Advice Please

[f4j]

Thanks guys, would feel more comfortable borrowing max $200-$230k so my option would probably only be a unit.

I bought a three bed, two bath with a big yard two minutes drive from a shopping center, local pool and three schools for 178k in January.

The only downside is its in Melton, I really don't want to live there but I bought within my means and I'm not struggling. My plan is to pay it off or a good portion within 7-8 years and them borrow against it to get my first IP.

The housing crisis is ********, buy what you can afford be it a unit or something in the burbs and work up from there.

 

[jasper]

Buy a house, get your FHOG, and get out of your parents house!!! If my kids are at home at 30, all there stuff will be on the front lawn!

 

[SupaRex]

I'll be 30 in November, and I'll still be at home!

 

[Zhouse01]

I'll be 30 in November, and I'll still be at home!

ummm congrats

 

[BayView]

I'll be 30 in November, and I'll still be at home!

TRAGIC.

 

[jaycee]

wow everyone has an opinion who knew.....

 

[Qlds007]

AB

With the announcement of the increase in the FHOG yesterday why not condider buying a property which for all intense and purposes will be a PPOR in which you can claim the $14,000 Grant and also the Stamp Duty concession for your first home.

Structure the loan in such a manner than you can borrow the maximum LVR and then once you have satisfied the FHOG and Stamp Duty requirements regarding occupancy move out again and convert the loan to an IP.

Depending on the overall purchase price you might find that you dont need to utilise any of your savings and can use this down the track.

 

[AdamP]

I think buying your own home is the best start. How would you know what to expect from an investment property if you have never maintained a house before. (cashflow with repayments, rates, repairs etc). Well I suppose you could do research, but getting in there is the best way. Also you can eventually turn that into an investment property later.

Upon saying that I would strongly consider you get a financial planner or go through it yourself to determine your cashflow and how much you would need to put aside to buy an investment property in the future.

You will be suprised at how quickly a house can take all your cash flow.

Save and invest, its better in the long run than fancy leather couches and a huge LCD TV on store credit.

Oh, and I also agree with Qlds007. The first home owners grant is quite considerable, and an excellent way to use the governments money to get into the property market.