Hello all,
I’m looking for some advice on buying my first property. Although not strictly an investment, as I’ll be living in it; I guess it’s more of an investment than renting!
I have a fairly new job, my 3 mth probabtion is up in about 3 weeks, and then it’s classed as ‘full time permanent’. So I figure that’s my first hurdle before I can be considered for a mortgage.
Then the second problem is I have no deposit (although i’ll get first home buyers grant and pay no stamp duty as I’m in WA), as all my money has gone into paying off my debts from my os holiday. However that does mean I am now debt free!
So between now and my probation being up I’ll be saving every cent I can to put into a deposit. I want to get into my first home as soon as possible, as I don’t make a huge wage, my budget for a home is fairly small, and I’m worried I’ll not be able to afford anything if I leave it for the next 6 months while I save my deposit.
My first home is likely to be a 2 bed unit, but I hope to be able to move up to a house in about 2 years time, and keep the initial property as an investment.
Does anyone have any advise for me on where is the best place to put the money i’m saving over the next couple of months. Or just generally any advise on getting into my own property sooner rather than later?any advice is really apreciated
thanks
Congrats on being debt free! I have 25k of personal debt and no PPOR house yet.
But my girfriend and I are close to being able to go shopping for a property around the 150k mark in or around Hobart.
Combinied with FHOG about 7k would get you into 150k unit I think?
Aim to save at least a 5% deposit. with your track record of paying down debt you should be able to do this easily!!
Many people use http://www.ingdirect.com.au to save in but there are several other online accounts available too. The higher rate is handy but the real attraction is keeping the money seperate with no atm. A psychological barrier to dipping into it.
Cheers,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Thanks for the advice, I’ll definatly look into ING direct. Having no ATM facilities would definatly make saving easier. I sometimes think that’s why so few people have savings these days, it’s too easy to always access your money!
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