Any good buyer agents/ organisations for 1st time IP buyers?

Viewing 9 posts - 1 through 9 (of 9 total)

Growing
Member
@growing
Join Date: 2010
Post Count: 2
December 22, 2010 - 12:00 pm
Hi everyone, I am interested in property investment for wealth accumulation and am committed to buy one anytime between now and March 2011. Does anyone have 1st hand experience with buyer agents or organizations to share with me?
Status: single with no dependent
Annual income: 85k (but $725 goes to ATO per fortnight at the moment)
Financial commitments: nil to date
Bank savings: 25k
Superannuation: 10k only
Equity: none
Your honest sharing and/or advice would be much appreciated. Thank you.
Cheers,
Growing
FinSpec
Member
@finspec
Join Date: 2009
Post Count: 137
February 25, 2011 - 11:59 pm
Where are you located?
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
February 26, 2011 - 1:20 am
More importantly, where are you looking to buy?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Derek
Member
@derek
Join Date: 2004
Post Count: 3,544
February 26, 2011 - 9:06 am
You don't say how long you have been employed so I may be out of line – but you wanted honest!
After tax you have nett income of ~$67K. Many bank will want to know where this is/has going/gone as you haven't any savings or equity to launch from. While there are some banks who do such things as 'family pledges' etc for security purposes your first real step should be to get a deposit behind you.
At the moment you have no equity and no savings.
While I am not a broker I would suggest this will be a major stumbling block to you as you try and move forward.
Blitzad
Participant
@blitzad
Join Date: 2011
Post Count: 1
February 27, 2011 - 12:34 am
Growing wrote:
Bank savings: 25k
Just a quick note, i believe he said that he has 25k in savings, this is a good start i would have thought. I am not sure, i am only new to this investing too.
Cheers,
Blitzad
bm17
Participant
@bm17
Join Date: 2010
Post Count: 47
February 27, 2011 - 1:33 am
Blitzad wrote:
Growing wrote:
Bank savings: 25k
Just a quick note, i believe he said that he has 25k in savings, this is a good start i would have thought. I am not sure, i am only new to this investing too. Cheers, Blitzad
Agree with Blitzad. When I bought my first IP, I had been working in my job for about 4months after finishing uni and had saved about $14k. I was eligible for the first home owners grant so this was added to my savings but still, the $25k you have saved is definitely a good starting point.
I would recomend speaking to a mortgage broker and see what you can borrow to start off with, then go from there.
Good luch
Derek
Member
@derek
Join Date: 2004
Post Count: 3,544
February 27, 2011 - 12:41 pm
Blitzad wrote:
Just a quick note, i believe he said that he has 25k in savings,
Ooops (foot in mouth) that's what you get after spending a few hours hunched over some driveway acrylic sealer.
Nonetheless $25K wont get a lot of money in additional purchasing power (just over $200K + deposit – subject to income checks and other banks interrogations) so there remains a need to get some additional deposit money behind you.
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
February 27, 2011 - 8:00 pm
His $25k could stretch a bit further than that if he was able to take out a 95% + LMI lend.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Andrew_A
Participant
@andrew_a
Join Date: 2003
Post Count: 392
March 2, 2011 - 5:20 am
Depending on where you are there should be some good investing networking evenings, the kind where you aren't really being given the hard sell but have a chance to meet other investors and talk to people.