Hi Guys,
I have been reading these forums for awhile now. Really useful information but I am getting to the end of my tether now and need some more personal advice.
I am a FHB, we have been looking for units / townhouses from Scarborough up through to Padbury.
I will try to be short and sweet here because I know I could go on for ages. We are looking for a property that has
1) Minimum 2 bedrooms
2) Outside courtyard (we have LOTS of surfing/camping gear)
3) is within 1km of the beach
Those are really the main things we are looking for, our budget is 380k. We have a 50k deposit and are borrowing around 330k.
The problem is...there is just NOTHING available near the beach that meets our needs (the main ones being space and close to beach).
Whats making life stressful is that I really want to get into the property market and it feels like prices are increasing and I am missing opportunities. 12 months ago our budget was 350k, those same units we looked at in Scarborough are now 380k+. Sure we may have saved 20k more in that year but we are still falling behind.
We have a combined income of around 6k per month, we can easily service a larger loan to get us into the 400-450k price range however I am very reluctant to do that as it will erode my ability to invest in other property and shares which I am very keen to do.
E.G borrowing 330k now, would still leave us with around $1500 a month extra cash after all expenses. I would love for some of that to go towards a deposit for an IP in 12 months time.
If we borrow 400k, the buffer is much smaller and I would not feel comfortable borrowing more money for an IP in this situation.
Most of my other friends are happily getting 400k+ mortgages...maybe I am to conservative? I like to plan for worst case scenario (i.e no bonus, no raise etc)
Any advice would be greatly appreciated.
Thanks.
I have been reading these forums for awhile now. Really useful information but I am getting to the end of my tether now and need some more personal advice.
I am a FHB, we have been looking for units / townhouses from Scarborough up through to Padbury.
I will try to be short and sweet here because I know I could go on for ages. We are looking for a property that has
1) Minimum 2 bedrooms
2) Outside courtyard (we have LOTS of surfing/camping gear)
3) is within 1km of the beach
Those are really the main things we are looking for, our budget is 380k. We have a 50k deposit and are borrowing around 330k.
The problem is...there is just NOTHING available near the beach that meets our needs (the main ones being space and close to beach).
Whats making life stressful is that I really want to get into the property market and it feels like prices are increasing and I am missing opportunities. 12 months ago our budget was 350k, those same units we looked at in Scarborough are now 380k+. Sure we may have saved 20k more in that year but we are still falling behind.
We have a combined income of around 6k per month, we can easily service a larger loan to get us into the 400-450k price range however I am very reluctant to do that as it will erode my ability to invest in other property and shares which I am very keen to do.
E.G borrowing 330k now, would still leave us with around $1500 a month extra cash after all expenses. I would love for some of that to go towards a deposit for an IP in 12 months time.
If we borrow 400k, the buffer is much smaller and I would not feel comfortable borrowing more money for an IP in this situation.
Most of my other friends are happily getting 400k+ mortgages...maybe I am to conservative? I like to plan for worst case scenario (i.e no bonus, no raise etc)
Any advice would be greatly appreciated.
Thanks.