and with the 15 grande first home buyers plus the 15000 in the bank you will get a decent house if i had 15000 now i could buy a house for 450,000 in sydney
makka

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Anonymous moderation means the agro that is built up towards the mods isn't aimed at an individual (fewer "Makk" attacks). Less stress for mods means less moderator "retirements".

I don't have a "steady" job to pay the repayments.
Or could I rent the house out and effectively make the tenants "pay" the repayments?

yeah i agree with makka, but they won't give you a loan unless you have a stable job

you'll have to pay the difference in the payments that the rent won't cover, and you'll have to live in it for 6 months to get the first home owners grant

Incorrect



Incorrect

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But he's thriving and striving and hugging the turns.

so tell us how it works then

Tell me more,
Tell me more,
like... does he have a car?

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buy a 2 bedroom and rent the other room out, live in it yourself...and yes you do have to live in the house to qualify for the first home owners grant

I'm doing pretty much exactly what makka said.. I'm saving up the deposit right now, at the moment I'm permanent-casual working full time hours.. But to get a home loan I have to be permanent (which will be happening in a month).. Then I plan to buy a house, rent it out and pay it off while I'm still living at home and completing my uni degree. Then by the time I'm 30 hopefully I'll own a house! So that's my life plan for all those interested.

^^ very smart.

You will have to live it for 6 months or risk having to pay back the first home owners grant, yes there are all sorts of shifty things you can do like getting a mate to rent it from you and having all the bills in you name, however it comes down whether you like to sleep straight at night.

willy - why don't you spend $9K instead on one of the modern day MGs that Ozcooper sell? Convertible, japanese reliability, and the best gearbox this side of a formula ford, its a perfect daily driver for a young single guy. I loved my Mx-5, which coincidently I only ended up selling in order to buy a unit.

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One should never skimp on the zip ties.

Uhuh
do do
Uhuh
do do
Uhuh
do do

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[quote="brickworx"]second that,
why do you think i'm selling everything i own[/quote]If you'd answer your emails, you'd probably sell more.

Appears you where correct Spaceboy. When I bought my first there was no 'minimum time frame criteria'. Because of sods like me who bought, resided in for a short period, then sold/rented out, the Office's of State Revenue made an adendum to the rules stating the all applicants are required to live in the property for '6 continious months' within 12 months of the transaction (purchase) being completed. My bad.

As for servicing requirements - It's all done with smoke and mirrors but essentially you are right, it makes it easy for a lender to consider your request favourably if your in stable employment. I was just in an arguementative mood last night.

Buying a property is a good idea but it's not the be all and end all. For someone like Steve (Brixworx) the cash invested in property could be best put towards the cash flow of his business which would facilitate business growth via increased stock holding (or other cash usages).

Sorry to Hijack your thread William.

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But he's thriving and striving and hugging the turns.

Don't get an ordinary job and live to pay for the house. You'll never be ahead far enough to play with the equity. Especially if you live in Sydney.

Go work in the coal mines or on oil rigs. Just do it for 2 years then you'll have a HUGE deposit for your house and be well ahead.

1 year on oil rigs paid for 1/3 of my house If I had stayed 2 I could have paid cash and if I stayed 3 I could have bought 2 houses. Just don't have a girlfriend on the other side of the world or you won't last the distance... Oh, and don't drink your money on your days off.

Qld coal mines are paying $120,000 per year for inexperinced, high school educated staff. Some even offer an even roster 7 on 7 off. They are that short of people.

If you do rig work in Bass Strait you can live in Sale and work on your Rover on your days off.

Doing something a bit challengine is good for young people. Rig or mine work is not as hard as the army, and you cash in.

my parents own our current house and have two rental properties (about half of the remaining loan on the two properties to pay off), dad just changed jobs to a permanent casual with a new company in the last 3 months (mum has been a high school teacher for the last 20 odd years and is on the highest pay bracket without being in a co-ordinators position) and they were told they werent able to get a loan to buy another rental property on the fact that dad's job wasnt stable. thing is you wont have a chance in hell unless you have a permanent full-time job

Yep which sucks the large wang.
So it'll be a year or so before i get a permanent job that im comfortable in, and by that time the inflation and property value rise will make my "small" amount of money seem like pocket change.