Can anyone give me any suggestions on getting started as soon as possible. The only way I can see is to pay of my credit card and personal loan debt asap and then save a deposit. However I can see this taking 6 -12 months and I want to start asap as we all do. I have read Steve’s book and am definately motivated and am studying the housing market. I don’t have any family members that could help me get started. I can only think of 100% finance and that is hard to find (if I really wanted to do it) Any suggestions?
Paula,
When borrowing money there are two issues.
First is deposit and second is serviceability or income.
It depends which one is weaker whether you pay out the debts or whether you save a deposit.
Sounds like you have a low deposit. I suggest you save money and pay the minimum off your debts. When you are ready to buy your broker will let you know the deposit size needed and whether any should be used to reduce your debts prior to buying.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi paulaj[
]
You have already started.You have gained an awareness of what constitutes good debt/bad debt.
The most successful investors operate a wealth creation budget,in order to create money.
This is used to eliminate bad debt, and the money eventually saved is used to invest.
The budget also requires you to discover the differance between a need and a want.
This can be quite fun as you reason with yourself on what strategies you can use to obtain a want.
Can you find it at a dicount,or are you able to do without something else to get it,can you make it, can you do without it etc.Regards
Bryce Inglis
[email protected]
http://www.ipal.com.au
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