i have found a good property in Sydney that i am keen to buy and renovate. The problem is that im only 20 years old, with an anual income of $35,000 gross p.a.
My pearents would usually back me in this endeavour, however they are currently building a house also and may not have the equity to help. i need to raise the money for the property ($450K) as well as money to renovate.
The up side is that i have been renovating since i was 10 and i am a construction student so i can do many things myself.
If anyone has any ideas or leads i can follow i would be appreciated if u could post below.
just_car1,
Owner Build constructions dont sit quiet well with lenders now-a-days. They are becoming accustom to it though but it will take awhile. They like to see the funds that they are lending to be done by a professional builders, however this is not to say that they wont lend to you but from what i have seen, when you mention owner builders to the lenders most of them dont come to the party.
Some options would be:
1) Applying with someone, so that the neccessary gap between what you can borrow and what you want to borrow can be fulfilled
2) your parents equity as security for your loan ( as you stated that you can at the moment, might mean some waiting)Do you have any other income? Have you saved for a deposit? what kind of liabilities do you have? are you eligible for the First Home BUyers Grant?Are you wanting to stay in the home or wanting to rent it out? Just need an overall position of yourself to give you some leads or a point of direction
Joshua McEwen
Finance Consultant – WAMob:0430 452 497
http://www.prestigeloans.com.auBrokers Lic 1297
Licensee Brett ChristieThis doesn’t seem to be a owner builder type situation. Carl needs a loan for a straight out purchase which he will renovate. The trouble is his income. Carl, you would need around $55,000 pa income assuming no other debts and $350 rental income, to service something like this.
Maybe the best way around this is as Josh suggests, get someone else involved with you.
Terryw
Discover Home Loans
Parramatta
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