Yes another newbie here! I'm after a bit of advice as to what I should do in my situation. I have been reading the forums for a while and it seems that now is a good time to invest.
I live in Adelaide and have been keeping my eye out on the prices of propety. I live in the western suburbs and would like to purchase a property nearby but I have some doubts because generally house prices around here are close to or over $300,000.
I'm not sure that purchasing my first IP should be that expensive as that would be a bigger risk. My parents and some family members own propety in a town a couple of hours from Adelaide that is starting to boom as there is quite a bit of development happening.
My situation is this:
I'm 24 years old and still live at home. I have been working 2 jobs for quite a while now and I make between $800 – $850 per week (net). I have $40,000 deposit. From using the online guides it looks like I should be able to borrow between $250,000 – $270,000.
I have no debts to pay and my only expenses are my phone bill ($60/month). I generally stay at home on weekends and sometimes find myself living off less than $100 per week.
Does anybody have any suggestions on what I should do and also can anybody direct me to a morgatge broker in Adelaide that can help me. I really don't have much time during the week to speak to a bunch of banks.
Thankyou
George
Hi George,
Sounds like you are in a great position to purchase. If you contact me [email protected] I can recommend a few mortgage brokers in Adelaide that we use.
I would try the Northern suburbs to stay within your price range. West suburbs are already way abouve $300,000.
Are you looking only in Adelaide? If not, I have a much cheaper IP for sale in regional NSW (Narrabri, currently cotton farming area, but expanding to mines as well). Just PM me if you want more info
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