Hi everyone
I am 19 years old and only just recently became a member with this site. I keep reading all these fantastic stories about property investing and think to myself “i wonder if i can do that”.
I have just one question that i have been hoping to be answered for quite some time now and that is “if i dont have any money available to deposit on a property does that mean that i cant invest in property.
when i look at properties on the internet on sites like allhomes.com, domain.com etc. they give you an estimate of how much money you need before you can buy the property. this pays for things like stamp duty, legal fees and a deposit.
But god knows i dont have that kind of money upfront on a first year apprentice salary. So please if anyone can give me some insight in to what i might be able to do in this situation that would be muchly appreciated.
Sam
You may have to talk to one of the brokers on here.
Depending on income you may be able to find a loan for 100% + costs.
ChrisAll post are IMHO.
Only advice I can give you is wait until you have saved some more money (eg 5%) and are finished your apprenticeship. It’s all very well to invest and rent out your house you buy but what happens if you cant find a tenant for a few months of the year. Can you afford to pay the $1400ish mortgage each month.
By buying an investment first before your own home you wont get the FHOG either.
Something to keep in mind. Ultimately you know your financial position better than anyone else. When you are ready good luck.
Make sure that any risk you take from here on is a well calculated one.
Best of luck again…. [smiling]“Practise doesn’t make perfect. Perfect practise make perfect”.
Lee
Originally posted by leewizza:By buying an investment first before your own home you wont get the FHOG either.
Best of luck again…. [smiling]“Practise doesn’t make perfect. Perfect practise make perfect”.
Lee
This isn’t true.
Buying an IP doesn’t stop you getting the FHOG for a subsequent home purchase. Just don’t live in the IP for more than 6 months!
Simon Macks
Residential and Commercial Finance Broker
***NODOC @ 7.15% to 70% LVR***
[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.
[blush2]is that for real….??? I had the impression that any home bought (ie including IP) was good enough to disqualify you for the FHOG…??
mortgage hunter can you give a website or other info source to verify what you are saying…
Thanks a heap
Leighton
My bad… Sorry
“Practise doesn’t make perfect. Perfect practise make perfect”.
Lee
Hi there
I can verify what has been said regarding eligibility for FHOG even though you have an IP.. I know that this is a definite possiblity in Queensland. I have spoken to the relevant departments to verify this. Try ringing the relevant govt departments, they will set you straight.
All the best
Mai
Leighton
Simon is as always bang on.
Try checking out the OSR in your particular State and you can see the requirments for qualification.
Richard Taylor
Residential & Commercial Finance Broker
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Yep Simon is of course correct. I am also in this situation where I sold a reno I never lived last year and am now about to apply for FHOG for my first PPOR Im building. Have a look thru this site:
MikeC
Always Ready.
Another thing I found out that I wasn’t aware of and that younggun19 might want to consider, is that you can rent from day one when you use the First Home Owners Grant.
You don’t have to live in it six months then move out and then be able to rent it, you can rent a room soon as you purchase it, just as long as your stil living there, for six months beggining from anytime in 12 months.
So you could rent it out from the day you purchase it then on the 355th day move in to start living in there for the required six months and then be renting out one, two, three rooms while your living in it six months or whatever amount of time from then on!
Rent out one, two three rooms….this may help with the payments to Interest. Coupled with the FHOG and a parent or somebody you know that may be able to lend you 10 grand you might be able to scrap in somewhere.
younggun19 have a bit of a look at my calculators at my website http://www.Jaffasoft.com for more of an idea on the numbers.
**********
Interested in Joint Venture Reno Projects
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