So I'm 22 almost 23 and ready to buy my first property. Up until now I have been living at home. My girlfriend an I are going to move in and she will pay me rent (approx 150 a week) I want to buy a unit in cronulla For around 280k-330k. At the moment I only have $11200 saved but I'm saving around $600 a week. I want to buy around beginning of June and I've worked out with a little bit of extra money coming in due to working away for 2 weeks I will have around $23000
My income is around $67k before tax which works out as $1014 a week
my expenses are around $400 a week at the moment but will be reduced by $80 board when I move out
It's a 1 bed 1 bath 1 garage were looking for and my intention is to borrow against it in around 5 years and buy a house to live in and put this up for rent.
my questions are:
1. Is my deposit going to be enough? If I have 5 percent will I have to pay mortgage insurance? If so approx how much and will that be added to my loan?
2. Can I claim expenses on the unit from the day I put it on the market or is there a period I have to wait from when I move out?
3. Do you think cronulla is a good place to buy?
4. How much will I be looking at per week if I borrow 314000(330000-16000 deposit) on a 30 year paying principle and interest
5. Do you suggest interest only or priniple an interest?
6. Fixed or variable? And any suggestions for which bank to use? Nab is my everyday bank
any other tips are greatly appreciated! Thanx
My income is around $67k before tax which works out as $1014 a week
my expenses are around $400 a week at the moment but will be reduced by $80 board when I move out
It's a 1 bed 1 bath 1 garage were looking for and my intention is to borrow against it in around 5 years and buy a house to live in and put this up for rent.
my questions are:
1. Is my deposit going to be enough? If I have 5 percent will I have to pay mortgage insurance? If so approx how much and will that be added to my loan?
2. Can I claim expenses on the unit from the day I put it on the market or is there a period I have to wait from when I move out?
3. Do you think cronulla is a good place to buy?
4. How much will I be looking at per week if I borrow 314000(330000-16000 deposit) on a 30 year paying principle and interest
5. Do you suggest interest only or priniple an interest?
6. Fixed or variable? And any suggestions for which bank to use? Nab is my everyday bank
any other tips are greatly appreciated! Thanx