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Stay at home mum (13 month old) with a useless arts degree
Most of my working life for past 10 years has been web development. Also a published author but we won’t go there.Rather spend my days with baby and when time allows educate myself on methods other than PAYE to establish future financial security.
Partner is in IT and also bored
When we were looking for a new PPOR we found that first, stipulated in the contract subject to sale of existing proprty AND settlement on both properties to coincide. We then put the place we were selling on the market with the same agent we are buying through. So far it has gone very smoothly. She sold our old property to an investor in 3 days
If it had taken longer it would have been covered by the contract and we would not have had 2 mortgages at once.Hi Clarksonclan. Don’t know if it will confuse you more or not [
] but I have a lot of fun playing with the charts at http://www.aussiehome.com.au. They’ve just updated it with the june 03 figures. I look for suburbs that *haven’t* had huge gains lately but have potential due to future infrastructure.As a tip in Perth (and coming from a south of river background and preference, others prefer north) take a look at areas close to Thompson’s Lake and west of the freeway. I think the light rail fromn Freo will eventually go through, the beaches and harbour development around Port Catherine will happen and that area will become the southern equivilent of Joondalup and Hilarys. I’m putting my money where my mouth is too [
]Hope it all works out for you vluu27!
Michael, excellent advice! We hadn’t given it a lot of thought, just the convenience of not moving before the end of the school year but yes, in future any vendor rent back we do will be put in a lease at the time of drawing up the contract.
Well now we are looking forward to moving in and getting stuck into the decorating before the hot weather hits so it worked out ok [8D] Just have to drive an extra hour per day taking daughter to school until end of year [
]Sorry but it sounds like mortgage fraud. I’d think very carefully about that.
Just read an article about it in the MIAA magazine while waiting in my brokers waiting room
HI Tira Jayne
I was single mum when I bought my first home so I thought I’d share my story.
I was on a pension after my divorce with a grand total of $2000 after the settlement
Not eligible for FHOG I got a crappy part time job and saved every dollar I earned for 3 months to get my deposit, then I went to the government sponsored lender in WA, Keystart, and got my loan. They would let me use centrelink income and 100% of part time wages for income assesment. NSW may have a similar scheme.I quit that awful job the day after we settled!
For $65000 I got a nice house in a run down suburb but it was not too far out of town. I lived there for 3 years before moving out and renting it out for a rent that was more than enough to cover the mortgage repayments and I just sold it for a very healthy profit.
For me living in my own home is more important than investment property, I just hate renting [
] maybe you don’t mind because it puts you in an area you love but can’t afford to buy in.What you have to consider is the centrelink income and how it would be affected by a) income from an IP, and b) losing your rent allowance if you move in to a house you are buying.
IF you buy an IP using all your cash and rent it out will you have enough income from your parenting payment to cover any repairs or emergencies? What will you do if the hot water system needs replacing or bad tenants trash it? A cheap property will probably come with a risk of needing attention sooner rather than later.
Contact me if you wish, [email protected]. I’m no property expert but I was on the single parent-go-round for a long time [
] I might have some ideas for you.Thanks everyone
Rusty073, the 20% is needed to avoid mortgage insurers which most lenders go to if the loan is over 80% of the property value, we have been told by several lenders and brokers that the insurers won’t go for a recent change in employment (even though we’d previously been told that within same industry it was ok – seems what you are told in theory is not what you are told when it comes down to actually applying!).
Terry it looks like Homeside are the go. We found a good broker who has really worked hard on this one and she has come up with a product for uni graduates where they will waive the MI requirement. It has a good variable rate but over 18 years. It will hurt our cash flow for a short while but at least we’ll build equity rather than pay high interest.
Fingers crossed [
]Hi Boothy
I have been getting $130pw for the last 12 months, could be up to $150 if I did a repaint but I prefer to keep the rent low as I have a nice tenant and it is positively geared. I just put it on the market at $110 000. The property next door just went on for $128 000 so we’ll see how they both do.
You could hedge your bets if you want two and go for both areas
BTW I heard that a marina development similar to Hilary’s is planned for the Cockburn area so proximity to that and Fremantle makes south western suburbs attractive to me. (hence I am selling in Medina so I can buy a PPOR with ocean views in Yangebup, can’t have both unfortunately but I’ll be buying another IP asap)
Most of my working life for past 10 years has been web development. Also a published author but we won’t go there.
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] maybe you don’t mind because it puts you in an area you love but can’t afford to buy in.
