How much do I need?

Viewing 3 posts - 1 through 3 (of 3 total)

WauloK
Member
@waulok
Join Date: 2003
Post Count: 29
October 16, 2003 - 3:28 am
I will be moving to Brisbane as soon as I secure a job up there.
I expect to rent for 6 months and find a place to move into while I’m there.
How much should I save up before investing in my first property?
How long do I have to have had my own property and be paying it off before I can consider IP?
Will the bank lend me money to buy an IP if I have just started paying off my own home?
My wife is on maternity leave and will be returning to the workforce next year, part time at first and then fulltime afterwards. If I can score a job with similar wages as my current one, we should be able to use most if not all of her pay for investing. (I hope!).
Hopeful, keen and learning.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 16, 2003 - 3:38 am
If you have the income, work history etc, then you can get your first property with about 5% deposit. You can get your next one with 5% as well. As long as you can service and have the deposit or equity, then you will be ok.
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
spider_2
Member
@spider_2
Join Date: 2003
Post Count: 79
October 17, 2003 - 10:36 am
[]hi WauloK,
just remember that most lending institutions only like lending around 80% of valuation. after that, LMI (lender’s mortgage insurance) is needed. check out your worse case scenario – what can you afford to lose? do you really want your IP (investment property) connected closely with your ppor (principal place of residence)? if one falls, there could be a domino effect! reducing to one income may require lifestyle changes.
[8D]