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  • Profile photo of krisco84krisco84
    Member
    @krisco84
    Join Date: 2011
    Post Count: 6
    April 12, 2011 - 2:47 am

    Thanks for your reply,

    I forgot to add, this is my PPOR and I am looking at building anything over 17 squares.

    Your idea sounds good if it can be done that way, but I guess not , as the construction cannot commence until the land is titled.

    It all comes down to how desperately I need the extra 13k grant. I am not too sure if the construction cost would escalate too much in a years time. If so, id be better off signing the building contract now and locking it up at the current price.

    Profile photo of krisco84krisco84
    Member
    @krisco84
    Join Date: 2011
    Post Count: 6
    January 25, 2011 - 1:45 am

    Xdrew , DHCP thanks for enlightening me.

    Is there a mortgage broker that you guys know of in melbourne who will help me find a home loan that does not require a 5% genuine savings. The savings that i mentioned above comes majorly from my parents and my genuine savings is less than 5%. The few of the brokers I called up have advised me to wait and save that 5% before applying for home loan, and one even referred me to go to NAB or Suncorp as they do not do home loans less than 300k.

    Am I left with no options here but to wait and save another 5 -6k?. Thats going to take me another 3-4 months.

    Kindly throw some wisdom

    Thanks.

    Profile photo of krisco84krisco84
    Member
    @krisco84
    Join Date: 2011
    Post Count: 6
    January 24, 2011 - 10:14 am

    Xdrew,

    For a minute, I wished I could have been in your shoes. What an amazing ROI for those those 2 sweet little cherries :) and plus a ongoing explosion of rental yield. Nothing short of impressive mate…Well done!!!!

    From reading your post, I think there is every reason to buy an apartment. Just a few releavant Qs if dont mind answering. 
    The units you mentioned in your reply ,
    > Were they individual block of units or high rise apartments?
    > Did you buy them off the plan / Newly built or was it a few years old?
    > our views on New apartments vs established apartments with good tenant occupancy?.
    > Given a scenario woud you mind buying an apartment in the CBD for 320k?.

    Thanks,

    Kris.

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