Dear All
Firstly can I say what a wonderful site - I have read through this over the last few months and its given me some really good insight and motivation to read - have finished Jan Somers book and Steves book which was great!
I am not sure whether what I am going through currently is fear or lack of knowledge but would appreciate any advice
I have approx $60k save and know its time to do something with it rather than leaving it in the bank - property is my first choice.
Been to a MB who advises I can get a loan of $400k without a problem of servicing issues and using the FHOG I would be putting in very little as my thoughts are to set up an off-set account and do the loan IO - leaving in the balance in the off-set
I would like to buy in NOrth Sydney as that is where I live but the 2 bedroom units are now out of reach on what I wish to borrow - so next thought is 2 bedroom in the Lane Cove area - close to the village
Has any one got a view on this area - I am only familiar with the Crows Nest/North Syd and Lane Cove areas
I would ike to live in it initially - tied of paying $1,800 in rent each month with a view to making it an IP - once I have more savings in the off-set account and decide where I would actually like my first home to be.
- how do I know if this is a growth area?
- is a 2 bedroom unit in Lane Cove and better investment than a 1 bedder in Crows Nest? - I think it is but fear keeps stopping me from making any moves
Sorry for the long email - there is lots of other questions I have - trying to reduce the initial fear of just "doing it" - but would really appreciate some feedback if anyone is familiar with these areas.
Cheers
Miss M
Firstly can I say what a wonderful site - I have read through this over the last few months and its given me some really good insight and motivation to read - have finished Jan Somers book and Steves book which was great!
I am not sure whether what I am going through currently is fear or lack of knowledge but would appreciate any advice
I have approx $60k save and know its time to do something with it rather than leaving it in the bank - property is my first choice.
Been to a MB who advises I can get a loan of $400k without a problem of servicing issues and using the FHOG I would be putting in very little as my thoughts are to set up an off-set account and do the loan IO - leaving in the balance in the off-set
I would like to buy in NOrth Sydney as that is where I live but the 2 bedroom units are now out of reach on what I wish to borrow - so next thought is 2 bedroom in the Lane Cove area - close to the village
Has any one got a view on this area - I am only familiar with the Crows Nest/North Syd and Lane Cove areas
I would ike to live in it initially - tied of paying $1,800 in rent each month with a view to making it an IP - once I have more savings in the off-set account and decide where I would actually like my first home to be.
- how do I know if this is a growth area?
- is a 2 bedroom unit in Lane Cove and better investment than a 1 bedder in Crows Nest? - I think it is but fear keeps stopping me from making any moves
Sorry for the long email - there is lots of other questions I have - trying to reduce the initial fear of just "doing it" - but would really appreciate some feedback if anyone is familiar with these areas.
Cheers
Miss M