Hi all,
First time posting. Was wondering if anyone would be able to give me some advice on getting started.
I am 23yrs, looking into buying my first home. Currently working fulltime receiveing $40000.00 pa. with no other expensers except $12,500.00 hecs debt that I am paying off. I live at home so I dont have rent to pay, no credit cards or other loans.
I have significant savings saved as a deposit but via the banks advice I am unable to borrow over $190000.00.Was hoping to borrow appraximately $23000.00 for a unit in Joondalup. (without the help from my parents)
Any suggestions would be greatly appreciated on were to start or processes involved. (first time buyer)
Regards
Kerrie
Hi Kerrie,
Talk to a Mortgage Broker, based on your figures you should qualify,
Did the bank you inquired with take into account the income from proposed rent on the new purchase? Cheers.Steven Crane
Phone:0402483216
[email protected]PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Steve,
Thank you for your reply.
The banks that I inquired through quoted merely on being a First Home Buyer. Not to sure which way is best for me to go. The property will in the long run be an investment property but was unsure if I should make it my residence to get he first home buyers grant initally. Need to investigate which way would be the best to go. Investment straight off or owner buyer. Not to sure at the moment
Cheers
Kerrie
Hey Kerrie,
What about using the grant, moving in one room then lodging out the rest of the place to help with repayments till you are legally able to move out after using the grant. You only will have to live there 6 months as the deal with the grant is you must move in the place within 12 months after purchase and live there for a minium of 6 months.
Once the 6 months is up move back to were you are now and rent the hole house out?Stephen
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