well said IP!

the last time i checked, (about 2 wks ago) with the manager of my local branch, that is absolutely not the case…. Westpac are making the slightest of margins on home lends so are being semi conservative, although, if you know a westpac thats doing no lmi on an 85% lend, please point me in the direction!!

This is a great thread, good debate makes for interesting reading.

Saving for me has been difficult as of late, hence the reason i havent been able to purchase a property since i was 18/19.

Because i see time in the market as the key, rather than saving and saving i have been looking at other opportuinities to get back on the ladder. I am currently pursuing a jv for a +cf property, and my in laws to be are looking at gifting a deposit by way of LOC on their freehold home. my partner and i will of course make the repayments for them, and i would like to think, give them a little extra on the back end for their help. with some work, i think i will be able to enter the market on my own again and be independently operating without JV's or a LOC to pay back in about 18 months. and obviously, i think holding down a good job is very important in the early stages.

fingers crossed

thats great mate, congratulations, i always like hearing success stories from people in my age bracket, very motivating!

Im 23, just purchasing my first buy and hold now, positive geared with a govt lease which is great, and the place is a blank canvas so i hope to add some good value, exciting times. I bought and sold 2 places in nz when i was 19 with a mate of mine, made healthy profit but spent it travelling and buying cars, amongst other things teenagers do, so i learnt my lesson in how money comes and goes, plan now is to be a grown up about it and hold on to my money so it grows big and strong hehe

well done again

Ben

good call, better to be in it than not at all!

Hi penti,

There will be a truckload of people who use this forum who will give you four hundred truck loads of reasons why purchasing real estate as an investment is better compared to putting your money into a savings account.

In my opinion and limited experience, what it comes down to is your ability as an individual to make the right decisions when purchasing, and using the right people who have the knowledge to help you see your goals through.

Some properties will give you growth, others will provide cashflow if you are creative in adding value or buy right.
Only by immersing yourself in resources like books, websites, seminars (if you so choose), and doing the ground work for yourself will help you build the knowledge and confidence to say – you know what , property is for me as opposed to term deposits or whatever.

your goal look achievable to me, as iiluminati said you need to factor in all your outgoings, rental income, and research the area you are buying in to see what sort of growth to expect and ask wether it is the right property to buy. can you find any ways to increase the rent? can you make i/o repayments with an offset account as opposed to p/i? all of these things and much more make for a wise investment. not as easy as throwing some money into an account, but hands on and in my opinion, more rewarding.

good luck, hope the pros on the forum can offer you some sound advice,

Ben

I would agree with luke and recommend having a decent broker approach a lender for you,
they may be able to negotiate better conditions for you.

there are several on this forum with reputable reputations, who offer help to many people who post here.

I would recommend Richard Taylor, you can PM me for his details and a reference of my experiences with him thus far. he is a long time forum member and will offer some sound advice.

at least speaking to someone might give you some more options to think about

good luck man

I like the chapter in Richest man in babylon, "Meet lady luck"

Touches on how taking action is a big part of getting started. how procrastination is a big part of missing out on "luck" or opportunities to be lucky.

I got started by taking action!

sorry, random but relevant i think.

Ben