Hi all,
I have spoken to a few financial investors today and they have all advised me that i should take the FHOG under my wing and buy my first home then in 6-12 months look at re-financing and using the equity in the home to buy IP.
Can anyone help me with the benifits of this as well as the benifits of buying at IP first.
Thanks,
BrettCheers,
BrettBrett
I would concur with their thoughts. Rent is dead money mind you so is interest but at least owning your PPOR gives you choice and it can be a greats vehicle to leverage off.
The $7000 (+ in certain States) FHOG and other First Home Oner benefits will not be around for ever.
Structure your PPOR loan correctly so that when it comes to releasing equity it can be done without too much fuss and expense.
Avoid where possible cross collarising the 2 loans.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
My only problem is that if i am going to buy my own home I am going to find myself looking for somthing nice and somthing I will like to come home to which in Sydney is going to cost a pretty penny.
I can live on a tight budget that isnt a problem but I will need to budget for household bills as well.
Can anyone recommend a financial advisor I can speak with here in Sydney that will be able to advise me of what my position is and what I can afford to pay for a first home?
Or can anyone here advise me I am earning 70k and I have a 30k car loan.
That is about as far as it goes.
Thanks,
BrettCheers,
BrettBrett,
Don’t fall into the trap of needing to have a lovely home as your starter home. That is something you work towards.
Alternatively view it as an IP that you need to live in for 6 months in order to get the FHOG ans Stamp Duty exemption which in Sydney is worth more usually.
Lastly you don’t need a financial advisor. They usually deal in managed funds and will often steer you from IPs. The only one I know who prefers property as the main vehicle is Steve Navra. http://www.navra.com.au and http://www.navrainvest.com.au
To find out your borrowing ability contact a mortgage broker such as Richard or myself and ask them to run some figures and advise you of your borrowing ability based upon your income and your deposit. This can be done very quickly by email or over the phone if you catch us at our desks!
All the best,
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Brett,
You should speak to Roy Halabi. He is based in Sydney, is a licensed financial planner but deals mostly with property. He is also a valued contributor to this forum. His website is http://www.gpsnetwork.com.au.
Regards
Alistair
You must be logged in to reply to this topic. If you don't have an account, you can register here.
