Forum Replies Created
ING……..really good deals and discounts for signing up online………
My son inveested in a property in Morwell in 2007 as a means of getting his foot in the door. In less than 18 months it has acheived its purpose, rising rents, falling rates, excellent tenants and capital growth meant he could buy a place in Seaford. It is with a certain amount of sadness he now puts his first property on the market……….
But if you buy it as an investment property you wont be eligible for the grant!
Hi. My 22 year old son is in the same position as you, and has just purchased an apartment to live in. He has chosen to keep his Investment, as falling rates are making it neutrally geared. You are STILL ELIGIBLE ffor the FIRST HOME GRANT!! Check the web site. It states that you must not have held an interest in a residential property prior to 2000, or lived in a residential property owned by you for more than 6 months continually – so – if you havent lived in your investment, you get the grant!! My son has!! If you move into your currently held property, you wont be eligible for the grant, so best not to do that. I would buy, get the grant, move in, and if you want, you can rent it out after you have lived in it for a 6 month period, and still get to keep the grant. Its totally up to you and your current fianancial situation whether or not you choose to hold your investment…..only you can decide what debt level you are comfortable with. Hope this has been of some help!
Peter – If you were my child I would slap you for taking that attitude!!!! Why?? Because my son is 21, an apprentice who earns considerably less than a uni graduate does, and actually has planned for his futute rather than just hoping that we dont reverse mortgage the family home so we can buy Harleys and ride through the swiss Alps until there is no equity left! He has knuckled down while living at home, still drives the same $500 car he bought when he got his learners at 16, and takes jam sandwiches to work for lunch. He also bought his first investment property last year, which he plans to pay off as quickly as possible; hopefully will add another 1 or 2 in the next few years, and then at a time in the future that suits, will sell to realise the gain and use this for his first home. Other than the fact he has a penchant for purple mohawks and loud guitars, he is obviously one of the growing number of young people who have realised that life will not be handed to them on a platter, and have taken steps to insure their futures. This will obviously not apply to you, as injecting ice users have limited tenure on this planet, so I suggest you change your attitude, and when you realise that the world doesnt owe you a living, you can take that first step to secure your own financial future rather than waiting for your parents to drop dead!! (and by the way, its not the kids inheritance until we decide it is….it is our hard earned money and we will spend it as we see fit)
You want angry????? Im angry!!!!!!!!!
Morwell is available at 100%…..just did one recently…..go through a LARGE REPUTABLE brokerage!! Didnt ask about Churchill at the time as it has a high student population due to kids from Melbourne attending the uni there and I dont want to be paying reletting fees and having vacancies over the christmas holidays on an annual basis….Morwell seems to have a stable tenant base of born and bred locals.
Morwell is a great place to buy bullet-proof IPs that return 6-7%, however, vacant land there is dirt cheap, and I think you would find the cost of doing a subdivision would not be worth your while…..
Try Dexel Engineering…..they do great work
