- gurpreetc75Participant@gurpreetc75Join Date: 2022Post Count: 0
i am currently living on rental. I don’t have any assets. Working fulltime. My wife works part time.
Should i buy property using first home scheme or go for investment property.
i have only saved 5% deposits so far.
what are my options?pls guide me
NewcomerBennyModerator@bennyJoin Date: 2002Post Count: 1,416
The link posted here might provide some thoughts around the subject:-
This takes you to the “Big Picture” thread, then click on the next link seen in that post. You may wish to check out more of “The Big Picture” too, so scroll through it (further up that page is the Index that tells you what other posts are in the thread.
You mention having a 5% deposit, but for what price house? See, a 5% deposit for a $1m house might allow you to buy TWO $500k houses. But then the deposit you have is just one small part of the whole buying process. First off, check out the above link, to see if that way suits you. As stated, though buying an investment first is ideal from a financial point of view, it may not be preferential from an emotional or family point of view.
Bennygurpreetc75Participant@gurpreetc75Join Date: 2022Post Count: 0
Me and My partner been looking for property worth 650k. We don’t have big deposit and wondering should we take advantage of 5% of mortgage deal by govt to enter into the property market or we have another option of IP ?
NewcomerJamesbillsParticipant@jamesbillsJoin Date: 2022Post Count: 0
Hi everyone, want to buy new home in Melbourne, Can Help me to recommend a reliable Property Investment advisor, Thanks in Advance :)))InvestnParticipant@investnJoin Date: 2022Post Count: 0
Buying a home to live you will only require a 5% deposit, where with an investment property you will require 10% as a deposit. When buying there is not only the deposit you need for the mortgage, but money to cover loan establishment fees, stamp duty, conveyancing etc. You are best checking cash flow and what it look like buying an investment vs owner occupied property.