Hello everyone,
I'm a noob at all this but here goes. I would like some tips and hints or even what you might do if you were in my situation. Any ideas would be greatly appreciated.
I want to buy a property, i don't no if i should buy a PPOR or an IP, and what the best type of loan for my circumstances is IO or P&I and how much i should/could borrow safely with rates at around 9-10%
Alittle info about me to help you out! I'm 26, I live on the south coast of NSW, i have a stable job getting 50-60k a year.
I have 50k saved and can get the 7k government FHOG and another 10k FHOG through my job and there is no stamp duty. I can live off about $500 a fortnight give or take alittle, I'm debt free, no CC or car loan.
My father is a builder and i have alittle bit of experience in the building field with doing labouring for afew years so any renovations i think could be done relatively cheap.
My thoughts are that i should buy a PPOR to utilise all the FHOG i can get live in it for 6-12 months while renovating it alittle bit and maybe trying to get a workmate to move in with me. Then move out and rent while having that rented out. I don't want a loan for more then 300k but that's up to debate as i'm not really 100% sure how much i could borrow safely, i have used them bank calculators but they dont seem to factor in bills and what not.
Thanks alot for reading, and any tips and hints will be much appreciated.
Cheers.
I'm a noob at all this but here goes. I would like some tips and hints or even what you might do if you were in my situation. Any ideas would be greatly appreciated.
I want to buy a property, i don't no if i should buy a PPOR or an IP, and what the best type of loan for my circumstances is IO or P&I and how much i should/could borrow safely with rates at around 9-10%
Alittle info about me to help you out! I'm 26, I live on the south coast of NSW, i have a stable job getting 50-60k a year.
I have 50k saved and can get the 7k government FHOG and another 10k FHOG through my job and there is no stamp duty. I can live off about $500 a fortnight give or take alittle, I'm debt free, no CC or car loan.
My father is a builder and i have alittle bit of experience in the building field with doing labouring for afew years so any renovations i think could be done relatively cheap.
My thoughts are that i should buy a PPOR to utilise all the FHOG i can get live in it for 6-12 months while renovating it alittle bit and maybe trying to get a workmate to move in with me. Then move out and rent while having that rented out. I don't want a loan for more then 300k but that's up to debate as i'm not really 100% sure how much i could borrow safely, i have used them bank calculators but they dont seem to factor in bills and what not.
Thanks alot for reading, and any tips and hints will be much appreciated.
Cheers.