So recently I went to talk to a mortgage broker to get a better idea of my borrowing limits and where I'm tracking in relation to deposit and upfront costs. I could borrow over $500k but I'm ideally looking for properties closer to $400k and under.
For a $400k property, I have enough money saved up to purchase a property if I purchase as a PPOR and claim the available grants and concessions, but not enough to purchase an equivalent valued property as an investment (I currently have enough for approx $250k). At the current rate I'm saving, I will have enough for a $400k investment plus buffer in about nine months. Parents are against being guarantors as they have just undertaken a property development that was way over budget.
Now here's the interesting bit, I don't want to buy a PPOR in Gladstone because it is likely that I will end up relocating as part of my job in a year or so anyway, nor do I see the market improving any time soon in Gladstone due to the amount of new housing supply under construction.
What would people do? I'm currently considering purchasing an investment in an established area of either Mackay (Inner north) or Brisbane's northside (the stretch between Kedron east through to Nundah). Preferably something well balanced with reasonable capital growth prospects and reasonable yields. Rocky is on the radar too.
Am I overlooking my own backyard, overlooked some potential options maybe? $250k could get me units, not houses, but if I go half way to about $350k then my options might open up a bit more.
For a $400k property, I have enough money saved up to purchase a property if I purchase as a PPOR and claim the available grants and concessions, but not enough to purchase an equivalent valued property as an investment (I currently have enough for approx $250k). At the current rate I'm saving, I will have enough for a $400k investment plus buffer in about nine months. Parents are against being guarantors as they have just undertaken a property development that was way over budget.
Now here's the interesting bit, I don't want to buy a PPOR in Gladstone because it is likely that I will end up relocating as part of my job in a year or so anyway, nor do I see the market improving any time soon in Gladstone due to the amount of new housing supply under construction.
What would people do? I'm currently considering purchasing an investment in an established area of either Mackay (Inner north) or Brisbane's northside (the stretch between Kedron east through to Nundah). Preferably something well balanced with reasonable capital growth prospects and reasonable yields. Rocky is on the radar too.
Am I overlooking my own backyard, overlooked some potential options maybe? $250k could get me units, not houses, but if I go half way to about $350k then my options might open up a bit more.
