Here’s my situation - do we have any options to own a home?
Our current situation is as follows, we were saving for a reasonable deposit on a home when the GFC struck and we lost our savings…and the chance to get into the property market. We’re currently renting a 3 bedroom townhouse in Ormond (Melbourne) but realise that there’s no real way of owning in this areas as without a significant deposit the sort of loan we would require is just not feasible.
I’m now at a point where I realise that by not owning a home or at least an investment property we are leaving ourselves exposed in later years such as retirement when we will then have no choice but to continue renting.
So we find ourselves in our mid 30’s with one good income (the other on maternity leave) and no savings. I realise a family home is out of the question – mainly because we need to remain in or around the area we are currently renting in. That got me thinking, what about an investment property further out that we could one day move into in retirement when all we would need is a 2 bedroom and being in a particular area is not as critical.
My main thoughts/concerns:
No deposit, but reasonably good income
Not a lot of spare $$ each month to spend each month
Do 105% loans still exist for people with no equity in an existing property?
Are there any strategies I haven’t thought of that could be explored?
Would an investment apartment for eg taken on an interest only loan ever serve the purpose Im trying to achieve (ie. A paid of home in 30 years when we retire)
Our current situation is as follows, we were saving for a reasonable deposit on a home when the GFC struck and we lost our savings…and the chance to get into the property market. We’re currently renting a 3 bedroom townhouse in Ormond (Melbourne) but realise that there’s no real way of owning in this areas as without a significant deposit the sort of loan we would require is just not feasible.
I’m now at a point where I realise that by not owning a home or at least an investment property we are leaving ourselves exposed in later years such as retirement when we will then have no choice but to continue renting.
So we find ourselves in our mid 30’s with one good income (the other on maternity leave) and no savings. I realise a family home is out of the question – mainly because we need to remain in or around the area we are currently renting in. That got me thinking, what about an investment property further out that we could one day move into in retirement when all we would need is a 2 bedroom and being in a particular area is not as critical.
My main thoughts/concerns:
No deposit, but reasonably good income
Not a lot of spare $$ each month to spend each month
Do 105% loans still exist for people with no equity in an existing property?
Are there any strategies I haven’t thought of that could be explored?
Would an investment apartment for eg taken on an interest only loan ever serve the purpose Im trying to achieve (ie. A paid of home in 30 years when we retire)