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From: Anonymous
Hi there,
Been reading forum some time now and learning heaps. I am a low income earner and live in Melbourne Eastern suburbs. I have a $15,000 deposit at the moment and was wondering if I should buy an IP now or wait. I don't have any IP's and don't own my own home. The dilemma I have is will real estate substantially go up(or down) in next 1-2 years. I'd like to save more but I'm not sure whether we're going to have another boom, like we have in the last 2 years. If so, I don't think I'll ever be able to buy an IP. On the other hand, if prices remain steady(or even fall, I wish) over the next few years, I will have a nice deposit and will pay less interest. As I'm a low income earner negative gearing won't help me much either. Looking at borrowing about $190-200k. Crystal ball anyone?
Hi there,
Been reading forum some time now and learning heaps. I am a low income earner and live in Melbourne Eastern suburbs. I have a $15,000 deposit at the moment and was wondering if I should buy an IP now or wait. I don't have any IP's and don't own my own home. The dilemma I have is will real estate substantially go up(or down) in next 1-2 years. I'd like to save more but I'm not sure whether we're going to have another boom, like we have in the last 2 years. If so, I don't think I'll ever be able to buy an IP. On the other hand, if prices remain steady(or even fall, I wish) over the next few years, I will have a nice deposit and will pay less interest. As I'm a low income earner negative gearing won't help me much either. Looking at borrowing about $190-200k. Crystal ball anyone?
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