All Topics / Help Needed! / First time investor, and apartments studios in melbourne city?

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  • Profile photo of silentjumbosilentjumbo
    Member
    @silentjumbo
    Join Date: 2012
    Post Count: 1
    July 19, 2012 - 2:42 pm

    Hello

    Im mid 30's and always rented. I just sold a business and basically have about $40,000 to use as a deposit on my first apartment or house. Im happy even keep renting, and buy an investment and i saw many apartments/ studios in the city here in Melbourne for about $250,000 which is not going to get me in too heavy as far as a loan goes. Id like to avoid morgage insurance too.

    Can anyone recommend what I should do, and to stay away from serviced apartments etc? Im actually happy if the investment pays itself off. I want to just add extra payments myself to build equity.

    Also how much equity would i need until a bank would consider letting me get another investment loan, maybe for $350,000 next time?

    Hope this makes sense, any replies would be appreciated

    Daniel

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    July 19, 2012 - 9:21 pm

    Hi Daniel

    Welcome anoard.

    Tread carefully with studio apartments – they don’t often make for very good investments. There are quite a few posts on this forum about the pros/cons of studio apartments.

    In regards to mortgage insurance, It can be a useful tool if leveraged correctly. It enables investors to use more of the banks money to grow their portfolios.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

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