loans

[AttaBoy]

Spot on. you have to know what you are doing before you dive in. I own my cars through hard work but am still paying just over $1000 per fortnight in property repayments.
as long as you know what you are doing it can be done. i just dont see the need to go into debt just to upgrade from a vp to a vt or so.
i have very different agenda though...

You paying $1000 per fortnight, you must be rich.
I can't make that kinda payments!!!!

 

[shaggerz]

You paying $1000 per fortnight, you must be rich.
I can't make that kinda payments!!!!

$1000 a fortnight is almost my entire pay packet

 

[Lumps of cheese]

I also own my cars from working my butt off when i first started working from 15.
Loans however are required if you want to own your own home, whether we like it or not.(unless your rich!)
I think learning to repay a car loan gives you good training to tackle a bigger loan later on, for your house or whatever but some go in too heavy and can't manage it.

 

[DannyboyDS]

$1000 a fortnight is almost my entire pay packet

Yeah but if you are paying a house off, renting it out can help pay the loan back, that could be like 600 - 800 a fortnight.

You have to manage and balance things to get ahead I guess.

 

[vlv8vic]

Yeah but if you are paying a house off, renting it out can help pay the loan back, that could be like 600 - 800 a fortnight.

You have to manage and balance things to get ahead I guess.

yeah but while the rent would be paying a fair chunk of the house off you'd be paying rent for yourself somewhere else! we live in the one we're paying that much off. the bank only asks for half of that so we will have the loan payed off in well less than 10 years. plan is to kill this one off the as dannyboy said get another loan that will by self-sufficient through interest only repayments. the payoff is you dont really make any money on the investment property until you sell it... i can handle that though.

If it werent for mongrel tax man id be paying double that and have the house payed out in 3 years.

 

[dagar187]

I also own my cars from working my butt off when i first started working from 15.
Loans however are required if you want to own your own home, whether we like it or not.(unless your rich!)
I think learning to repay a car loan gives you good training to tackle a bigger loan later on, for your house or whatever but some go in too heavy and can't manage it.

good comment jus-vy.its all up to the person,if they have a maturity to stick to ther guns then getting a loan can be good.it gives u the ability to take responsibilty for urself and for the future experiences to come.just layout weekly income,then deduct all the neccessities and c wat u have left.around a hundred a wk should be sufficient to pay off a car,only thing to remember is u cant splash out on things at the spur of the moment like u can now as it will totally get ur budget out of wack.plus u dont want to start missing payments and ruining ur good credit file especially at a young age.

 

[DannyboyDS]

yeah but while the rent would be paying a fair chunk of the house off you'd be paying rent for yourself somewhere else! we live in the one we're paying that much off. the bank only asks for half of that so we will have the loan payed off in well less than 10 years. plan is to kill this one off the as dannyboy said get another loan that will by self-sufficient through interest only repayments. the payoff is you dont really make any money on the investment property until you sell it... i can handle that though.

If it werent for mongrel tax man id be paying double that and have the house payed out in 3 years.

yeah tbh I meant if you had a few property's actually, most people dont even finish paying a house off, they buy it for 200,000 hold onto it for a year and spend some cash on it and try to make an extra hundred thou or so by selling up.

 

[Not_An_Abba_Fan]

yeah tbh I meant if you had a few property's actually, most people dont even finish paying a house off, they buy it for 200,000 hold onto it for a year and spend some cash on it and try to make an extra hundred thou or so by selling up.

The problem with that is that whatever you sell it for you will be paying almost that much to buy another anyway. The best thing to do is hang on to it for at least five years to built up some equity and pay some loan off and you won't have to borrow as much next time. Worked for us, we have a 400k + house that we still only had the original mortgage of 130k of 5 years ago. This gave us the equity to buy two investment properties that the rent takes care of.

 

[drewins]

Getting a loan at a young age is rediculous. My Brother ended up paying around 20 grand plus for a 7 grand VR. Sold it for like 4.

I saved 4 grand for my first car a VS and have since saved enough to buy something like a stock VY (but Ill prob just keep my VS and save for a house).

Dont be stupid with your money. Or should I say the banks money.

 

[DannyboyDS]

Getting a loan at a young age is rediculous. My Brother ended up paying around 20 grand plus for a 7 grand VR. Sold it for like 4.

I saved 4 grand for my first car a VS and have since saved enough to buy something like a stock VY (but Ill prob just keep my VS and save for a house).

Dont be stupid with your money. Or should I say the banks money.

wow 20k for a VR thats some bad interest rates on that loan.

You make a good point, it depends on the person, I myself have a 5k loan which I can manage im 21, When I was 18 I would never have gotten a loan.