Is it possible to get a Unilodge Loan as a student receiving youth allowance?

Here are my stats:

Scholarship: $12,000/pa
Centerlink: $17,219/pa
Start up loan $2188/pa
Regional Relocation Scholarship $1,156
Casual employment $12,000/pa (based on 2021 employment)

Final Total Income per year: $44600/pa

I have $45,000 in savings and I'm interested in student accommodation priced at either $155,000 or $130,000 in Sydney CBD. I currently live in the same complex. I'm quite conservative in my living expenses (I've saved this amount up over the last 3 years during uni) but haven't tallied it up yet.

I am a current engineering/science student going into my 4th of my 5 year degree.
I'm interested in investing in a unilodge and living in it for the next two years university at the very least (there is a moderate possibility that I'll do a PHD/further study as well). My only hecs debt is in the form of the student startup loan as my scholarship pays it off (so about $6k).

I can take up more shifts easily as well especially since next year I've accepted an additional research scholarship (not counted in the above stats) during jan-feb, I will be working during the autumn semester. I wasn't taking shifts during this time last year, so I will earn more in 2022 and beyond.

Would anywhere consider taking me on for a loan without a guarantor (or would that be necessary)? If so, are there any loan providers that I should start with?

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  • My only hex debt

    A HEX debt. That's a new one.

  • +2

    Not the Broadway Unilodge, I presume? It is about to send the owners broke.
    And I understand it is almost impossible get a mortgage on the Unilodge apartments, they are too small to qualify for bank loans.

    • Yes actually, I assumed that was because of low rental return in relation to international students leaving. That wouldn't really be a problem for me as I can self occupy for at least 2 more years (saving about $30k in rent for a share house as well, it would also be considerably nicer). Is there something else I should know, or, would it be essentially still be difficult to rent in 2+ years time?

      Thanks for the advice about the mortgage.

      • +4

        Yes, unfortunately.
        I’ve been considering investing for some years, as if you can self occupy, it is a great deal.
        Unfortunately, there is a safety issue with the extremely large and costly awning. The real estate agent that handles most of the listings in Broadway took over the strata committee and launched extremely expensive legal actions to try and get out of paying for it.
        So now the building has very little money, and still has to pay the massive bill.
        Certainly many, many thousands per unit.
        Unilodge, who only manage the building, are in talks to buy everyone out. But the payout looks like it will substantially less than people paid for the units.
        I think you’ll need to stay away.

  • +4

    Centerlink: $17,219

    I’d rather you didnt waste my hard earned money on risky “investments”

    • +4

      Don't worry, I wouldn't be able to attend university otherwise. As a mechanical engineer/scientist, I'm going to be paying a lot more tax than 17k in the future. That amount wouldn't even be able to pay student accommodation fees at my university for an 8 share.

    • People have the choice to pay less taxes if they don't want to fund to educate smart work.

      • +1


        • Get a job that pays less or make investment decisions that take advantage of tax laws.

  • +3

    I'm interested in a property priced at either $155,000 or $130,000 in Sydney CBD

    What is it - a car parking spot?

    • Close to it, it's a unilodge. In reality, a lot nicer though than share houses at the same price point.

    • +3

      Studio student accommodation the size of a hotel room, with zoning that forbids non-student occupiers.
      Unilodge manage lettings, and strata is very high. Has historically returned about 4%-5% net, but been smashed by COIVD, and devastated by legal disputes over building infrastructure.

      Currently best described as a distressed asset, I think.
      See the link I posted above for more.

  • +5

    always get a strata report, I did for an enclosed car parking spot in parramatta, and found out the body corp was going to spend 2 million on the building, charging us extra

  • Realistically I think the chance is quite slim

    Generally banks won’t lend you more than 60% for student accomodation and that’s pre-covid rule, not sure if it had changed

    They are also likely to discount your income when calculating your ability to service the loan size, and what you declare as living expenses wouldn’t be the same as what they assume you spend

  • Are you able to outfit it and decorate it as you like, or is that controlled by unilodge too?

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