Hi guys,
I am still at university and have year to go yet and while I have two jobs I would not consider them steady income (as in they are not my future career!).
I have opened up a high interest savings account recommended from some of you on this site and am slowly saving.
I was wondering if anyone could help me out in letting me know what the minimum deposit can be on a house or apartment or even land. I know the general ruling is 10% minimum but I was wondering if it is possible to invest in anything with less money than that? I know this may not be a smart thing, debt wise but just for arguments sake does anyone have any revolutionary insight?!
I am really interested in the investing in the property market (obviously) and just don't want to have to wait ten years to do it.
Thanks,
S
PS I have looked into the home owners grant but I am sceptical of this scheme.
I am extremely confused.
Yes, it is possible to get a loan with less than 10%. However.
Why on earth are you skeptical of the first home owner grant? Do you seriously have a problem with free money?
Why are you talking about not wanting to wait 10 years to invest? You are in your final year of school, and then you'll be in a full time job. So next year you will be able ot invest. In the meantime you could research a suburb or two, go to loads of open for inspections to understand what properties in that area cost – and how much more something is worth if the kitchen is recently renovated versus original etc, do laps up and down the aisles of Bunnings to understand what things cost if you need to do minor renovations….
Am I missing something?
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Hi Skyes
95% loans for both owner occupier and investments are available at present (the former is more widely available then the latter). You will generally need to demonstrate genuine savings of 5% over at least a 3 month period.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Thanks Jamie,
Thats the kind of info I was looking for. Will look into it with my bank.
JacM, meant first home saver, sorry not first home owners grant. There is alot in the fine print that they don't promote. Because Im interested in investing its not really right for me.
Thanks guys.
Skyes
Dont just look to banks to turn your hard earned into additional deposit $$..
There are other options..
If you know of a financial planner or can find a great one they will help you out..
It will make more sense from them in person but if you have cash you have the ability to turn it into a deposit quicker than bank interest..
Nothing comes for free and the bank is the least risk option, but at your age your risk is mainly time..
You never know, you might get there sooner than you thought and not have to pay the MI on the loan by having a bigger deposit..
Ps.. Always take Gov handouts! dont be silly..! money is too hard to earn not to take it for free!
MrDarcy wrote:You never know, you might get there sooner than you thought and not have to pay the MI on the loan by having a bigger deposit..If you got to the point where you had a 20% deposit I’d argue that you’d be better served forking out some LMI and purchasing a couple of properties….but that’s just me (and that obviously doesn’t constitute advice – just my opinion).
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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