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Okay I've been put off completely. Thanks!
It's been a while but are there any updates to this? I'll add in Lightsview.
Shape you are so wise. You are exactly right, I will not built because the time it will take to build it i would make more from renting the other rooms out than I would make from the $8k grant. I can still get the bonus grant if it is a *new* home though (not lived in), but would have to do a lot of comparisons to see if they have bumped the price up because it is new.
I'm assuming if I do go #2, it would be much more beneficial buying a *NEW* home to get the $7k (first home owner grant) with the bonus $8k (first home owner bonus grant).
If you entered into a contract to purchase or build a New Home* on or after 17 September 2010 but before 1 July 2012, or in the case of an owner builder who commences construction of a New Home* on or after 17 September 2010 but before 1 July 2012, please click here for more information about the First Home Bonus Grant of up to $8000.
Shape wrote:1. dont pay down the loan directly- keep the cash into a linked offset account….paying down the loan is not a smart move + it will take you a while…trust me it looks easy but it's not…so by the tie you do pay down the "mortgage" the prices of IP would have sky rocketed ….+ you have no deposit and would need to do a equity release anyway to fund the purchase….pointelss? yes it is…Without knowing your financial, how stable your income is ( since your self employed), what your goals are, do you have a family etc…i would say from the face of it; this is a better option – as you would get the grant + you can live in one room and rent out the another after the grant period as per your goal…while you save up a deposit to keep buying an 2nd IP etc…
When you say you dont have an exact figure…this tells me you have been self employed for less then 2-3 years??? For more specific advice; more details/ information is required. Shoot us an email if you want more info as well. Regards Michael
Thanks everyone for your fast replies!
You are right with #1, I did not think that about some of those mentioned points. On paper, I'm thinking I could pay the house off in within about 10 years.
Sorry just a but more about my personals. I've actually been employed for 5+ years but it's only been the last 3 which has been full time. It's in sales, and the amount of money I make depends on the amount of people buying which does change due to the economies state. But again, I can't see myself making less than $80k per annum at the worst of times, but there is potential for it to be much greater.
I am single with no family, and it would be at least 5-6 years until I would consider starting one and in that case it will most likely be through adoption anyway – by this time I will be in my early/mid 30's.