Hi All,
First Post, but I've been reading the forum for a while. Massive pool of knowledge here.
I'm looking for some advice and, I guess, reassurance. I'm 26 and looking to get into the Property Market.
I'd like to be able to utilise the first homeowners grant, buy something close to land value,
then use the grant to fix it up a bit and hopefully increase the equity in the property so I can refinance, then buy an IP. How does that strategy sound ?
The next question is, what suburb in Melbourne could I buy a property that is close to land value without living 100 kms away from the city.
This raises the most important question - how much would a bank give us.
I guess this depend on our finanical situation, right?
Well, that doesn't look good:
- My wife and I just consolidated a whole bunch of debts (car,credit card,University Loans Ahhhhh!) into a 35,000 personal loan.
- our combined income is about $65K per year, but this should (please God) increase over the next few years
- we have very little savings (~2000) (I just spent $4500 of my own savings doing an Options Trading Course - worth it though!)
Should we concentrate on paying off the personal loan as soon as possible - this would however limit the amount of money we can save as a deposit?
Is it best to save as much deposit as possible, or only say 5 or 10% and just get into the market.
I can't help but feel if we don't get into a property soon, the banks will start asking us questions like,
what the hell have you been spending your money on over the past 6 years (pretty valid question really!)
Hit me hard with advice, critisism etc - I can take it.
Cheers
Noel.
First Post, but I've been reading the forum for a while. Massive pool of knowledge here.
I'm looking for some advice and, I guess, reassurance. I'm 26 and looking to get into the Property Market.
I'd like to be able to utilise the first homeowners grant, buy something close to land value,
then use the grant to fix it up a bit and hopefully increase the equity in the property so I can refinance, then buy an IP. How does that strategy sound ?
The next question is, what suburb in Melbourne could I buy a property that is close to land value without living 100 kms away from the city.
This raises the most important question - how much would a bank give us.
I guess this depend on our finanical situation, right?
Well, that doesn't look good:
- My wife and I just consolidated a whole bunch of debts (car,credit card,University Loans Ahhhhh!) into a 35,000 personal loan.
- our combined income is about $65K per year, but this should (please God) increase over the next few years
- we have very little savings (~2000) (I just spent $4500 of my own savings doing an Options Trading Course - worth it though!)
Should we concentrate on paying off the personal loan as soon as possible - this would however limit the amount of money we can save as a deposit?
Is it best to save as much deposit as possible, or only say 5 or 10% and just get into the market.
I can't help but feel if we don't get into a property soon, the banks will start asking us questions like,
what the hell have you been spending your money on over the past 6 years (pretty valid question really!)
Hit me hard with advice, critisism etc - I can take it.
Cheers
Noel.