ok i was looking at buying (sometime early next year, to take adv. of the grant) a 1 br flat/unit in the northern suburbs of vic.
maybe brunswick, essendon etc… roughly est. a purchase price of 230,000
now, if we and my partner have an estimated 40,000 saved by then (plus the grant 14,000) so all up 54,000
what is the likelihood of getting a loan.. now. we earn (as in uni) combined of lets say approx. 50,000
now saying that we have that amount of money upfront.. no debts factored in..
is it better to
A) buy a highly negatively geared unit in ess. for this price.. paying approx 150ish a week shortfall (Int. Only)
or do we have a higher chance of
buying somewhere in the seaford/frankston area (spending 270-320,000 on a 2-3 br) and being out of pocket only 50-60 p/w (Int. Only) and if theres a good bargain, and a $5,000 home job reno maybe even CF Neutral.whats the go players?
as a gudie,
As long as you are employed part time or full time you should be able to borrow roughly 5 to 6 times your annual salary.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
anyone else have a comment?
thanks btw
But if you buy it as an investment property you wont be eligible for the grant!
buying somewhere in the seaford/frankston area (spending 270-320,000 on a 2-3 br) and being out of pocket only 50-60 p/w (Int. Only) and if theres a good bargain, and a $5,000 home job reno maybe even CF Neutral.
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