Forum Replies Created
Hi Jamie,
My main reasons for thinking about this was so we had more room – as we are planning another baby in near future. We would save somewhat as we’d be paying less for rent and our mortgage (doing it by interest only) would be well and truly covered.
Ideally I thought this because I liked the idea that I would also be able to use the finance we are getting for another property to invest in rather than having to wait for capital gains to use equity.
Has anyone invested there yet? Does it make a good investment choice me being here in Melbourne?
Thanks Kristin!
Have been doing some heavy thinking on this one, and I really hate being pushed and hurried so although I will attend the auction I don’t think I’ll be putting in a bid at this stage.
There’s plenty of time for something else to pop up, and as they say all good things take time.I’m in Mulgrave, kinda right in between those two suburbs. I think Springvale would be ok, much more affordable but I’d make sure there’s public transport around, Clayton seems to have better transport systems in place. Either one though I think you can’t really go wrong, there’s plans to develop more transport systems within Mulgrave/Rowville areas which would be great for surrounding areas.
I know there’s heaps of places in Springvale with 5+ rooms which you could potentially rent as shared accomodation if you are wanting students.
Thanks JacM, great to know I can hold some sort of control over the terms. Now I know why my broker said to offer a small deposit LOL
So its best to put expiry of offer prior to auction? So in this case the auction is Saturday, should I put Friday 5pm?
Just wondering if anyone has invested in these areas. I am looking around Noble Park North for my first investment (more so because I live in Mulgrave – so very close by). Has anyone got investments around these suburbs and any advice to share.
Seems like most of the lower half of Noble Park North (closer to Princess Hwy) is for sale whilst the upper half (nearest Police Rd) no one is really selling.
Funnily my dad has a holiday home in Coronet Bay (not far from Phillip Island) and reckons its the place to invest.
I have Latrobe Valley on my mind because I have heard something about it being an area of potential growth due to mining of some oils or metals there…can’t remember what it was.
But then again – thinking about Moe, Morwell and immediate surrounding areas, maybe even Warragul.I am actually using a broker in SA – Rise High Financial Solutions. I have found them exceptionally professional and customer service so far has been brilliant, even if it is over the phone but I have met them in person in the past.
I tried with another broker who sort of cut me off and really didn’t help me or even give me some sort of advice, whereas these guys have taken time out to help with my loan structure and refinancing.
Their website is http://www.risehigh.com.au/
I looked into this a while back too. I need to borrow to invest and I soon found out that banks are usually not willing to lend you money if it’s a student accommodation…makes perfect sense they’d be losing out from all that depreciation.
Yep, that’s what I was told!
I am questioning it too, as your first reply said I thought the same, I’d need to be able to afford it anyway.
Think I’ll hold off for a bit, see where we are in 6-12 months time with a deposit as well.
Thanks for the warm welcomes, I am really enjoying reading all of the info out here.
Well my assumption on the 10K thing was simply by doing some online calculators through the ING website (who I am with for my own home). I have since spoken to a broker who believes it’s quite possible to purchase up to 400K which is quite scary for me. It’s been suggested to get a pre-approval based on what we’ve got, then maybe in second half of year after we have come back from our overseas trip and I have a recent group certificate (which I didn’t have for the last financial year) then to start moving along.
