Hello somersoft
I have a question for the mortgage brokers out there. I understand you can't give personal advice over the internet, but I just wanted to check this is a possibility before I go to a MB / bank and get laughed at. I am wondering if the banks will lend me any money.
I am a man in his 30s who has been left an inheritance of around 260K with the wishes that the money be put into a property.
However my income for the last few years has been quite low as I was studying up till last year and in a relationship which ended. Then due to a few personal factors I have been unemployed for the better part of this year until starting my own business in September.
I undertook the NEIS program, studied the business course and now recieve an allowance from the government of $600ish a fortnight for the coming year to get my business off the ground. On top of this I projected my income (conservatively) of only around 20K the first year, 40-60K the second year.
If I understand correctly 100-200k interest-only might be about 5-10k a year, which should be serviceable with my income. And since I'm borrowing less than the deposit amount, should be seen quite favourably I would think? But I'm new to this and I wonder if the banks will see it that way.
So basically I'm wondering if the banks will lend me any money, or am I wasting my time?
(I also have a low cost lifestyle, about 70k in cash and no debt or children, if it's relevant)
I have a question for the mortgage brokers out there. I understand you can't give personal advice over the internet, but I just wanted to check this is a possibility before I go to a MB / bank and get laughed at. I am wondering if the banks will lend me any money.
I am a man in his 30s who has been left an inheritance of around 260K with the wishes that the money be put into a property.
However my income for the last few years has been quite low as I was studying up till last year and in a relationship which ended. Then due to a few personal factors I have been unemployed for the better part of this year until starting my own business in September.
I undertook the NEIS program, studied the business course and now recieve an allowance from the government of $600ish a fortnight for the coming year to get my business off the ground. On top of this I projected my income (conservatively) of only around 20K the first year, 40-60K the second year.
If I understand correctly 100-200k interest-only might be about 5-10k a year, which should be serviceable with my income. And since I'm borrowing less than the deposit amount, should be seen quite favourably I would think? But I'm new to this and I wonder if the banks will see it that way.
So basically I'm wondering if the banks will lend me any money, or am I wasting my time?
(I also have a low cost lifestyle, about 70k in cash and no debt or children, if it's relevant)