All Topics / Help Needed! / NEED HELP ON INVESTING IN MELBOURNE PROPERTY

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  • Profile photo of dangermouse99dangermouse99
    Participant
    @dangermouse99
    Join Date: 2004
    Post Count: 88
    August 23, 2004 - 10:07 am

    Hi.
    I have just moved to Melbourne from Gosford on the NSW Central Coast. Im looking to invest in Melbourne, but not sure where to Invest exactly as im new here. I have been looking around Ballarat as its a big town, with good infrastructure and not too far from Melb CBD and prices are cheap. Im also needing advice with finances as well, which way to go.
    I feel i might be able to purchase two place in the next 12 months.
    * I have about $50,000 cash for deposit
    * I also have equity of about $100,000 from my unit i own in Gosford
    * Its worth $400,000, I owe $288,000, I pay $860.00 a fortnight and get rent of $440 a fortnight, (25yr loan) so its heavily negative geeared but its a great place 100m to beach and close to ALL infrasturcture so i think its worth it.
    So waht i was thinking is use the $50,000 for 1st deposit and use equity for next property after that, i want to have a interest only loan as well.Im going to conatct a mortgage broker for the best deal
    Is this feasible???? Please help!!!!

    Profile photo of geogeo
    Member
    @geo
    Join Date: 2003
    Post Count: 1,194
    August 23, 2004 - 10:39 am

    yes its feasible – also contacting a morgage broker is a good idea…

    I thought it highly unlikely to find anything in Melbourne that is +CF until you mentioned Ballarat – even this town is quite hard. many investors are selling up. But don’t let this deter you…your on the right path.

    I would suggest Sheppartown and the surrounding towns of Shepparton (ie. Numurkah) – good investments there.

    Id try using the 50k u have as deposits for 2 properties rather than using the equity in your other property straight away.
    kind Regards,
    George.

    I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913
    August 23, 2004 - 11:37 am

    Hi Dangermouse & Welcome to the forum,
    Depending on your circumstances and your investing criteria both now & into the future I’m not sure if using the $50K is such a great Idea,

    need more information regarding, current lender/rates/product, Current or any planned future non-deductible debt etc.

    Regards
    Steven
    Mortgage Broker

    [email protected]
    http://www.mobilemortgagemarket.com.au
    Ph:1800 820 500
    VICTORIA

    PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

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