I’m have a small dilemma…[blink]
I have calculated (by using the loan calculator on this site) the amount that I am allowed to borrow. I know this isn’t exactly correct, but the amount was alarmingly small! (About $45,000 less than I imagined!!!!)
I am 19 and in a sales job that pays based on age and commissions. My next payrise is in September next year.
I earn $340 a week after tax, exclusing commission
I pay $90.00 a week for a car loan, of which i have $17,000 remaining
I have been working for nearly 11 months.
I have no dependents and no other costs at all.My question to anyone who would know (or like to help) is… if I have at least $7,000 deposit plus the FHOG, can I afford to buy myself a house for myself, borrowing up to $90,000? My girlfriend would be living with me and paying half of the repayments but I am led to believe that her income will not count.
Is there anyone that can help me?
Oh, I live in Naracoorte, South Australia where there are quite a few houses that I believe i can get for under $100,000 and that are in good shape.
Thanks in advance
Sorry to say this…but if you really want to “own” a property ask yourself if there is some other way of transporting yourself around. $90/week is a lot to pay for a consumer item that loses value day in day out whether you use it or not.
I agree with Shawkes.
With 17K of consumer debt at 19 yrs of age you are way behind.
I think you can still buy a property and live in it. Then perhaps set a goal to buy another one a year later etc etc
First one is the hardest, it gets easier every time.
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
***3 year fixed – 6.49%***Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Fair comment…
I work in car sales, so I bought my car at under retail price 4 months ago, at less than what people are paying for the same vehicle with more k’s. Apart from that, I travel over 600kms a week for work purposes so i need something that is reliable and will hold it’s resale value fairly well… hence buying it el cheapo. I have often thought why am i spending 90 a week when i could have bought something for $3000. I don’t want to be having to pay hundreds of dollars on fuel and repairs… this way i can keep the car for years with minimal trouble.
Thanks for you input though.[blush2]
Thanks Simon
How does a 19 year old go about financing a home loan? are we on the same ‘playing field’ as an older person looking to buy their first home with consumer debt or do we get judged on our age? Ability to pay the loan and credit rating should be number 1 and not age, am i right?
You must be logged in to reply to this topic. If you don't have an account, you can register here.
