Hi all, need some advice on getting a loan for my first IP. Here's my situation:
-I do not own any property/ equity/ shares. No assets.
-Working casual at the moment.
-Willing to come out with a big deposit to get started in property investing.I've been around to different lending instituitons but got rejected most times. Most said i need a full time job.
I'm looking at buying a property around the 200k mark.
Is there any way that i can get started without a full time job?
I see 2008 as a good year to invest and do not want to let this opportunity go.
Any feedback would be most welcome!! Thanks in advance!!
These days you don't need a full time job to get finance.
No Docs and Lo Docs side-step that hurdle, but you need to always be looking at your financial position to make sure you can safely handle any debt you take on.
Even with Lo and No docs, you will still need some sort of deposits, so now is the time to get cracking; get rid of all the consumer debt – credit cards, cars Harvey Norman furniture packs and so on, and get some cash together asap.
$200k is a good starting price point for your first one.
Now that you have the budget sorted, you need to talk to one of the excellent MB's here on the site and get the finances sorted as to what your options are.
They can do a much better deal than you can.
If you are casually employed and have been with the same employer or in the same industry for > 12 months you should be fine.
One part of your post confuses me:
"I do not own any property/ equity/ shares. No assets.
Willing to come out with a big deposit to get started in property investing".If you are willing to come out with a big deposit where is this to come from.
Do you intend to wait until you can afford it or do you have some other Asset tucked away ?Richard Taylor | Australia's leading private lender
Hi again guys, thanks for the feedback.
Marc: I guess a postive for me is that I do not have any loans or any debts whatsoever. I do not even own a credit card. Hopefully this would help me in getting the loan….somehow.
Richard: I have some savings set aside plus I got some help from family members as well with the deposit. I have been with this company for only 4 months. Is this the reason I have been having trouble arranging a loan? Also, if I were to find a full time job soon, do I need to wait for a further 3 months before I can start arranging for a loan? With my circumstances at the moment, is there any other way I can get a loan? (Applying for an ABN etc…?) Of course having said this, the numbers would have to work for me before I settle on one.
Cheers guys!
Yes that will be the reason but i still think there is a way round it.
If you find a full time job and there is a probabtionary period some lenders will want this to expire first before they will consider the application. Others you will be fine with.
Richard Taylor | Australia's leading private lender
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