Hi guys
Got this great question the other day and it’s beyond my knowledge, does anyone here have some information which could help?
I’m currently looking at buying/building my first home, and have been thinking about either building a new home or buying an existing or even building a duplex on the Gold Coast, QLD. To live in one and lease the other.
A few questions that I’ve been asking people and haven’t really got any information. If you have the answers or somewhere or someone who would know the answers it would be greatly appreciated:
1) As a first home buyer, if I build do I get the first home owners grant if I live in one and rent the other?
2) I can borrow $300k if I live in the property, but as an investment property I can borrow up to $500K, but if I build a duplex I don’t know how much I can borrow if I live in one and rent the other out?
3) Just in the early stages at the moment and going through the pro’s and con’s, are there any hidden things that I would need to know or keep a look out for? and what would your advice be?
Thanks in advance guys!
Cheers
Adam-
This topic was modified 10 years, 2 months ago by
Adam Sweeny. -
This topic was modified 10 years, 2 months ago by Adam Sweeny.
Adam Sweeny
http://www.diypropertyinvestment.combump.
I’ve also been considering this strategy.
Hi Adam and Brinks,
Seems to be a quiet time the last few days on forum. Hopefully our usual gurus will pop back in and lend their knowledge to your cause.Meantime, though I CAN’T answer all of those questions, here are a few thoughts that might be useful…..
1) As a first home buyer, if I build do I get the first home owners grant if I live in one and rent the other?
If you bought, I would think you would still be eligible for FHOG – but if building, I am less sure. There are major financing differences between “buying newly-built” and “building” – maybe one of those differences would affect the FHOG (???)
2) I can borrow $300k if I live in the property, but as an investment property I can borrow up to $500K, but if I build a duplex I don’t know how much I can borrow if I live in one and rent the other out?
It is the extra Income from Rents that would make that difference. If the quotes you got were for single unit dwellings, then it is possible buying TWO will allow more of a loan – depending on your DSR (Debt Servicability). A Broker would be able to give a better guideline, but would need heaps more info from you first.
3) Just in the early stages at the moment and going through the pro’s and con’s, are there any hidden things that I would need to know or keep a look out for? and what would your advice be?
First off, don’t be in a hurry. Read around on here to get the feel for IPs in general. The link below covers many of the early questions and also highlights many useful things (e.g. Offset Account).
https://www.propertyinvesting.com/topic/4410491-the-big-picture-for-new-readers-especially/Come on here to ask specific questions as they arise. I’m sure there will be some gurus along some time, so do check back here too. What area of you looking to buy/build?
Benny
PS I think you know it from my words, but please treat my comments as opinion only as I am not an accredited adviser.-
This topic was modified 10 years, 2 months ago by
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