Hi All
I am a Twenty year old who has just finished building my first home. I received the first home buyers grant so i need to stay there for at least six months. My Financial Situation is;
Property Value = 440,000
Loan Amount = 402,000, with KeyStart
Income = 95,000 PA
Other Debt = Personal loan at $16,000, with CBAI am currently throwing all of my money onto the morgage and making extra payments wherever possibe, but would like to get into investing ASAP. I would like to buy an investment property within the next 1.5-2 years on an inerest only loan if that is at all possible…
My question is, is this realistic or what steps would i need to take to have this happen?
I have been reading the forums a fair bit but cant find anything close enough to my situation (sorry if i missed it)
Any help/information would be greatly apprechiated.
Cheers Nick
In my opinion, it would be best to clear that personal loan with CBA before you acquire a property investment. (What is this debt for, by the way? If it is for a car, had you considered getting a car on a novated lease instead as a means of reducing your taxable income?)
After that, focussing on an investment property would be a great idea! Remember you don't necessarily have to buy in an expensive area. Depending on what suburb you target, you might even be able to pitch in 20% deposit (considering your 2yr timeframe)
Where are you located?
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
I am Currently located in Sea-Scapes, Mandurah. just south of Perth around 300m from the beach. Id like to stay close to the water as it seems to be a safer option. The Personal loan with CBA is for a car. But i could probably clear it in around six months if i move the extra payments on the morgage over to that loan?
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