I live in Glen Huntly, Melbourne and wish to be around (or to move to McKinnon) there for next two years to get admission to my son in McKinnon Secondary. I am considering to buy a property and the budget is around 300k. My budget does not permit me to think of a 3BR property around here.
What I am considering is buying in/around Clayton/Oakleigh South/Clarinda which are not to far from McKinnon and move into the property after 2 years of purchase to live in from where my son would be able to commute to school on his own as there is good bus service availbale from these suburbs.
However, this would become an investment property initially. Not sure what are the implications. I would appreciate any comments.
Passi
You mention you rbudget does not allow you to get into another area but have you considered a Shared Equity style of loan.
In essence you could buy a home of say $400K and only have to make repayments on $300K with the 2nd mortgage of 20% being interest free and requiring no repayments.
If you can put in 5% deposit the Bank will lend you 75% and then organise a 2nd mortgage for 20%. You only make you repayments on the 75% as normal and the loan of 20% is repaid once you sell the property.
The Bank take a share of the profit on the sale.
You could either buy into a property and reduce you repayments or keep you repayments as they were and buy into a more expensive property.
Either way you at least have choices on where to live.
Technically for owner occupied properties but who is to say that you rent it down the track.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
New Shared Equity scheme has arrived – Email us for details.Richard Taylor | Australia's leading private lender
Are you sure that you wouldn’t be able to get into Mckinnon SC. from Glen Huntly?
I live in Mckinnon, and went to Mckinnon SC. I had friends there who lived further out than Glen Huntly. But perhaps they have changed their zoning or something.Anyway, I don’t really have any advice, but hope you work everything out.
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