Looking for some advise and a reality check. I have gone through various threads related to Caroline Springs and other suburbs and have some specific questions.
Background-
Just got married and we spent all the money there. Looking for PPOR in the range of 450-550k,at least 3 bedrooms. Have approximately 50K deposit and just enough money for other expenses. We both earn decent salaries and save around 4-5k a month all together.
Questions:
1) We are looking to buy in next 2-3 months. Shall we wait for another year and take to deposit to 20% and then buy ? The LMI would be approx 8k if we decide to buy in next 2-3 months.
2) Caroline Springs/Taylor Lakes or any other suburb ?
Can not afford anything in south eastern suburbs with this money, so we shortlisted Caroline Springs/Taylor lakes for a small/medium size house.
We liked Caroline springs lot more than Taylor lakes, just because of the vibe in the area, we are happy to compromise on a smaller townhouse closer to the lake.
At the same time, the prices have stayed as it is in Caroline Springs from last 4 years. With more development happening in Plumpton and a massive vacant land, the prices are likely to remain the same in Caroline Springs.
With the nature of my Job, there is a slight chance that we might have to move cities, if not, we would like to move to a bigger/better place in next 5-7 years. So a property with a growth potential would be great
As I drive to work (and would like to in future jobs), I am not considering northern suburbs as it would be relatively difficult to drive from there. Do no want to go down to Point Cook side.
Whats your opinion on CS vs Taylor Lakes vs any other suburb considering that ?
3) As in future, we would like to make this an IP, does Interest only loan with offset account makes more sense ? Any disadvantages ?
4) We can get FHOG, but dont see lot of land being available in CS or Taylor lakes. We are happy to ignore FHOG, is that a good decision ?
First post, please go easy in case if I havent followed any rules
Background-
Just got married and we spent all the money there. Looking for PPOR in the range of 450-550k,at least 3 bedrooms. Have approximately 50K deposit and just enough money for other expenses. We both earn decent salaries and save around 4-5k a month all together.
Questions:
1) We are looking to buy in next 2-3 months. Shall we wait for another year and take to deposit to 20% and then buy ? The LMI would be approx 8k if we decide to buy in next 2-3 months.
2) Caroline Springs/Taylor Lakes or any other suburb ?
Can not afford anything in south eastern suburbs with this money, so we shortlisted Caroline Springs/Taylor lakes for a small/medium size house.
We liked Caroline springs lot more than Taylor lakes, just because of the vibe in the area, we are happy to compromise on a smaller townhouse closer to the lake.
At the same time, the prices have stayed as it is in Caroline Springs from last 4 years. With more development happening in Plumpton and a massive vacant land, the prices are likely to remain the same in Caroline Springs.
With the nature of my Job, there is a slight chance that we might have to move cities, if not, we would like to move to a bigger/better place in next 5-7 years. So a property with a growth potential would be great
As I drive to work (and would like to in future jobs), I am not considering northern suburbs as it would be relatively difficult to drive from there. Do no want to go down to Point Cook side.
Whats your opinion on CS vs Taylor Lakes vs any other suburb considering that ?
3) As in future, we would like to make this an IP, does Interest only loan with offset account makes more sense ? Any disadvantages ?
4) We can get FHOG, but dont see lot of land being available in CS or Taylor lakes. We are happy to ignore FHOG, is that a good decision ?
First post, please go easy in case if I havent followed any rules
Last edited: