Hi everyone, I would be grateful if anyone has any advice on our situation please.
We are a mid twenties couple who currently own no property, have no children and have a combined income of $160,000. My partner is military so we live in a DHA house which we absolutely love, it is in one of most pleasant suburbs of Canberra, right near the city and costs $217 a week (ignore the username, we posted here early this year ). If I could buy it, I would, I absolutely love living here and don't want to leave.
We have saved $100,000 and have no debt. We share a car worth $5k. We cannot invest in Canberra without loosing our DHA house, in that if we purchase a suitable property in our posting location we are expected to live in it. Suitable to DHA means any type of property at the moment because we dont have any children, so purchasing a unit here would mean having to move into it, which we cant because we have two dogs.
However, if we do buy a house in Canberra and live in it we are eligable for Defence Home Owners Assistance Scheme which is a payment of approximately $280 a month towards our mortgage, going up to $420 in 2012. DOHAS can be accessed through either one of the Defence Credit Unions or the NAB. I think the current fixed interest rate offered is 7.5%. The only condition is that we occupy the house for a minimum of 12 months.
As we have access to a home through DHA for very littler per week, I always thought it would be best to occupy that and buy an investment property outside of our posting location. Does anyone have any advice??
Buy a PPOR here in Canberra and utilise DOHAS payments or use our money to purchase an investment property outside of Canberra and stay living in our cheap house?
Many thanks
We are a mid twenties couple who currently own no property, have no children and have a combined income of $160,000. My partner is military so we live in a DHA house which we absolutely love, it is in one of most pleasant suburbs of Canberra, right near the city and costs $217 a week (ignore the username, we posted here early this year ). If I could buy it, I would, I absolutely love living here and don't want to leave.
We have saved $100,000 and have no debt. We share a car worth $5k. We cannot invest in Canberra without loosing our DHA house, in that if we purchase a suitable property in our posting location we are expected to live in it. Suitable to DHA means any type of property at the moment because we dont have any children, so purchasing a unit here would mean having to move into it, which we cant because we have two dogs.
However, if we do buy a house in Canberra and live in it we are eligable for Defence Home Owners Assistance Scheme which is a payment of approximately $280 a month towards our mortgage, going up to $420 in 2012. DOHAS can be accessed through either one of the Defence Credit Unions or the NAB. I think the current fixed interest rate offered is 7.5%. The only condition is that we occupy the house for a minimum of 12 months.
As we have access to a home through DHA for very littler per week, I always thought it would be best to occupy that and buy an investment property outside of our posting location. Does anyone have any advice??
Buy a PPOR here in Canberra and utilise DOHAS payments or use our money to purchase an investment property outside of Canberra and stay living in our cheap house?
Many thanks
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