hello to everyone,
i’ve just had a reality check in the way of a new baby boy, i’ve travelled and lived the single life and now after turning 31 and becoming a dad i realise that i need to start looking at my future.
i have spoken to my bank (nab) and been told i can get around $237.000 (90%)i live in sydney but as you all know that’ll only buy me a letter box! Where do i start looking,this loan will be with a first home owners grant,does that tie my hands for any amount of time.
Could somebody give me a push in the right direction please.Regards Mark……[confused2]
Hi Mark,
Congrats on your baby boy! Also congrats to him for giving you the motivation to improve things for the whole family. Welcome!
We used to live in Sydney and I like the letter box example (he he) so true. Is there somewhere else that you could live, find work and have access to family and/or friends? If you intend to use the FHOG you will need to live in the property for a minimum amount of time. Not sure but I think it might be 6 months. We were not able to qualify for the grant ourselves as in a previous life (about 15 years ago) I bought a PPOR with an ex – I only lived there for around two months before left in fear for my life but it still counts as a PPOR.
A lot of people continue to rent while using their money to invest in property (us included although I can’t wait to have the stability of our own home). Again, I’m not so sure as it didn’t apply to us but I believe that you are able to buy IP’s without forfiting the FHOG.
Good luck and I hope you enjoy your PI journey
Cheers
Sonjai forgot to mention that i’m looking at staying in the rental for the time been and hopefully maintain both the rental and were we are at now.
For what i can afford we would have to move to far out which won’t suit my better half.
Mark,
You probably wont have to travel too far up or down the coast to find something in that price range as an investment.
Howeber, you will probably find you can borrow a lot more if you see a mortgage broker.
Like most other brokers, I can run a spreadsheet with quite a number of banks calculators and I always find there are lenders who will go a lot higher than NAB.
This might even make Sydney achievable.
All the best to you and your family,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 9853 year fixed rate – 6.85%
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Simon,
Thank you for your reply.
Whom do i talk to in regards to following on with this.Also my bank said i’m able to get $12,000 fhog, is that $7,000 and a state grant or was i miss lead?
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