Small bank loan for a uni student wking p/time

Hello

Have you heard of this scenario?
Say for a puchase for around $150,000 ( must start somewhere) and a 20% deposit.
with a reasonable yield
Loan to a uni student working casual self employed.

Is it too unrealistic to approach the banks?

 

Ask around. Bendigo bank accepted youth allowance as income whilst I was studying.

 

Yes it is possible - different treatments between part time and casual though.

 

-

 

Oh ok and you got a mortgage thus as a student? cool

 

If your income is sufficient to meet a lenders servicing criteria, you'll be able to qualify for a loan. Casual employment isn't a problem, neither is being self employed if you've got 2 years history and 1 (2015 or 2016) tax return demonstrating the income.

Keep in mind, there's a lot more to servicing criteria than simply meeting the loan repayments. Talk directly to a broker about it.

 

Yes, always the same self-employment issue, but will try, thank you as well

 

I recall the first loan I went for, almost 100 years ago now, I was a casual uni student. The NAB rejected me because I was casual. I just gave up on that unit off Oxford Street in Sydney - if only I went and used a broker I could have been rich now!

 

Such painful stories lol. My uncle was telling me about the house he sold in Newtown for 15k in the 70s

 

Yes, I suppose we all have plenty of stories like this now ...unfortunately, well, some did better, I would think that you Terry with your job, would be in a good position now.. Were are you located?

 

Hello at this time, Aussie Home loan did not exist (ie: the first m broker ??)

 

Big Ouch

 

Correct. I was a full time student with consistent casual wages

 

I talked to the kid last night, his answer was: 'ok, will you manage the tenants ? ' and then the next day, this morning he told me he is starting to lose his hair .

 

are the rates super high?

 

Normal

 

Not sure what you mean by this. The servicing criteria is the same as it's always been, which means assessment rates are 7%+. Product rates are also the same.

There's also the cost of living that needs to be covered. Austudy (or whatever it's called now), wouldn't even cover the minimum living expenses assumed by the banks.

 

Gave figures to the broker, waiting. It all depends Peter, My son covers his exps with the youth allo and the rest goes to the bank.

 

Back in the day I funded myself through uni as well, but my living expenses were well below the minimum which the lenders will assume. It doesn't matter how low your living expenses are, the banks have minimum figures and this affects how much people can borrow.

 

True .... but we're all humans.. even the banker .... one day it is fine the next not... will see