Hi all,
I am a long time lurker. This is my first post. Just want to gain some insight as how the young people can tap into the property market nowadays.
Recently I came across a case where a collegue wanted to buy his first home. He is a full time Uni student, but has been working casual in our office for at least 2 years. His income is probably around $20,000 pa. Just wondering:
1. If he has any chance of tapping into the current property market?
2. Even if he could get a loan, it won?t be enough to buy a decent property unless he could come up with a big deposit. Today, a 1 bedroom apartment in Melbourne metropolitan probably costs around $300,000 plus (I could be wrong).
3. Does it mean that he has to wait till he finishes his Uni and has a full time job? As the property market keeps soaring, it would be even harder for him to do it.
What is your wisdom thought or advice to these young people who has the right mind but .....
Thank you all in advance.
I am a long time lurker. This is my first post. Just want to gain some insight as how the young people can tap into the property market nowadays.
Recently I came across a case where a collegue wanted to buy his first home. He is a full time Uni student, but has been working casual in our office for at least 2 years. His income is probably around $20,000 pa. Just wondering:
1. If he has any chance of tapping into the current property market?
2. Even if he could get a loan, it won?t be enough to buy a decent property unless he could come up with a big deposit. Today, a 1 bedroom apartment in Melbourne metropolitan probably costs around $300,000 plus (I could be wrong).
3. Does it mean that he has to wait till he finishes his Uni and has a full time job? As the property market keeps soaring, it would be even harder for him to do it.
What is your wisdom thought or advice to these young people who has the right mind but .....
Thank you all in advance.