Hi Guys,
Im new on the forum, this is my first post, the first of many i would hope
Im a young guy (young 20's) and Im looking to get into IP in the close future.
Like many people my age who are interested in IP, saving enough for a deposit is often the first hurdle.
The dilemma is: how aggressively should i be saving for a deposit?
Reports in the media suggested a slowing market and rising interest rates slowing down the rise in housing price growth. I've been afraid that I will forever be playing the catch-up game (as housing prices grow, so does the deposit required by the banks).
So upon hearing the news, Im thinking to myself: "This is great, the slowing market can give me a bit of breathing space to save for a deposit. I can take a bit longer, and the prices will not have jumped as dramatically as they did in the 2006-2007 period"
Is this the wrong mentality to have? Or should I save as aggressively as I can and get my foot into the market within 12-18 months? Will the market have changed within that time period?
(P.S. currently Im currently putting away 75% of my earnings into a savings account for the deposit)
Im new on the forum, this is my first post, the first of many i would hope
Im a young guy (young 20's) and Im looking to get into IP in the close future.
Like many people my age who are interested in IP, saving enough for a deposit is often the first hurdle.
The dilemma is: how aggressively should i be saving for a deposit?
Reports in the media suggested a slowing market and rising interest rates slowing down the rise in housing price growth. I've been afraid that I will forever be playing the catch-up game (as housing prices grow, so does the deposit required by the banks).
So upon hearing the news, Im thinking to myself: "This is great, the slowing market can give me a bit of breathing space to save for a deposit. I can take a bit longer, and the prices will not have jumped as dramatically as they did in the 2006-2007 period"
Is this the wrong mentality to have? Or should I save as aggressively as I can and get my foot into the market within 12-18 months? Will the market have changed within that time period?
(P.S. currently Im currently putting away 75% of my earnings into a savings account for the deposit)