Frankston North

Hi all,

Came across this forum earlier today, and i must say, i am truly amazed at the wealth of knowledge on here!

Anyway, i currently live at home while i complete my university degree and am now looking at purchasing my first home.

Using the FHBG, i’m currently looking at Frankston North in Victoria. Is there anyone who would be able to give me a quick assessment of the area- as, from my understanding it looks like an area that could experience strong growth in coming years.

I currently have 5k in a FHSA with members equity, as well as $4 in general savings.

Questions ! –

How much should i have in savings if the property im currently looking at is worth 250,000?

Would it be wise to attempt to ask for the estate agent to split a block they have for sale, buy the land seperately with a friend (thus both utilizing the government grant) and build 2 units on the block ( if permitted)? would this be more cost effective?

Am i able to rent the house or unit out while i also live there during the first 6 months?

Are the costs on say, a 250,000 home significant – stamp duty etc?

In the long term i see this as an investment property.

I currently take home just under $400 a week after tax.

Any general information on the area would also be greatly appreciated!

regards,

adam