All Topics / Help Needed! / NEED HELP ON INVESTING IN MELBOURNE PROPERTY
Hi.
I have just moved to Melbourne from Gosford on the NSW Central Coast. Im looking to invest in Melbourne, but not sure where to Invest exactly as im new here. I have been looking around Ballarat as its a big town, with good infrastructure and not too far from Melb CBD and prices are cheap. Im also needing advice with finances as well, which way to go.
I feel i might be able to purchase two place in the next 12 months.
* I have about $50,000 cash for deposit
* I also have equity of about $100,000 from my unit i own in Gosford
* Its worth $400,000, I owe $288,000, I pay $860.00 a fortnight and get rent of $440 a fortnight, (25yr loan) so its heavily negative geeared but its a great place 100m to beach and close to ALL infrasturcture so i think its worth it.
So waht i was thinking is use the $50,000 for 1st deposit and use equity for next property after that, i want to have a interest only loan as well.Im going to conatct a mortgage broker for the best deal
Is this feasible???? Please help!!!!yes its feasible – also contacting a morgage broker is a good idea…
I thought it highly unlikely to find anything in Melbourne that is +CF until you mentioned Ballarat – even this town is quite hard. many investors are selling up. But don’t let this deter you…your on the right path.
I would suggest Sheppartown and the surrounding towns of Shepparton (ie. Numurkah) – good investments there.
Id try using the 50k u have as deposits for 2 properties rather than using the equity in your other property straight away.
kind Regards,
George.I’ve found a way to help you save and earn whilst not selling or delivering any product. If interested, drop me an email or PM me to find out how
Hi Dangermouse & Welcome to the forum,
Depending on your circumstances and your investing criteria both now & into the future I’m not sure if using the $50K is such a great Idea,need more information regarding, current lender/rates/product, Current or any planned future non-deductible debt etc.
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VICTORIAPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
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