History first:
I'm recent migrant moved to Sydney. Now working for past 6 months as full time. Got a Pre loan approval for 420 K which i believe can bump later with another 6 months in service.
Facts:
We are young couple with a 1 year baby. And my month income after tax is @ 6000 where we are currently renting a 1BHK unit in North Ryde at @ 1500. Which we are comfortable with. I'm currently working in North Ryde area. And also education is most important to my kids, so was looking at the kellyville high school which was reported good. Have a cash of 30 K towards the loan deposit.
Mega plan:
Planning to buy a home with low investment cost North West area. Where i will try to take advantage of the govt grant 15k and less stamp duty. Will try for 20 % to avoid LMI if less then will buy along without 20 %.
I like to pay around 2000 -2500 EMI towards the loan , so i was looking at the property at ponds for a 2 bedder at 3.85 which is sold by the ponds themselves. Where i will be paying only 2000/month towards the loan for 350K. And no extra cost towards strata or other community fee
But my dilemma is what happens in few years when the family gets bigger, might need a extra bedroom. So i was also looking to buy a land in the same area in kellyville or ponds.
KellyVille Land http://www.realestate.com.au/property-residential+land-nsw-kellyville-2883567
question to experts:.
1.if i buy land in ponds/kellyville. So how much it does cost to build a basic three bedder ? in that area.
2. I like to go with the basic to cut the extra cost such as drive way or blinds. which i can do it though a third party , hoping to be less .
3. if i buy a 2 bedder with ponds with the land area around 200 mts with the build up area of 102 sq mts. can i add another bedder with council approval after few years ?
Future:
May be they might have a rail in next 10 years so that i can come in public transport to work in Ryde.
Hopefully to get a property appreciation on next 10 years.
Note:
The 2 bedder in ponds was sold in 340 K in april now 385 which i din't get lucky. next release was slated next year with price of 410K, which im hoping to buy.
Or is there a problem in the Mega plan ??
May be i'm asking too many in single thread
I'm recent migrant moved to Sydney. Now working for past 6 months as full time. Got a Pre loan approval for 420 K which i believe can bump later with another 6 months in service.
Facts:
We are young couple with a 1 year baby. And my month income after tax is @ 6000 where we are currently renting a 1BHK unit in North Ryde at @ 1500. Which we are comfortable with. I'm currently working in North Ryde area. And also education is most important to my kids, so was looking at the kellyville high school which was reported good. Have a cash of 30 K towards the loan deposit.
Mega plan:
Planning to buy a home with low investment cost North West area. Where i will try to take advantage of the govt grant 15k and less stamp duty. Will try for 20 % to avoid LMI if less then will buy along without 20 %.
I like to pay around 2000 -2500 EMI towards the loan , so i was looking at the property at ponds for a 2 bedder at 3.85 which is sold by the ponds themselves. Where i will be paying only 2000/month towards the loan for 350K. And no extra cost towards strata or other community fee
But my dilemma is what happens in few years when the family gets bigger, might need a extra bedroom. So i was also looking to buy a land in the same area in kellyville or ponds.
KellyVille Land http://www.realestate.com.au/property-residential+land-nsw-kellyville-2883567
question to experts:.
1.if i buy land in ponds/kellyville. So how much it does cost to build a basic three bedder ? in that area.
2. I like to go with the basic to cut the extra cost such as drive way or blinds. which i can do it though a third party , hoping to be less .
3. if i buy a 2 bedder with ponds with the land area around 200 mts with the build up area of 102 sq mts. can i add another bedder with council approval after few years ?
Future:
May be they might have a rail in next 10 years so that i can come in public transport to work in Ryde.
Hopefully to get a property appreciation on next 10 years.
Note:
The 2 bedder in ponds was sold in 340 K in april now 385 which i din't get lucky. next release was slated next year with price of 410K, which im hoping to buy.
Or is there a problem in the Mega plan ??
May be i'm asking too many in single thread