Hi,
I'm currently renting a town house in Bendigo, Vic with my partner and received a call from the PM advising me that the house is going to be put on the market soon and an appraisal will be done this coming Tuesday.. I'm pretty happy with this place and it is in a great area so I'm thinking about buying it ( for the right price )...
I'm pretty much starting from scratch, I've done a little research on property investing etc but never looked seriously into actually buying something... I would have to live in the place for at least 6months as I'd be eligible for the grant and then either buy again depending on how things are going..
What type of bank loan would suit this until I started leasing the property. Should I get a P&I loan to start with and then change over to a IO once I move tenants in? I'd only be able to go with 95% loan as this time, But would be able to pay repayments plus some with ease. And there are also a few little things I could do with the property to get the value up.
Should I notify the real estate that I may be interested in buying the property or just wait untill they come up with a figure?
What yearly fees are associated with town houses, Ie rates, body corp etc etc....
How does the THBG work, can I use that as part of my deposit?
And finally, How do I ensure the property is a good investement? It's pretty hard to get into rentals down here atm, I've hear people are paying above asking price just to get into something!
I'm currently renting a town house in Bendigo, Vic with my partner and received a call from the PM advising me that the house is going to be put on the market soon and an appraisal will be done this coming Tuesday.. I'm pretty happy with this place and it is in a great area so I'm thinking about buying it ( for the right price )...
I'm pretty much starting from scratch, I've done a little research on property investing etc but never looked seriously into actually buying something... I would have to live in the place for at least 6months as I'd be eligible for the grant and then either buy again depending on how things are going..
What type of bank loan would suit this until I started leasing the property. Should I get a P&I loan to start with and then change over to a IO once I move tenants in? I'd only be able to go with 95% loan as this time, But would be able to pay repayments plus some with ease. And there are also a few little things I could do with the property to get the value up.
Should I notify the real estate that I may be interested in buying the property or just wait untill they come up with a figure?
What yearly fees are associated with town houses, Ie rates, body corp etc etc....
How does the THBG work, can I use that as part of my deposit?
And finally, How do I ensure the property is a good investement? It's pretty hard to get into rentals down here atm, I've hear people are paying above asking price just to get into something!