Hi guys, I'm 23, living at home, have my first full time job out of uni earning ~55k with the potential to be 65-70k wage easily within the next 2 years (working in CBD)
I have saved about 60k as a deposit and am looking at a budget around 550-600k likely 1 bed apartment preferably North Sydney/Neutral Bay or Enmore/Stanmore/If-I'm-lucky Newtown. Ideally renting as close to as 500/w as possible.
Because I'm looking to possibly live in it within 2-3 years, I'm wondering, one, is this a good idea? A lot of my finance friends are saying buy a 2 bed unit around Parramatta, ideally with some land and just rent in say North Sydney when you want to move out. Two, a it may become PPOR would it be wise to split the loan say 30% P&I and 70% IO? (So that the equity build up and be used for another IP when I move in)
Basically, if this isn't the best strategy.. what should I be doing property wise with my current situation, for the most bang for buck with this 60k and my low overheads/good cash flow at the moment.
I have saved about 60k as a deposit and am looking at a budget around 550-600k likely 1 bed apartment preferably North Sydney/Neutral Bay or Enmore/Stanmore/If-I'm-lucky Newtown. Ideally renting as close to as 500/w as possible.
Because I'm looking to possibly live in it within 2-3 years, I'm wondering, one, is this a good idea? A lot of my finance friends are saying buy a 2 bed unit around Parramatta, ideally with some land and just rent in say North Sydney when you want to move out. Two, a it may become PPOR would it be wise to split the loan say 30% P&I and 70% IO? (So that the equity build up and be used for another IP when I move in)
Basically, if this isn't the best strategy.. what should I be doing property wise with my current situation, for the most bang for buck with this 60k and my low overheads/good cash flow at the moment.