Hey Alex,
Sounds like you have a few things on the go. For me I look at cash flow and that is key in my opinion.
In any situation you can get millions of dollars in debt but if you cannot service the loan its game over. So at your age you don't want to do that.
You need to ask your self why aren't you able to get a deposit. Given you earn a good income you are trying to do a lot of it by yourself. $2500 pm *12 = $30,000 deposit is very doable.
Also what is your goal- Capital growth? Have you done the research in the area your looking to buy?
Your issue will be the servicing capacity and given your partner is not able to help you with being on the loan. Given the loans/ etc.
Banks normally now require you to have 5% at the very least and yes you can have strategies to get money via personal loans/ gifts etc at the end of the day when push comes to shove you do have to "repay" them.
The other thing to remember when buying property is that other costs / things like insurances, maintenance, accounting fees and all these little things add up. You need to be comfortable that you are able to handle these aside from the deposit.
Once you have sorted these items out and know how you are going to fund the deposit you will have some savings built up at the very least. Also remember that Stamp duty depending on the state needs to be paid for out your own money. Yes you can use a credit card to pay for it but again, you have to pay this back and it all affects your cashflow.
True if property prices move very quickly and you make a huge capital gain fantastic but its all about cash flow. If you have the cash flow to do this your laughing.
I hope this helps.
Cheers
Sean
let us know your final decision
let us know your final decision
