So with the government scrapping the free stamp duty for first homes I may need to push my plans to buy an ip sooner.
This is my current situation
70k salary, 180k savings, 20k in fhsa.
The original plan was to buy the property as a ppor and make use of the saved stamp duty, live in the place for 6 months, fix it up if need be, and then convert it into a ip.
The bank will loan me 300- 350k.
So I have the option of buying a 400k - 500k house in the lidcombe area or more west or I have the option of a 400k 2bedroom apartment in the inner west.
Are there other areas I should be investigating? I am not sure how feasible my plan is. I have heard some people comment that one should borrow as much from the bank as possible.
This is my current situation
70k salary, 180k savings, 20k in fhsa.
The original plan was to buy the property as a ppor and make use of the saved stamp duty, live in the place for 6 months, fix it up if need be, and then convert it into a ip.
The bank will loan me 300- 350k.
So I have the option of buying a 400k - 500k house in the lidcombe area or more west or I have the option of a 400k 2bedroom apartment in the inner west.
Are there other areas I should be investigating? I am not sure how feasible my plan is. I have heard some people comment that one should borrow as much from the bank as possible.