The facts –
Need to increase income and reduce tax on low risk investment.
Currently earning 90k on abn and should increase that soon. keep all tax and sent to ato when required.
Single so no partner to share income with (or to spend mine!
)
Have no deposit. Have loans/credit cards around 20k.
Currently renting unit by self.
Have no equity in a home.
Have owned homes in Aus before so not eligible first home grants.
Have no parents/family that can help with $$$
Know about the tax deductions possible for investment properties.
Options I know of at present finance options requiring deposit probably push me out of the property investing arena (till I save the deposit..so hard to get in a hurry by self!)
So..joint ventures, vendor finance are the only other ways I can think of. Anyone else got a better option? Or..wanna help a lady get started by pushing some deposit/finance/other option my way? Or..is there another way (safely) I can make some quick $$$ for deposit etc to do by self?Thanks for all help in advance. Been out of this site for a while but keen to do something soon if can t
Sandy
o
sorry..should have ended message with…
keen to do something if CAN! If cant..suggestions for future maybe?
Thanks allMarry a sugar daddy
lol – sorry no help! Do you have a spare room that you could rent to a student?
I'm working a weekend job now just to help us get ahead – normally one shift approx 8 hours.Do you have an interest that you could turn into a sideline?
Thanks Maree..sugar daddy..hmm..anyone know any that still has all his hair and teeth? Maybe I am on the wrong site! lol
Spare room..yes have one but work from home alot and not good for someone around. Am a Business Analyst so full on concentration all sorts of hours needed at times when not travelling away.
Extra income – interesting….will give that some thought. Could be an option once it comes to me of what else I can do for the money..lots of!
Thanks again. Keep the ideas coming! All welcome and considered.
Cheers
I'd pay down the credit card and all debt. Opps first burn the credit card. Then look at your personal budget this could include getting rid of the mobile phone or changing to better plans, pre paid etc and look at all areas to save. I'd set a goal for six months to have a deposit. Set a regular savings account. 90k a year is tonnes of money you have already proven to not manage your money well. I'd focus on disciplining my spending!! Because you could not apply for the fhog then that gives more reason to possible wait six months to buy because the entry level i think will have more advantages for buyers then or in less then that's time.
Thanks..sorry..forgot to mention (and wasnt part of the current scenario for the info at first)…but to put you in the picture ..had been sick…cancer…now all good but debts were from managing medical bills and living expenses with time off work when live alone…now on the road forward and in full remission….only been on that income for 3 mths and a marked increase from the income before.
Appreciate suggestions though and can make positive moves for living now!Thanks
Hi Sandy,
Great news you are on the upward run – and great you have that income now.
May not be what you want to hear, but if you are 'single', and now in a position to have a bit of surplus income, see what sort of inroads you can make on your c/card debt for the next 6-9 mths. You may surprise yourself. You will need a deposit to buy, however if ytou can demonstrate how much of your debt you have been able to clear up in that tim,e it certainly will assit in demonstrating to anyone your income and ability to pay debt down. You sound positive (and so you should) and trust me, the majority of palces are not going to boom in the next 6-12 mths, and the time will really fly.
Keep us posted, and all the best.Thanks for the positive input. VERY much appreciated. Yes..AM a positive person and things like recovering from sickness makes you even more so.
The b$#ch is I am paying high level of tax when if could swing it somehow that could be used to offset to sort all else instead of it going straight into the tax coffers while am getting on my feet. But will keep thinking..while saving!
CheersHi Sandy,
I can think of a few ways to minimise the tax you will be paying and to pay off your credit card debts. That will free up cashflow for you to save for a deposit for a house.
If you'd like to discuss your options please call on 03 9863 7900
I work in a financial planning company specialising in helping women so would love to help you out!
CheersHi
Many thanks for the input. Are you available after hours to speak with on this number? I am also looking into Self Managed super funds for other options and advice.
Thanks.
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