friends with my land lord. They found it hard work as young ppl are dirty, damage furniture and building but apart from that it is a great business. Although you are getting more income, you will find more will go to repairs. Remember it is best to supply fridge, microwave, beds, furniture etc to entise students. Remember more people = more rent, more people = more costs for upkeep. It is a full time job too. TIP: Buy land or build close to town or uni/tafe. You will have a hard time screening too. They can seem innocent in the interview, have most student won’t have a rental history. You will also need to provide a laundry. Hope I helped, email me if you have any questions. I can also talk to land lord if question is more difficult to answer.
Strawberry[biggrin]Thanks for everyone who replied!!!
