Hello people.
i missed on that unit for 250 k asking. in sydney i cannot afford a house or block of land. so thinking of getting a unit.
my need in to get a 2 bedroom unit, with internal laundry, small lockup garage and medium condition from outside.
here the 5-7 year units are asking 255k-270k. i have spotted a old unit in 25 year old building asking 180 k
it has all i need and neat from inside. only thing is its facing train line, which does not bother us too much.
i wanna go with 20% deposit, i can afford, a 180 k unit or even 240K unit. but i have 2 dependants.
thinking of going for 180k unit to be on safe side. what do you plp think. should take more risk and go for a 5-7 year old unit for 250k or 25 year old building for 180k?
which will be better to sell in 5-7 years time. I will be able to pay the cheaper one faster and with peace of mind.
Investhut
The older unit will not have any Building Write off !!
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Also why would you borrow only 80% of the purchase price unless you have no home loan. If you do retain the funds and borrow 100% on the IP.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
have to get a place to live. currently renting 2 bedroom home
so wanna buy it as a first home and use 7 k grant and free stamp duty.if a buy a expensive unit, will eng up paying more interest as well…
Ok Invest
Point taken but make sure it is structured correctly so that you can borrow again for an IP in the future.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Hi Qld007.
i have read a couple of times about correct structure. my situation
will buy it as on my own name as a First home a 2 bedroom unit.
i might convert it into IP 1-2 years away as I might make my parents as tenants on paper and though continue to live there. i can put my sisters address for all my correpondence. will have to check with my accountant if its worth it.
in that case will need the flexibility with mortgage in 1-2 years time.or if thats possible, then will do the needfull in 4-5 years. after fully paying off the unit or as much as possible. then buy an bigger home and make this an IP.
how to structure in either case. if we just get a loan with more flexibility..
i am currently going for:
http://www.loanaustralia.com.au/flexi_plus_loan.aspis not flexible enough structure.
thanks,
InvestHut
Well if you are thinking about doing that you certainly would not borrow 80% you would borrow 95% and look to place the surplus funds in an offset account.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
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