Hey guys,
For all you savvy guys who know this sort of thing to do with mortgages *cough our resident guru mortgage brokers*. I just wondered how long until the banks will lend to me.
My situation:
Currently on a 4 week temp contract on $25/hr working 36.25 hours a week.
Have pretty much been told that I will then be offered a 6 month contract at the same hourly. so i guess ~47k / year.
Likelyhood is that at some point during or at the end of this contract I will then be offered a permanent role. It will likely be paid a shade over $27/hr.
Current Assets:
~65k shares
~100k cash in bank
Since I really have no idea on the feasibility of this i'm throwing it to you guys hoping you can help =)
Ideally I would like to be buying an investment property in the range of 350-400k (obviously my first) - which I would like to live in for 6 months before renting out so it can be CGT free going forward 6 years.
If anyone could advise on how long I need to be working? / If my income is too low? etc etc. I guess also ideally I would not want to just be throwing all my cash into a large deposit to make the bank lend to me, so I hope that 20% is worst case? - but maybe even less?
Thank for reading and for your input guys!
Cheers
dryath
For all you savvy guys who know this sort of thing to do with mortgages *cough our resident guru mortgage brokers*. I just wondered how long until the banks will lend to me.
My situation:
Currently on a 4 week temp contract on $25/hr working 36.25 hours a week.
Have pretty much been told that I will then be offered a 6 month contract at the same hourly. so i guess ~47k / year.
Likelyhood is that at some point during or at the end of this contract I will then be offered a permanent role. It will likely be paid a shade over $27/hr.
Current Assets:
~65k shares
~100k cash in bank
Since I really have no idea on the feasibility of this i'm throwing it to you guys hoping you can help =)
Ideally I would like to be buying an investment property in the range of 350-400k (obviously my first) - which I would like to live in for 6 months before renting out so it can be CGT free going forward 6 years.
If anyone could advise on how long I need to be working? / If my income is too low? etc etc. I guess also ideally I would not want to just be throwing all my cash into a large deposit to make the bank lend to me, so I hope that 20% is worst case? - but maybe even less?
Thank for reading and for your input guys!
Cheers
dryath