Imagine this is you.
You are not currently on regular income. You haven't even been working for the past two weeks. You had intended to be working currently.
You have pre-approved finance up to $240K available which runs out in March 2005. You are unsure of your future borrowing ability because of your lack of visible income.
You are gonna use a line of credit for deposits. You have a small motgage on your home on which the line of credit is held. You don't own any investment property yet.
You have read extensively and taken much close advice and paid close attention to putting all the infrastructure in place to be in a sound position when ready to commence investing. You aim to develop a steady portfolio over the long term using positively geared properties.
You don't want to prop up the properties financially while their equity rises.
you made an offer on a house yesterday with 4+ bed-rooms for $150K in a low gain semi rural township in a bit of a state....house and area!
Question time....
1. would you buy this house?
2. would you buy anything at all this year on 100% finance, bearing in mind that your employment income could look rather patchy to lenders and you are not sure when you'll likely be lent any funds?
3. would you tell us your wise words by 9 AM tomorrow morning!
gary
You are not currently on regular income. You haven't even been working for the past two weeks. You had intended to be working currently.
You have pre-approved finance up to $240K available which runs out in March 2005. You are unsure of your future borrowing ability because of your lack of visible income.
You are gonna use a line of credit for deposits. You have a small motgage on your home on which the line of credit is held. You don't own any investment property yet.
You have read extensively and taken much close advice and paid close attention to putting all the infrastructure in place to be in a sound position when ready to commence investing. You aim to develop a steady portfolio over the long term using positively geared properties.
You don't want to prop up the properties financially while their equity rises.
you made an offer on a house yesterday with 4+ bed-rooms for $150K in a low gain semi rural township in a bit of a state....house and area!
Question time....
1. would you buy this house?
2. would you buy anything at all this year on 100% finance, bearing in mind that your employment income could look rather patchy to lenders and you are not sure when you'll likely be lent any funds?
3. would you tell us your wise words by 9 AM tomorrow morning!
gary
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