Forum Replies Created
Hi Richard
Can you email them to me? If I email you email address above?
Thanks
Darren
Oh and I would like my first property to be on the Lower North Shore of Sydney. I am looking at buying in December.. or considering later once the FHOG has passed… still not sure when exactly to enter the market? I am happy to hold off until Feb/March to save more of a deposit. If I do I envisage having around 50k for a deposit.
I will be looking to purchase a property for between $375-430k.
Thanks
Darren
Hi Richard
As I mentioned I am pretty new to all of this…
What else would you require in terms of hard data? I will try to give you as much as I can below, please feel free to comment or request whatever I do not provide
PERSONAL
=======================– 28 yrs
– $100k+ PA
– no family commitments
– secure job (I hope)
– pay rise of at least 2.5% PAWHAT I AM LOOKING FOR
=======================– flexible mortgage
– view to living in my first property for two years with a view to renting this out after this time
– save as much cash a possible in the meantime, into savings or offset account
– put any additional income (annual bonus, etc) into this account
– purchase a second property in two years with a view to renting either the first or second property out and living in one of them (not sure which yet will reassess in two years time)
– look to secure a potential third property if I can secure a long term rent on one of the above propertiesI hope this is ok? Anything else you require?
Thanks
Darren
Hi Richard
Thanks for the advice.
My broker however seems intent on taking me down the PI path. I have explained that I intend to live in the property for the two years with a view then to maybe renting it out, this is however only a maybe depending on personal circumstances and what happens over the next 2 years.
As I mentioned I am keen to get on the property ladder, I just want to be sure that I am making the right choice.
I want to have as many options as possible in two years time and don't want to be caught up in a loan that ties me with limited flexibility.
Are you able to explain why you would go with IO as opposed to PI? and who do you recommend using of late for loans for first home buyers? Lots of people are suggesting St George to me?
Thanks for your help
Darren
Hi Scott
Thanks for the information.
I would be looking for this place to be my PPOR. I've been studying the market for several months now trying to grasp what is a reasonable price to pay but I'm not sure what with the FHBG that these prices are slightly inflated? I was thinking of maybe holding back until the end of January / beginning of February to see how this affects prices when the grant is back down to 7k? It does not (to me personally) seem worth taking the risk to save 3.5k? especially if I take out a loan of around $405k at around 5.20% now with the chance it could go up to 6-7% next year? As I say I have around 10% in savings. I'm thinking I will save some more and take a step back and review again early next year?
Also what are your opinions on leanding from other companies other than the big 4? I was looking at MyRate and Pacific Mortgages who both offer competitive mortgages?
Thanks
Darren
