Is it hard for an 18 year old to buy their own unit?

Question

in australia

Answer 1

if you have the cash no problem you can buy anything you want

Answer 2

Likely yes, especially if you have to get a mortgage to pay for it.   If you have the cash to just buy it, then no problem, but even so there is such a shortage of housing and units that you might still find difficulty finding one where you want to live - especially in the major cities.    Getting a loan will l probably require you to get have your parents or some other mature adult go as guarantor for the term of the loan, to ensure it is paid back in full.  If  you fail to make your payments, the bank will try and get them off the guarantor.

Answer 3

No it should'nt be, have you got a good paying job!

Go for it.

Answer 4

At 18, you're legally an adult so if you have the cash or if you can satisfy a lending institution of your ability to repay a loan, there will be no problem. If you don't have the cash or if you don't earn a guaranteed high income, then there will be major problems, but it's nothing much to do with the fact that you're 18. Just as a guideline - you'll need at least 15% deposit and your repayments will be something like $1000 per month per $100,000 borrowed. Responsible lenders won't lend you more than an amount on which your repayments will be more than 25% of your monthly income.