first-time buyer in australia

[ebanster]

Hi all,

I've heard that this is the perfect forum for property investment, especially for first-time buyer like me.
I just moved to Sydney last month together with my wife with a Permanent Resident status.
Currently, I am earning 10k a month (tax inclusive) and has a 40k savings.

Instead of renting a 500/w flat, I am inclined in buying my own. I believe the govt will lend me around 7k as I am a first-time buyer.
I am looking around the Wolli Creek area. I plan to shop for 1-2 bedroom flats in the next 3-6 months. As such, I hope I will get some answers regarding my questions below:
- Is it a good place to invest?
- Will banks lend me money since I just opened my bank account last month? All I have are bank statements from my previous bank in Singapore.
- Is it good to engage a mortgage broker?
- What are the other charges I need to consider (sTrata fees, council rates, stamp duty, etc)
- What is a superannuation loan? Can I use that?

I apologize if there were similar posts already. Either I don't want to hijack their threads or I didn't have much time to dig up some old posts.

Thanks in advance for those willing to respond

 

[Deltaberry]

The A$ is high, can't see how it's a perfect time for investment here...

The local property market is shaky at the moment. Even if all the doomsayers were proven wrong and the market edged up another 10% say over 5 years (which most people will tell you is the most optimistic scenario), chances are over a span of 5 years you'd lose 20% in your currency (are you kidding me if you can't seeh the A$ correcting from $1.06 back to 85c?)

 

[Propertunity]

- Is it a good place to invest?

Yes, IMO.

- Is it good to engage a mortgage broker?

Yes, the credit markets and products and rules change frequently and good MB's stay on top of it all.

- What are the other charges I need to consider (sTrata fees, council rates, stamp duty, etc)

When purchasing there is stamp duty, loan application fees, valuation fees, and conveyancer/solicitor fees for doing the conveyancing, and a Buyer's Agent fee (if you are using one).
Running costs will be strata fees (if you're buying a unit), council rates, water rates.

- What is a superannuation loan? Can I use that?

You can only use that if you have a Self Managed Super Fund (SMSF).

 

[ebanster]

The A$ is high, can't see how it's a perfect time for investment here...

The local property market is shaky at the moment. Even if all the doomsayers were proven wrong and the market edged up another 10% say over 5 years (which most people will tell you is the most optimistic scenario), chances are over a span of 5 years you'd lose 20% in your currency (are you kidding me if you can't seeh the A$ correcting from $1.06 back to 85c?)

actually, i'm planning to stay at the unit. sorry if i have confused it with "investment". yes, i would think of it as a liability but i'd rather pay for something i own than putting my monies to waste (read: rental fee). i also saw some articles that 1st quarter 2012 is a good period to buy a flat.

 

[ebanster]

Yes, IMO.
Yes, the credit markets and products and rules change frequently and good MB's stay on top of it all.
When purchasing there is stamp duty, loan application fees, valuation fees, and conveyancer/solicitor fees for doing the conveyancing, and a Buyer's Agent fee (if you are using one).
Running costs will be strata fees (if you're buying a unit), council rates, water rates.
You can only use that if you have a Self Managed Super Fund (SMSF).

thanks for this! appreciate it

 

[Ed Barton]

the government don't lend you 7k they GIVE you 7k!

 

[virgo]

Wolli Creek

Hi Ebanster

Funny, i know quite a few Singaporeans and Malaysians and they ain't staying in Wolli Creek............

Trust me, when the little ones arrive, if you are a true blue Singaporean, you will NOT be staying at Wolli Creek...think ahead and think schools....