buying first home



From: Anthony Arro

Hello everyone. My name is Anthony and I am a 29 year old school teacher. This is my first time on this forum and I am very excited to have already read of people who are planning for the financial futures of their families.

My wife and I are very excited as we have just acquired our first property for $96,000 with our own savings ($4800) plus the first home buyers grant.

Although it is not a castle (bottom quarter of market) it is a very low maintenance property in a nice area of town. It is currently tenanted for $150 per week. The lease runs out in August and my wife and I were planning to move into this property then. Would anyone have any advice on the following questions.

1. Is it feasible to make some improvements straight away on the property to increase its value and refinance the loan to start investing in other properties or pump money straight into the loan.

2. Should we let the $150 per week rent service the loan for the next 3 and a half months whilst we save another deposit for another investment property. Our combined gross earnings are $86,000 per year.

Thanks for any advice you may have.
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