Hello Everyone, Very new at this. Am single with three kids!! How do I get started? Need some information on exactley where to start , with picking a property, where and financing?
Hi Jaime
Firstly welcome to the forum and I hope you enjoy your time with us.
Difficult to start suggesting where to start looking until you know what you can afford and this is going to be based on the ability to service the loan and the available equity you have in any current property or cash in hand.
I appreciate it is a public forum but if you wanted to share a little more general information we could probably give you some suggestions.
Richard Taylor | Australia's leading private lender
If you are on welfare payments like parenting payments or family assistance owning an investment property will affect the amount you will be able to claim from these departments.
Hi Jaime,
I am also single with three children and I have purchased my PPOR and two investment properties in the last two years since getting divorced.
The first thing that you need to do is determine how much money or equity you have available as a deposit on a property as well as determining your weekly cashflow so that you know how much money you can afford to contribute towards loan payments if the property is not cashflow positive.
As Duckster says any investment property does affect centrelink payments, however, make sure that you do let them know when you have purchased a house. I did not notice a big difference in my support payments and I believe that it is important to be honest with a government organsiation that supports people when they need it.
good luck with your investing
Cheers
Sonya
Hi Jamie, and welcome to the forum. You can find some information available at our website as a starting point and then take it from there.
not much to add, but definitely tell centrelink because we just purchased again in June and the rent return pushed us over the limit of what FTBs we recieve. we have gone from $5k a yr to nothing. we dont really mind though because it was bound to happen with us wanting to continue purchasing. so tell them straight away so you dont owe money back.
good luck!!!!!
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