$30,000pa Gross - Can she get a loan?

Viewing 7 posts - 1 through 7 (of 7 total)

Brizza
Participant
@brizza
Join Date: 2003
Post Count: 75
March 2, 2006 - 5:38 pm
Asking on behalf of a friend a younger friend of mine who is keen to get into the property market:
$30,000pa Gross
Lives at home board-free with her parents
$10,000 saved over six months from her wages
Been employed for 18 months
Eligible for FHOG
18yo
Can she get a loan? And if so, how much?
Guarantor isn’t really an option for her at the moment.
Jarrah
Member
@jarrah
Join Date: 2005
Post Count: 99
March 2, 2006 - 8:16 pm
Brizza, a bank or broker or financial advisor can answer these Q’s (and be more than happy to I am sure) and without more detail it is hard to answer i.e. does friends, friend have debt, job security (does anyone), credit cards, a credit rating?
Great age to start! I would be encouraging this person to read Steve McKnights books and jump in BUT leave the emotions out of any equations or deals or realm of any financial areas…
Please let me know, I need these results to help convince my friends friends to get into property investing!!
Sincerely, Jarrah
“ask and you shall recieve”
++CASH FLOW PROPERTY HUNTER
(Climbing & Consulting
Arboricultural Services)
0431433288
“be ye angels?”,
“nay we are but MEN!”
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
March 2, 2006 - 11:08 pm
Anything is possible.
Would need to get a little more background from the lady before making any suggestions as to likelihood or amount available.
Suggest she speak to a decent broker and start looking for property at the cheaper end of town.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
March 2, 2006 - 11:10 pm

“be ye angels?”,
“nay we are but MEN!”

Tenacious D?
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
Jarrah
Member
@jarrah
Join Date: 2005
Post Count: 99
March 3, 2006 - 12:26 am
(Simon, yes, but… I think it is such a wholistic phrase and so apropriate in the face of the current socio-sexual “revolution”…)
Besides, this is just a tribute…
Jarrah
“ask and you shall recieve”
++CASH FLOW PROPERTY HUNTER
(Climbing & Consulting
Arboricultural Services)
0431433288
“be ye angels?”,
“nay we are but MEN!”
hellman
Member
@hellman
Join Date: 2005
Post Count: 109
March 3, 2006 - 2:11 pm
Approx. $120,000 (based on living on $250 p/w).
Check out the ‘How much can I borrow?’ claculator:
http://www.anz.com.au/aus/calculators/default.asp?from=anzhp
Hellman
crusher
Participant
@crusher
Join Date: 2002
Post Count: 186
March 4, 2006 - 2:06 pm
Hi Brizza,
I agree that you friend should talk to a knowledagble mortgage broker to find out what is possible with different lenders and diffrerent types of loans.
It is worth asking HSBC if their mortgages still take 100% of the investment property rental income into account (instead of 80%). This may help your friend borrow more.In this case, if your friend can get a good rent return, she will be able to afford a better property.
There is also a new loan product out that may be of help to your friend. Go to this link and click on ‘shared appreciation’. http://www.freepropertyhelp.com.au/page/page/2946893.htm
Regards
Crusher