Hi All,
First time user of the forum and in the process of buying my first IP in Melbourne. My financial situations are:
Income - 100K pa. Can spare 2.5K per month for interest payment, etc.
Savings - 110K in cash, 95K in term deposit, mature in Oct.
Obtained a pre-approved bank loan of 400K (80% of IP).
As I don't have any experience in this area, I would like to play save and not over-extending my financial situation. Personally, I would like to buy something to maximise CG in a location with good piblic transport, ie within walking distance to a train station. Currently looking at a mid 70s 2BR villa unit in Surrey Hills with basic renovation done on kitchen and bathroom, quite street, good aspect, LUG for 450K.
Any thoughts, comments, advice?
Thanks in advance.
Yan
First time user of the forum and in the process of buying my first IP in Melbourne. My financial situations are:
Income - 100K pa. Can spare 2.5K per month for interest payment, etc.
Savings - 110K in cash, 95K in term deposit, mature in Oct.
Obtained a pre-approved bank loan of 400K (80% of IP).
As I don't have any experience in this area, I would like to play save and not over-extending my financial situation. Personally, I would like to buy something to maximise CG in a location with good piblic transport, ie within walking distance to a train station. Currently looking at a mid 70s 2BR villa unit in Surrey Hills with basic renovation done on kitchen and bathroom, quite street, good aspect, LUG for 450K.
Any thoughts, comments, advice?
Thanks in advance.
Yan