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Old December 26, 2007, 05:27 PM
MichaelRoss
 
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Default Poor people? Hmmm....

Goldstone11,

Thanks for asking.

You are, essentially, asking TWO questions wrapped as one...

Q#1: Is there grant money to help you buy a house?

Q#2: Is there grant money to help you send your child to college?

Know this... ALL money comes from other people. So any Grant money the govt Gives has first been stolen (they call it Tax) from the productive. This is something *I* am against.

So your question which wants to use stolen earned money to help you buy a house stands out. I'm sure there are govt programs to Help people acquire their own home - either state or federal (there have been such schemes in Australia for a long time). But before you ask about them - and why not ask a loan broker as they know all kinds of stuff to help people get into debt, as that's how they make a living - do you know if you can Actually Afford to? And would you be willing to buy a place that's lower on the ladder than what you Want, but which enables you to stay financially stable?

These are tough questions to ask. Because you must NOT let your heart override your head here. That's when financial disaster happens.

I have two rules for buying property...

Rule # 1: Borrow less than you can afford. (If interest rates go up you are still fine)

Rule # 2: Do NOT use all your deposit. (You thus have Fall-Back money on hand)

And my pseudo rule... if you need to borrow money from the govt to get into a house... maybe you shouldn't be buying because it's a sign you are not financially astute enough to Manage your money to the extent necessary to handle a large home-loan debt.

Michael Ross
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