My own view: I think it’s too early for you to consider buying property. The market is flat, and your income situation is risky. You either have a big deposit (as others mentioned nodocs have low LVRs) or need more income.
I'm back!
Yes, I'm back with this 1 year old thread again.
Gosh Alex, if I bought any property last year despite my circumstances, I would have been smiling all over the place now. Particularly after the recent 'n current boom in Brissie.
But surely I've learnt alot and better prepared this time.
Some update on my next move...
1. Talk to a mortgage broker and get a loan (most likely lodocs, the least nodocs)
2. Search and find the right property, I think I may have finally found something after months and months of research
Will do some inspections tomorrow on the weekend
I got some savings around $7k, business currently generating approx. $17k/annum. Parents said would help with 50% deposit (I know Alex wouldn't really agree on this one, but as some said, sometimes we need a helping hands, particularly when the help is there available for us, but I highly appreciate your advice Alex, don't worry ).
Ok, currently looking at $300,000 property, so after deposit, will be left with $150k mortgage to pay.
I'm still positive that I'll rent out at least 2 bedrooms of the 4 bedrooms property where I will in as well. Say $100/room, that makes approx. $12k/year which will be my additional income.
My total income per year would be roughly $30k gross, after expense etc, I'll be left with approx. $22k to service the $150,000 repayment.
Would this be feasible? Or am I too optimistic/over confident with this plan?
Meanwhile, no matter what happens, I'm going to do my first ever houses inspection tomorrow