whats clues that it may be time to shift in to own place or start to plan it

[shonky12]

What’s maximum personal loans can you get and can they go upto 20-30 years like a home loan as some without a lot of money but just enough might take up to that long and most with home loans take 20-30 years to pay it off.

also if you could get personal loan for amount could you take as long as you need to renovate

 

[MasterOfReality]

Depends on what your income and risk factors are.

You could take as long as you want to renovate, the loan will need to be paid back before its term ends. Doubt a personal loan will be 20-30 years, be less than 10 years I reckon.

 

[someguy360]

Personal loans don't go over 10 years maximum.

Also you'd need to go for the mortgage first get the property then let the dust settle for 12-18 months before shooting for a personal loan.

No bank is going to sign off on the application for a mortgage and a personal loan at the same time unless your credit score is impeccable and you have a solid borrowing history.

I think your underestimating how strict the banks are at lending in the current climate, I got my mortgage 12 months ago and that took a good 2 months of paperwork and picking through my finances with a fine tooth comb, employment checks etc. They'll go over everything.

if you think your just going to be able to walk in as a fist home owner and get a mortgage and a personal loan etc easily, think again.

These days mortgage's aren't like car loans, you can't just walk into a branch shake someones hand and have some money, it's a long painful slog to get all the paperwork and clearances done.

Also don't forget depending on where you live you'll need around 20% as a deposit up front plus stamp duty etc so you could potentially need say $200k in the bank just to qualify for the loan.

Also remember that your bank gets an assessor out to value the property before you get a mortgage (this is mandatory as the bank won't lend you more than the property is worth), so if you want a mortgage to buy a $400,000 property that needs a lot of work the bank won't approve you. For example if the property is listed at 400k in the current market and it needs $120k worth of work to make it livable, the mortgage won't get approved.

To put it short you can't get a $400k mortgage on a house thats only worth $200k, the bank needs to know that if you can't pay your mortgage they can flip it and cover the costs.

This is what people tend to forget with "fixer uppers" is that the bank will only loan you what the property is worth, if the property gets assessed as being worth fk all then they'll only lend you fk all. Which makes it very hard at the moment as even houses that are a wreck are listed for well above their value.

 

[losh1971]

Normally about 5 years, maybe 7 on a personal loan. Your best bet is to jump on your banks website and punch in the numbers on their calculator tool.

 

[vc commodore]

Is this another attention seeking thread similar to this one?

https://forums.justcommodores.com.au/threads/make-friends-into-cars.293669/

 

[shonky12]

What about a small loan for $100,100-150.000

if you found a rundown place for 80-100 grand and bought it and let it settle for a few years what loans would you need

those that buy blocks and build transportable houses on them how do they go about loans for them, there must be a way if there’s so many going up in copper coast area

 

[Fachoo]

What about a small loan for $100,100-150.000

if you found a rundown place for 80-100 grand and bought it and let it settle for a few years what loans would you need

those that buy blocks and build transportable houses on them how do they go about loans for them, there must be a way if there’s so many going up in copper coast area

with a name like shonky, no 1 is going to loan you anything

 

[shonky12]

those that buy blocks and build transportable houses on them how do they go about loans for them, there must be a way if there’s so many going up in copper coast area

 

[losh1971]

Best speak to your bank. I have given you the extent of my knowledge based on my experience of not being able to get a loan until my house was pretty much complete. The banks see it as too much risk. Ask Aussie Home Loans and they will explain things better than I can. They have 30 or more lenders and I tried four times and was knocked back four times. I ended up finding one small local bank that looked at my case and made an exception. But I had substantial equity by then as I begged, borrowed and stealed until I got my house 80% complete. You have plenty of time during the week as you work out of normal hours, so go to an expert and have your case heard. Because you are going to be high risk by the sounds of it you won't get an exact answer from a forum.

 

[Fu Manchu]

I’d be getting the book, the Barefoot Investor.”
https://www.barefootinvestor.com/

Go from there. There’s no right or wrong time. Your not going to see a signal in the sky telling you like you’re Batman or something. Take responsibility for yourself and do t wait for others to do it for you.

•Save up
•Don’t live on credit.
•Get rid of debt from credit cards
•See a financial advisor
•Work toward buying a house and first home buyers grants and incentives can make things easier.
•Compromise what you want to get a house and mortgage. Get into something, anything. Then fix and sell working toward a house that suits better and maybe again after that.