Well, it's No. 2 Son's 18th Birthday on Sunday.
My, how time flies. 'Twas only yesterday that he was that scrawny transparent baby who laughed at six weeks and did everything earlier than his big brother and sister had done.
Over the years with the asthma and the school reluctance and the chronic fatigue there have been a few dramas, but since he finally gave up the charade of going to school and has been working full time he is a changed person.
So this afternoon, he drove me (L Plates in the car windows) to his very first property inspection to buy his very first property.
He liked the first one. He really liked the second one, so he rang the Agent as soon as we came home and booked a second inspection, and fully intends to make a written offer tomorrow.
Yes, he isn't 18 until Sunday, but he is absolutely determined to buy his first property the day he turns 18 so we will be back in the Agent's office on Sunday morning resigning and ratifying Contracts if necessary.
So, being the devoted Mother that I am, instead of going out for dinner tomorrow (it's Mike's and my Birthday tomorrow) I shall be slaving away over a hot loan application for my darling son.
How nice when what I've been saying and doing over the years bears fruit.
It helps that Daughter's townhouse (further along in the same suburb) has appreciated about $50,000 since purchase in February, 2003 and she is now earning 7.07% gross yield, and No. 1 Son's townhouse (next postcode across) has just changed tenants (one week's vacancy) for the same rental but has improved about $40,000 in value in the 15 months since purchase.
So how is a skinny kid on 50% of the adult wage getting a loan?
1. He has been diligent about regular saving, understanding that Genuine Savings are the key to the first purchase
2. He is in regular full time employment and has been with the same employer since May, 2003
3. He has no other debts, lives at home (no board) and is not about to rush out and buy a money consuming car
4. He understands that serviceability will be reliant on rental income, and this unit has an existing tenant which certainly influenced his choice
5. He is prepared to forgo the First Home Owners Grant if necessary but if the tenant moves out of her own accord within the first twelve months he will then apply for the Grants and thoroughly enjoy batcheloring for six months, knowing that he is ten minutes drive or about 40 minutes on the bus from home and about 20 minutes on the bus to work.
6. Although I will put the deal to a discounted rate lender with a lenient serviceability model, he understands that if he cancels the loan this particular lender will impose break costs. Nonetheless, he is trading off buying on his Birthday for waiting another six months, and his Birthday wins!
7. He has no intention of ever selling
8. He fully intends to buy his second property within twelve months ie by his 19th Birthday.
And really, it doesn't take much but it does take something.
Cheers
Kristine
My, how time flies. 'Twas only yesterday that he was that scrawny transparent baby who laughed at six weeks and did everything earlier than his big brother and sister had done.
Over the years with the asthma and the school reluctance and the chronic fatigue there have been a few dramas, but since he finally gave up the charade of going to school and has been working full time he is a changed person.
So this afternoon, he drove me (L Plates in the car windows) to his very first property inspection to buy his very first property.
He liked the first one. He really liked the second one, so he rang the Agent as soon as we came home and booked a second inspection, and fully intends to make a written offer tomorrow.
Yes, he isn't 18 until Sunday, but he is absolutely determined to buy his first property the day he turns 18 so we will be back in the Agent's office on Sunday morning resigning and ratifying Contracts if necessary.
So, being the devoted Mother that I am, instead of going out for dinner tomorrow (it's Mike's and my Birthday tomorrow) I shall be slaving away over a hot loan application for my darling son.
How nice when what I've been saying and doing over the years bears fruit.
It helps that Daughter's townhouse (further along in the same suburb) has appreciated about $50,000 since purchase in February, 2003 and she is now earning 7.07% gross yield, and No. 1 Son's townhouse (next postcode across) has just changed tenants (one week's vacancy) for the same rental but has improved about $40,000 in value in the 15 months since purchase.
So how is a skinny kid on 50% of the adult wage getting a loan?
1. He has been diligent about regular saving, understanding that Genuine Savings are the key to the first purchase
2. He is in regular full time employment and has been with the same employer since May, 2003
3. He has no other debts, lives at home (no board) and is not about to rush out and buy a money consuming car
4. He understands that serviceability will be reliant on rental income, and this unit has an existing tenant which certainly influenced his choice
5. He is prepared to forgo the First Home Owners Grant if necessary but if the tenant moves out of her own accord within the first twelve months he will then apply for the Grants and thoroughly enjoy batcheloring for six months, knowing that he is ten minutes drive or about 40 minutes on the bus from home and about 20 minutes on the bus to work.
6. Although I will put the deal to a discounted rate lender with a lenient serviceability model, he understands that if he cancels the loan this particular lender will impose break costs. Nonetheless, he is trading off buying on his Birthday for waiting another six months, and his Birthday wins!
7. He has no intention of ever selling
8. He fully intends to buy his second property within twelve months ie by his 19th Birthday.
And really, it doesn't take much but it does take something.
Cheers
Kristine
