Alternative ways to get an IP?

Discussion in 'Property Finance' started by Radicals, 16th Jun, 2015.

  1. Radicals

    Radicals Member

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    So my goal is basically to get an investment property, and continue to rent my own place, and to just let the IP sit on the back burner. Peace of mind that I have an assett under my belt.

    I have been working 3 casual jobs for about 4 months and starting to tear at the seams a bit. I am only working this many jobs to (a) save up for the property and (b) show serviceability.

    Turns out I will need to work these jobs for about 4 more months (I started 2 of them 2 months ago, and the other, 5 months ago) until a bank will even look at me. (I was studying before I had these jobs.) These jobs are just simple $20 an hour positions with minimal benefits and they are driving me mad. To change jobs now would be throwing away all the past 4 months "accruing" in the banks eyes. (Wouldn't it?)

    Are there any alternatives to waiting around 6 months in a job (jobs) I hate to get a mortgage?
    PS: I take full responsibility for my position, I'm just wondering if I'm alone in this endeavor, and how others (if any) have dealt with the journey.
     
  2. Beelzebub

    Beelzebub Member

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    When buying my PPOR I remained in a job I hated until I was approved for the loan, then I quit my job and went back to uni.

    I'd wait and stick it out, assuming you can afford to hold the property during your transition phase.

    Others may have a different view

    Cheers
    Beelzebub
     
  3. Jess Peletier

    Jess Peletier Mortgage Broker, Perth

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    CBA will look at you after just 3 months, so only 1 month to go assuming everything else stacks up. :)
     
  4. Radicals

    Radicals Member

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    That's the thing; The job I've been in for 5 months already is only 12 hours per week. I've just learned the banks consider the income from that to account for all my "expenses", even though I live more frugally than that. :\

    Oh I get you, sorry, yes I will be able to look at CBA in one month, but would be even nicer to have other options...I guess that's what I have to deal with, being impatient! :p
     
  5. sumterrence

    sumterrence Member

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    Also keep in mind the bank need to see you have a track record of consistent saving, not just a lump sum of money sitting there, so maybe it is nice to start allocating money regularly into your chunk of savings while you build your employment history.
     
  6. Radicals

    Radicals Member

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    Having said all this, what *are* the alternatives to borrowing the money from a bank?
     
  7. tobe

    tobe Mortgage Broker

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    You may need to get a good job, just like Joe Hockey said.....

    Any of these casual positions willing to take you on full time? Even though the money might not be as good, a full time job opens up quite a few more lenders to choose from.
     
  8. Peter_Tersteeg

    Peter_Tersteeg Finance broker/strategist

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    Lenders don't look favourably on casual employment. If you were in a permanent position you'd probably already qualify with quite a few lenders.
     
  9. sumterrence

    sumterrence Member

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    Get an ABN and run your own business, secure your existing home over your investment property....