The youngest person in N.S.W to buy a home ....apparently??

[moyjos]

The youngest person in N.S.W to buy a home

I am sure someone here can beat this.

http://www.news.com.au/dailytelegraph/story/0,22049,25761428-5001021,00.html

I know here on the Sunny Coast we have Amber Werchon
http://www.greatexpectation.com.au/profile.asp?profile=2530

Who we have here on SS to rival this???

 

[Old Mate]

Haha I just saw that article about two minutes ago and it immediately reminded me of this site. I remember someone here saying their son bought a house on their 18th birthday unless I'm mistaken. But the girl buying a house when she was 16? I'm not sure that'll be topped.

 

[gg1965]

Curious - what type of job/income and security does a 18 year old have to allow him to get a 440k mortgage on a 20k deposit (plus FHB)?

I reckon his parents may have gone guarantor or something.

Mind you though, the article doesn't say whether he will live in it or rent it out (to get the rental income to assist in servicing the mortgage), but I just find it a bit curious that a bank would lend that amount of money to someone that young.

In my day - I tried to get a 8k loan from a bank when i was 19 but got knocked back as I had no credit history and i was told to get a credit card so that i can get a credit history. I had a full time job too.


g

 

[Nathan]

Good on him.

I wanted to purchase @ 13, however my mother wouldnt let me. I Had saved up quiet a few $$ by the time i was 16 to buy even a house cash (cheapie) I did work since I was able to work, and always saved and educted myself along this path. This guy looks like he is buying as a PPOR, hope he has planned his future and is able to support a $450k PPOR debt at this age.

 

[crazylikeafox]

He was just following what his parents told him to do and what his older siblings had done.

 

[Kristine..]

Good on Justin

It doesn't matter who coached him or guided him, he has actually done it!

My elder Son bought his first property off the plan at age 16 & half from working weekends at Bi-Lo. The property was completed and settled when he was 18 & 4 months, and still a student.

My younger Son bought his first property on his 18th Birthday, and his second at 18 & 6 months. He was working full time from 16 and saved the mortgage payment every week for 18 months.

My Daughter was a bit slower, buying her first at 18 & 4 months. She, too, saved the deposit from working at Bi-Lo and bought with part-time wages.

It runs in the family, but they still had to want to do it, save the deposit and pay the mortgage.

One of my customers signed the contract for land on 22nd March, his 18th Birthday, and he will be building and living in the property. I had the application ready and lodged on the 22nd March, and the lender had no problem at all with his Land & Construction loan and he can service with his apprectice wages.

So good on Jason, and Amber, and the many others out there who just do it!!

Cheers
Kristine

 

[Aaron Sice]

okay...and moving right along....