Hello,
I am 19 years of age looking to buy an extremely small unit very clsoe to my work. I work in the CBD and I work very long hours as I am a recruitment Consultant, so I really need somewhere close to work.
I have been looking around Broadway for $90K but I need to know what I will be in for with the finance?
How much deposit and so forth would you recomend?
I am very keen on investing and want to get some property’s down in Tasmania, but I think if I hold off on the portfolio and work a little bit harder I will make more money short term to use to invest. That is my logic anyways…
Appreciate all input.
Dave.
Hi Dave,
The required deposit will depend on the location & LVR this can be anywhere between 20% to 5%, keep in mind any loan over 80% of the purchase price will require LMI (lenders mortgage insurance) You will also need funds to cover the purchase costs, stamp duty legal fees etc,
If you are entitled to the FHOG, you may be able to contribute this towards the purchase costs, I suggest you contact a mortgage broker and have him or her explain the options available to you in more detail, cheers.Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Steven,
Thanks for the reply. I have looked at the stamp duty and so on and I think it will be around $2400 or there abouts. I think I am going to talk to some non-bank lenders and see what they say, but I need to start studying hard on resedential mortgages I think[biggrin]
Cheers,
Dave.Hello Dave
I think I know the units you are talking about. Beware, that they are very hard to sell, and there has been no capital growth there -ever. One of my friends bought one for about $100,000 about 6 years ago, she tried to sell it a few years ago and gave up.
There will be problems financing these as they are very small – less than 25 sq m. you are probably looking at around 60% LVR max with an interest rate of around 7%.
Terryw
Discover Home Loans
Mortgage Broker
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hello Terrry,
Thank you for your reply. I have looked into these a bit more and they do not look that good at all.
Will just keep looking. If anyone knows of units for sales around the $100K mark in Sydney I would be extremely interested.
Cheers,
David.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
