[cap]
Help! we are now renting at $260pw and have no savings ( long story) ! How do we get out there and buy the first property ?Even applying for a credit card they want 3 years worth of tax returns? savings? etc etc ? I am happy to do work on a house … to get equity BUT who will give us a loan ?
Hi Trader,
Im not a financial wiz or anything and Im new here , but I do like this forum very much and would like to join in: It might be hard to get started with no savings. If you were really keen you could sell your car & get a pushy for the time being. Plus get a second job for a while. Or there are building groups who are still selling ‘first home buyers’ homes with out a deposit, to get your foot in the door. But I don’t know if they are dodgy or not.
cheers , InezFind yourself a good independant mortgage broker, preferably one that someone has recommended to you. They will be able to fill you in on all of the realistic options, be it good news or bad.
At the time I financed my first property, I had been knocked back on three different credit card applications.Yes I agree, a good mortgage broker is very helpful.
InezDid you know there are around 4000 different lenders in Australia? Don’t let one or two ‘No’s’ put you off.
All lenders will want to see that you can manage your finance, so it helps enormously to go to them prepared. Have your tax returns ready to present, but also have a list of current income and expenses per week/month (Cash Flow Sheet) and a list of current assets and liabilities (Balance Sheet). The more prepared you are, the better your chance of success.
You could also try other avenues if need be – eg joint ventures with family/friends.
Good luck!
scotty3
You must be logged in to reply to this topic. If you don't have an account, you can register here.
