Hi
I would like to start on the track of investing. I am willing to learn and have read many of the posts on this forum and found great advice.
If I give you my current scenario could you tell me what you would have done in the same situation?
I am 28 years old, earn $56k pa, I live with my partner (who has about $150k equity, though I want to do this on my own). My expenses are about $500 per week, that’s being generous. So I usually have about $600-$700 spare per fortnight. I have no loans or credit cards.
I never have any tax deductions and I’m ready to make a change.
I’m undecided if I should be the cheapest house I can to fix up a bit and rent out, or wait until I’ve saved a deposit for one. Or buy my own house first.
Anyway if anyone has any spare time I would really appreciate their advice.
Tammy
Hi.
If you have’nt owned a house before then possible a good idea would be, to get into a reasonable priced property u can easily afford, and live in and also add value to while your there.Also you’ll be infront with the Govenrments $7000 first home owners grant for a second hand house, or $10,000 for a new home.
Live there and make affordable changes by yourself then after a year have the place revalued then rent out. Using the equity you would have built, and some savings as well, if you didnt go over board with the repayments look for more positive cashflow properties etc etc…
this is the boat I am currently in.
All the best.
I should add. I have owned 3 homes before. Then I got divorced and am now back to square 1! But, I have no debt so that is fine with me.
Hi Tammy
Have posted a reponse under “Help Needed” so wont repeat it here.
For muckins benefit Tammy lives with her partner so even if she had not purchased a property before would not qulaify for the FHOG due to her defacto relationship and the amounts you quote for the FHOG are incorrect.
The FHOG is a Federal Government Grant which is adminstered by the individual States. Certain States have decided to further subsidise the Grant however this is not a Federal matter and therefore the benefit Tammy would receive will vary according to the State she purchased in.
Richard Taylor
Residential & Commercial Finance Broker
**Lodoc Commercial loans from 7.39%**
Licensed Financial Planner
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
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