Hi all,
Firstly, what a great forum! There's a wealth of knowledge here!
After reading a lot of property investment magazines, I'm looking to buy my first investment property in Melbourne. Now that (I think) I've understood all the technical jargon and procedures, I want to take the first leap
We're a newly married couple (no kids), I'm the sole income, roughly 100K p/year, and have a loan of about $330,000 on our PPOR. Original loan amount was initially 380K, so we're ahead.
Baring in mind I'm a total newbie to all of this (hence some questions may sound stupid):
- How risky is it to invest using the equity on the PPOR?
- If you use equity on your house, does that effect the portion of loan that I've already paid off?
- The golden question:
Any tips on where to buy in Melbourne for a first time investor? I know anything close to the city is good (i.e. Brunswick, Coburg, Moreland), but I don't want to risk it too much yet.
Hence, looking at an entry level property, in the low 300K mark. I was looking around Melton (Brookfield) area, but I'm not sure if there's an oversupply of new housing there. Vacancy rates are at 5% (too high?) and about 960 houses on the market in that area.
Any other areas to look at?
Thanks all,
Oz
Firstly, what a great forum! There's a wealth of knowledge here!
After reading a lot of property investment magazines, I'm looking to buy my first investment property in Melbourne. Now that (I think) I've understood all the technical jargon and procedures, I want to take the first leap
We're a newly married couple (no kids), I'm the sole income, roughly 100K p/year, and have a loan of about $330,000 on our PPOR. Original loan amount was initially 380K, so we're ahead.
Baring in mind I'm a total newbie to all of this (hence some questions may sound stupid):
- How risky is it to invest using the equity on the PPOR?
- If you use equity on your house, does that effect the portion of loan that I've already paid off?
- The golden question:
Any tips on where to buy in Melbourne for a first time investor? I know anything close to the city is good (i.e. Brunswick, Coburg, Moreland), but I don't want to risk it too much yet.
Hence, looking at an entry level property, in the low 300K mark. I was looking around Melton (Brookfield) area, but I'm not sure if there's an oversupply of new housing there. Vacancy rates are at 5% (too high?) and about 960 houses on the market in that area.
Any other areas to look at?
Thanks all,
Oz