I am trying to figure out when is the best time to buy a house, for my situation. My situation is thus...
I am looking for my first property and am currently earning 40K but am starting a new job in two weeks in which I will be earning 50K, as my base salary. Now I have already had pre-approvalto borrow about 230K in my current role - based on a fixed rate. I figure in my new role I will be able to borrow maybe 50K more allowing me to buy something a bit better.
I want to buy something to live in and my problem is that I am renting at the moment and the lease runs out in December. This doesn't give me much time to buy, considering the amount of time settlements take.
So I am thinking I will have to rent for another 6 months or so then buy something, OR buy something in the next few months and perhaps rent it out. I want to get the first home buyers grant, which means I am supposed to live in it for 6 months of the first year. So hence my confusion! Just wanting people's thoughts.
I am looking for my first property and am currently earning 40K but am starting a new job in two weeks in which I will be earning 50K, as my base salary. Now I have already had pre-approvalto borrow about 230K in my current role - based on a fixed rate. I figure in my new role I will be able to borrow maybe 50K more allowing me to buy something a bit better.
I want to buy something to live in and my problem is that I am renting at the moment and the lease runs out in December. This doesn't give me much time to buy, considering the amount of time settlements take.
So I am thinking I will have to rent for another 6 months or so then buy something, OR buy something in the next few months and perhaps rent it out. I want to get the first home buyers grant, which means I am supposed to live in it for 6 months of the first year. So hence my confusion! Just wanting people's thoughts.