All Topics / Finance / Am i capable to Invest

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  • Profile photo of ShOw_Me_ThE_MoNeYShOw_Me_ThE_MoNeY
    Member
    @show_me_the_money
    Join Date: 2004
    Post Count: 80
    November 8, 2004 - 1:04 am

    Hi Guys,
    I’m looking at a 250K property that i think i can easily afford. My financial details are as follows:
    Inc Gross: 55k (exc super)
    Rent: 540/ month
    Carloan: None
    Other Debts: None
    Credit Cards Limit:7000
    Money owing on Credit cards: None

    No dependents, single person livin by myself. I have a cash deposit of about 8K. Is it rite for me to buy an IP now or perhaps save some more so that i can put in my 20% and save myself from LMI…

    Thanx

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    November 8, 2004 - 2:05 am

    Hi ShOw_Me_ThE_MoNeY

    It looks like you might be a bit short on the deposit. You generally need at least 5% deposit and would need another 5% for costs.

    Terryw
    Discover Home Loans
    Mortgage Broker
    [email protected]

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of ShOw_Me_ThE_MoNeYShOw_Me_ThE_MoNeY
    Member
    @show_me_the_money
    Join Date: 2004
    Post Count: 80
    November 8, 2004 - 2:35 am

    Riteo!! Lets save for a few more months in that case :-)

    Thanx

Viewing 3 posts - 1 through 3 (of 3 total)

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