Places to get a loan when you get rejected by banks?

[LucasK]

What are some good places to get a home loan, when your only income is through Youth Allowance (while living with parents and at university)?

I've been considering getting with a friend and purchasing a property, but our only source of income is from youth allowance, and somewhat unreliable business profits (got $150 last week, and nothing the week before).


I'm not sure if banks would accept this. It is worth an inquiry, but if the banks refuse the loan, what other institutions will be willing to give?

The property will be an investment property, with rent income supplementing repayments. Only deposit will be through vendor financing (we can only save around total $7000 next year or so).


Also, do those other institutions have strings attached?


Thanks,
Luc.

 

[Rolf Latham]

Hi Luc

Hm,, interesting position, not impossible but will be a hard battle, I cant think of a solution but.............

How much are you looking to borrow ?

Ta

rolf

 

[LucasK]

Hi,

We're looking to borrow from $140,000 to $160,000. Should be around these amounts.

 

[Simon]

Mate,

Give me a call one evening and we will see if we can nut out some ideas. If we can't do anything maybe we can get some medium term goals in place.

I did a loan for a student doing tutoring once - we got letters from all the mums of the kids he tutored with his income on them!

02 495617777.

Good luck mate and I love your attitude!

Cheers,