I am looking for some advice, I have booked some time with a financial advisor but I believe multiple opinions are better. Hope someone can offer some advice!
I have no savings, I have been 'saving into my mums mortgage'. I am 26. Single.
At the moment I clear 2900 a month after my super contribution (100$!) comes out. Pay rise soon too, yay. My rent in an inner Sydney studio is 900$ a month. I can walk to work in 20 minutes, and I really don't want to give that up. I only have electricity and mobile phone as expenses.
I have considered buying a 2br unit out in Lakemba, Auburn, or Wiley Park. Ultimately I don't want to pay more than 160k and it needs to be on a train line. I don't care what I live in. Dingy little crampholes are fine. The reason why I need something so cheap is because I need to continue paying my mums mortgage - 1000$ a month covers her safely. She has 160k left on it - after a few refinances for stuff - a very lucky story buying in Kwinana in WA and mmm.. house and land was 140k, and 3 years later BOOM the house is valued at 350k+. Good on you train line
I am eligible for first home buyers, but the living there thing is bad. I considered buying property and not living there, but its hard to give up a "free" 7k.
As I see it I have 6 options.
1) buy & move out to Lakemba for a year
2) Pump money into my moms mortgage and pay it off heaps early
3) Buy investment property and not live in it. Rent it out.
4) look at other investment options, shares etc?
5) save save save.
6) combo of the above.
I am frustrated with where I am now, and want to get started on my own financial future. Any advice would be appreciated.
I have no savings, I have been 'saving into my mums mortgage'. I am 26. Single.
At the moment I clear 2900 a month after my super contribution (100$!) comes out. Pay rise soon too, yay. My rent in an inner Sydney studio is 900$ a month. I can walk to work in 20 minutes, and I really don't want to give that up. I only have electricity and mobile phone as expenses.
I have considered buying a 2br unit out in Lakemba, Auburn, or Wiley Park. Ultimately I don't want to pay more than 160k and it needs to be on a train line. I don't care what I live in. Dingy little crampholes are fine. The reason why I need something so cheap is because I need to continue paying my mums mortgage - 1000$ a month covers her safely. She has 160k left on it - after a few refinances for stuff - a very lucky story buying in Kwinana in WA and mmm.. house and land was 140k, and 3 years later BOOM the house is valued at 350k+. Good on you train line
I am eligible for first home buyers, but the living there thing is bad. I considered buying property and not living there, but its hard to give up a "free" 7k.
As I see it I have 6 options.
1) buy & move out to Lakemba for a year
2) Pump money into my moms mortgage and pay it off heaps early
3) Buy investment property and not live in it. Rent it out.
4) look at other investment options, shares etc?
5) save save save.
6) combo of the above.
I am frustrated with where I am now, and want to get started on my own financial future. Any advice would be appreciated.