Advice for a newbie

[Vzclubby]

Hi all, first time poster on here seeking a bit of advice. Im currently looking at buying my first home on the gold coast, just an average joe 4/2/2 house between $350 -$400 range. Iv been conditionaly approved by the bank for a home loan so at the moment iv just been searching the net for properties.
Now i wouldnt have the first clue about buying a property but heres what im thinking,

Buying a house now to get myself in the door, or wait n save more for a deposit.
I had settled on a $40000 dollar deposit (which i got now) and then i would buy. Im in a position now to save up some more money, one of my friends suggested to buy now and pump money into the mortgage rather than save up which iv been considering, is that a good thing to do?

I only intend on living in it for 12 months and using it as a holiday home then rent it out after that but that could easily change.

Thanks for any advice given here

 

[see_change]

Read a few of the recent posts on Brisbane . I've seen Gold coast coming up mentioned.

Many people on the forum are buying up there now or have done so recently.

Sydney's jumped . Brisbane historically follows.

Gold coast is a bit of a roller coaster ride historically but from general chat seems to be somewhere people are looking at now.

Cliff

 

[Rolf Latham]

I only intend on living in it for 12 months and using it as a holiday home then rent it out after that but that could easily change.

Hiya

Seeing you are looking to make the place an Investment property, ensure the loan is interest only with an offset acct for at least some of the money.

Select your lender and product carefully because the lenders mortgage insurance cost will mean it will be pricey to move


ta
rolf

 

[Terry_w]

My advice is to learn about tax and especially deductibility of interest. Look at the 6 year rule, s 118-145 ITAA97 and use it to your advantage.

Since this will be your first property borrow 100%, live in it establish it as the main residence so that you can later move out with all the interest deductible and be able to claim everything yet avoid CGT.