Frustrated and confused

Viewing 5 posts - 1 through 5 (of 5 total)

ginamarree
Member
@ginamarree
Join Date: 2003
Post Count: 56
January 25, 2004 - 2:47 pm
Hi, this is my first topic on the forum and it’s a topic that has me very frustrated!!! And I would greatly appreciate some advice!!!
My problem is that my partner and I both work, but his employment is very up and down and we can never rely on his wage from one week to the next, we currently have a first mortgage, with just over $100k equity.
I desperatly want to invest in property but I dont think on my wage alone,( I earn an average wage – not low and not high) that we could pull it off?
We dont have any other loans – but I just can’t see how I could do it. As I said any suggestions or advise would be great.[]
Cheers
Gina :o)
Julian
Member
@julian
Join Date: 2003
Post Count: 232
January 25, 2004 - 3:30 pm
I think you could buy the off plan IP with a deposit bond.
Rebecca1
Member
@rebecca1
Join Date: 2003
Post Count: 100
January 25, 2004 - 7:08 pm
Oh yeah, right and what’s that going to do for them?
It is irresponible to give such advice when thousands of people have been caught buying OTP.
Bec
Still in School
Member
@still-in-school
Join Date: 2003
Post Count: 1,844
January 26, 2004 - 12:01 am
Hi Ginamarree,
Maybe you should first speak to a mortgage broker. There are some great guys on here that could help you.
TerryW, MortgageHunter, MobileMortgage.
Cheers,
sis
People 4get that by saving just $3 a day & investing it sensibly
over a working life, you’ll end up with around $1 million
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
January 26, 2004 - 12:13 am
Gina,
Often people get knocked back by one or two lenders and then think that finance just isn’t possible. This is often not the case. All lenders have different requirements and one loan may be rejected by a bank and accepted with an almost identical package by another.
We would need more detail to let you know what we can do.
Either post it here or email if you prefer.
I would need to know about the following:
Incomes and also employment status of both of you.
Deposit and value of current property and who the lender is.
Other debts inc credit card limits.
Family composition – kids?
Anticipated cost of the IP.
Lastly what you see this lending doing for you. ie do you want to buy one property or more? Is rate, flexibility, features important to you etc.
Then we can make some suggestions as to which way you might turn next.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.