All Topics / Help Needed! / New Investor .. what to do? 50k deposit

Viewing 3 posts - 1 through 3 (of 3 total)
  • Profile photo of BillyBob27BillyBob27
    Participant
    @billybob27
    Join Date: 2011
    Post Count: 1
    May 30, 2011 - 5:49 am

    Hi everyone,

    Love reading everyones comments and topics however I need some help asap.

    I have been saving and saving and finally got 50k ready to spend on a deposit for a place plus the market has cooled it

    seems.

    This is for an investment as i live with my brother rent free.

    Do i just pour in 50k on one and try buy something around 350k mark or do i buy a lesser valued place say early 200ks

    and use the other 25k to buy or use for another thing.

    Im very confused as many so called experts are telling me different things.

    I'm from Melbourne by the way and having been looking at property. It has flat lined so it could be a great time to jump in.

    Thanks for your help :)

    Profile photo of BluegrassBluegrass
    Participant
    @bluegrass
    Join Date: 2009
    Post Count: 73
    May 30, 2011 - 6:13 am

    Hi BillyBob27
    Your confusion will only get greater the more people you to talk too.
    Find a finance person who knows the industry (some do not) and listen to them.
    Once you have the info, do not look around too much for what you believe to be the right property as this will increase the confusion.
    If you send me an email I can give you a name of the company we use.
    They are very good.
    In fact they put one client with gross income of 45,000 into a 328,000 property, no problems full doc.
    Regards
    Kevin

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    May 30, 2011 - 6:13 am

    Hi Billy Bob

    Welcome to the forum and congrats on saving such a large deposit.

    You’ve certainly done a good job timing your entry into the property market. I’m not sure how things are looking in Melbourne but my general observation is that most major markets have cooled which presents great opportunities for buyers.

    What have “experts” been telling you to do with your $50k?

    Much of the $50k would get chewed up by one purchase in a metro area (higher growth, lower yield) or could probably spread across a couple of deposits in a regional area (lower growth, higher yield). Obviously, these are just general comments and there are exceptions to this.

    If I were you, I’d work backwards – decide what you want to get out of investing and then devise a plan from that.

    Also surround yourself with people in the know – a good accountant, mortgage broker, etc.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

Viewing 3 posts - 1 through 3 (of 3 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.