Hi all!
I'm very new to the housing market however am extremely keen on moving out of home away from my parents for at least 6 months to take advantage of First home buyers grant and the independence in general.
Now a bit of info about myself, suburbs of interest and budget before I get into my dilemma...
Nice to haves:
- I work in the CBD (bourke st) so would like to ideally move as close to the city but not within CBD.
- Walking distance to modes of transport i.e. train station or tram
- 1 car parking spot
Suburbs of interest:
- Apartment: Richmond, Hawthorn, South Yarra, South Melbourne
- House: Blackburn, Burwood, Forest hill, Thornbury, Preston
Budget:
- $400-500k
- I currently have an income of $77k p/a salary with approximately $100k in the bank for a deposit.
- Looking at purchasing my first home/investment this year.
Now initially I was targeting apartments in the suburbs of interest outlined above however when talking to fellow property investors and co-workers I was advised that it was not a good idea for first purchase and that I am better off purchasing a house/home for significantly greater tax reduction when rented out and capital gains.
Since the advice was provided I have been looking at suburbs within 10-15kms from the CBD.
Now I just want to set something straight about the situation from what my colleagues have unanimously said is a bad idea.
What are your thoughts on an apartment as first home/investment?
Secondly, I've read about people borrowing a certain amount e.g. 300k from bank and then offsetting this with another 300k. Can anyone explain the negatives of using this 'offset' concept?
Sorry for basically asking to be spoon-fed information, however I will do my best to attend meet ups and read/research more. The very concept of moving out and owning my own property/apartment is very exciting to me
Thanks
I'm very new to the housing market however am extremely keen on moving out of home away from my parents for at least 6 months to take advantage of First home buyers grant and the independence in general.
Now a bit of info about myself, suburbs of interest and budget before I get into my dilemma...
Nice to haves:
- I work in the CBD (bourke st) so would like to ideally move as close to the city but not within CBD.
- Walking distance to modes of transport i.e. train station or tram
- 1 car parking spot
Suburbs of interest:
- Apartment: Richmond, Hawthorn, South Yarra, South Melbourne
- House: Blackburn, Burwood, Forest hill, Thornbury, Preston
Budget:
- $400-500k
- I currently have an income of $77k p/a salary with approximately $100k in the bank for a deposit.
- Looking at purchasing my first home/investment this year.
Now initially I was targeting apartments in the suburbs of interest outlined above however when talking to fellow property investors and co-workers I was advised that it was not a good idea for first purchase and that I am better off purchasing a house/home for significantly greater tax reduction when rented out and capital gains.
Since the advice was provided I have been looking at suburbs within 10-15kms from the CBD.
Now I just want to set something straight about the situation from what my colleagues have unanimously said is a bad idea.
What are your thoughts on an apartment as first home/investment?
Secondly, I've read about people borrowing a certain amount e.g. 300k from bank and then offsetting this with another 300k. Can anyone explain the negatives of using this 'offset' concept?
Sorry for basically asking to be spoon-fed information, however I will do my best to attend meet ups and read/research more. The very concept of moving out and owning my own property/apartment is very exciting to me
Thanks