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From: Mike .
Investment Property & Overseas Employment
From: Ross
Date: 3/29/00
Time: 11:37:21 PM
I was employed in a steady job for 1.5 years earning $36k p.a and looking to buy my 1st investment property, when I was successful in landing a job overseas (on a cruise ship) where my income was greatly reduced.
I was told that since the income would be reduced dramatically and I was to DISCLOSE this on any given application from the bank, that the loan would not have been approved.
But if the purchase worked out to be at minimal cost to myself, I could have sent home the money to cover my expense...(naturally the 221D would not be applicable).
Did I do the right thing in not going ahead?
Also, is it a great advantage to be in your own property (either own it/pay mortgage) to purchase an investment property? I am single and have been paying rent for 8 years, but I have $50k approx at my disposal. Can I still buy a investment property...or would that be silly since I still have no place of my own and still have to rent?
Confused and chasing my tail, Ross
Investment Property & Overseas Employment
From: Ross
Date: 3/29/00
Time: 11:37:21 PM
I was employed in a steady job for 1.5 years earning $36k p.a and looking to buy my 1st investment property, when I was successful in landing a job overseas (on a cruise ship) where my income was greatly reduced.
I was told that since the income would be reduced dramatically and I was to DISCLOSE this on any given application from the bank, that the loan would not have been approved.
But if the purchase worked out to be at minimal cost to myself, I could have sent home the money to cover my expense...(naturally the 221D would not be applicable).
Did I do the right thing in not going ahead?
Also, is it a great advantage to be in your own property (either own it/pay mortgage) to purchase an investment property? I am single and have been paying rent for 8 years, but I have $50k approx at my disposal. Can I still buy a investment property...or would that be silly since I still have no place of my own and still have to rent?
Confused and chasing my tail, Ross
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