hi guys 1st time i have posted, im abit of a late bloomer in the porperty game, im 29 and have 85k saved, i have a gf who has very little money and we plan to get married in 3yrs, we both still live at home so im able to save 6-700 a week, when we get married obv we want to buy a home, should i continue to save for a home, use some of the money to invest etc, im a real novice and would luv some advice on what to do, my salary is only 48k, cheers.
mate, I'm sure wiser heads than mine will be able to offer some good advice but I just wanted to say well done for saving that kind of money – I wish I had done that at your age. Sounds like you're in the right place mentally and I'm sure you'll do fine.
thommo
wanting to buy your home is a nice dream, but investing is a better one!
if you could get a positive investment and rent instead of buying, assuming the rent is a good price. you would be much better off financially. as the investment will provide extra benifits that you will not recieve from owning your own home.a smart strategy is build up an investment portfolio then use the income or profit from this to buy your home.
if you are just wondering what to do with the money in the mean time, then investing in shorter term investments is a good idea. as the return will be greater then just saving money in a bank account.
But all investments carry risk, so just saving money means it will be safe. but in 3 years time with inflation etc. your money plus the bank interest will not total that much more then its worth now.If you invest the money, in something that out performs inflation, and hopefully keeps up with houseing prices then you will still have a nice deposit for your house in 3 years.
where as if housing prices went up significantly, your deposit you have saved would represent a smaller % of the property price.
just read over the stuff i wrote…. doesnt sound very coherent but i hope you get the idea.
Hi dellas,
Welcome to the forum, it's first time for me on this so here goes,
what I would do and which I already have done and this is just my suggeston and depending how much money you can borrow from the bank, I would buy a block of land and build two units , live in one and rent the other one out, that way you can have a home to live in and an investment property to help pay off the mortgage. I think you would be able to borrow from the bank for a block, so i would secure a block were you are able to build units now, pay some of that off or save it in an off set account. Build the units when you are ready to build, get married and move in. This way you have killed two birds with one stone.
Cheers
Hi Dellas,
Welcome to the forum
Congrats on saving $85k – you must be a very disciplined saver.
Where are you looking to purchase? If you're in an area that's experiencing rising property prices then it might be best to get into the market now rather than later (because property prices may increase at a faster rate than your savings).
It's hard to comment on what you can reasonably accomplish in terms of purchasing a property without further information. However, that $85k savings makes for a decent deposit.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
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