It's been a while since I've visited here. I hope everyone is well
I'm crawling back for advice as per usual.I have been procrastinating for the last few years now, but I'm re-motivated to start doing something with my money.
I am considering buying a property (obviously). But I have no idea where I would start!
I was wondering if someone would be able to point me in the right direction with a list of steps to take and considerations.I assume I first need to find out what sort of loan I am eligible for??? (I really have no idea)
I live in Melbourne. Is there someone I can see who will guide me through the whole process?
Is now a good time to be buying property?
Any advice would be greatly appreciated.
Thank you so much!Hi Compleks,
Being an agent i will obviously say it's a great time to buy
The fact is, i believe a good buy is a good buy so if you can pick up the right property to suit then yes now is a good time. I do not deal with Melbourne property but i have contacts down there that can help with the advice both strategic and financial and they have helped literally hundreds of my clients over the years who live there but bought IP's in QLD. They won't try to sell you anything but will give good honest advice so feel free to email me and i will put you on to them
Hi Complexs
Firstly welcome to the forum and I hope you enjoy your time with us.
Initially i suggest you contract a mortgage broker and see your options when it comes to your capacity and the varying loans out there in the marketplace. Are you intending to buy this property as your owner occupied property and claim the First Home Owners Grant or buy it for investment ?
Once you have established the numbers decide on the type of property and a few suburbs that you interested and then start to get to know them a little better.
Talk to local agents or look online as to what is selling and the approximate prices (or alternatively contact a buyers agent and give them a list of your requirements – Of course they will charge you a fee for their services).
Get a few recommendations as to a local solicitor and then once you have found a property make an offer through the agent subject to finance and maybe a building & pest inspection. The property will be valued by your Bank so at least you wil have an ideas to what they think it is worth in regards to a valuation for mortgage purposes.
Read and digest information and other posts on the forum and you will be suprised how quickly you start to get the hang of things.
You have made the first step already in deciding you want to do something and thats more than majority of people ever do.
Richard Taylor | Australia's leading private lender
Thanks heaps for the advice
I will send you an e-mail shortly 'Results1'. I not sure I'm capable enough to go through the whole process on my own, so having some professional help would be great.
"Are you intending to buy this property as your owner occupied property and claim the First Home Owners Grant or buy it for investment ?"
Not sure yet. I'll probably be looking to rent it out.
I'm not sure if this is a great idea, but how does it work legally if I live in the home, while also renting it out (if I were living with friends or such?).Thanks again, I appreciate the help.
we need help we are a family mom dad and 5 kids we have 50k deposit and have put a deposit on a property ,,sale price of 110k …we are on a pension and get 1915.96 per f/night ..we need 60k ….we dont qualify for bank finance ….we can pay 350 per week …..we have been renting at 350 per week for many years ….the property we are trying to buy is able to generate at least 300 per week …we would pay any monies we make straight of the loan ..we own a toyota parado 2004 grande ..and a 1996 musso combined value at 50k ..we would sell when we got over to our new place in wa …we dont wont to sell them in a fire sale as we wouldnt get true value …monies for car sales would be paid of loan …we have our freinds comming with us and thay can pay 200 p/week which makes weekly paments at a min of 550 per week ..we are eligable for the 14k first home buyers grant ..that will be paid of the loan asap …we also have a 1988 isusu furnature truck that is worth at least 10k we will sell that as soon as we move over to wa ..we dont wont to sell till then as we would then have to pay for a removalist and thay quoted 8.5k ….pleas help ///////ph paul 0408819344 …ps we can pay 15% p/a
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