I've got an even $265k saved up in a ME Bank high interest savings account. I'm looking at moving back up to Sydney for lifestyle reasons early next year, and I figure now's the time to buy my first home especailly with the boom there getting its usual second wind
I know the financially responsible option is to stay in Melbourne and save save save, but in the end if you're not enjoying life then what's the purpose of having money??
I'm hoping to have saved up 340k by the end of financial year. If that is the case then I will probably spend $260k or so on the deposit and keep the rest as a buffer.
I'm thinking of moving to the North Shore , where houses are in the $1350-400k range for a renovated average size house. I am also considering Northern and Eastern Beaches. I'm pretty conservative so I wouldn't spend more than $1.5mil on a house.
I considered going country where houses are cheaper, but that locks me out of employment opportunities and makes travel back to Victoria much harder (can't just jump on a train). I am happy to rent out each bedroom I'm not using.
BOQ Specialist will lend to me without having to pay LMI, even if the deposit is below 20%. They will provide a variable rate home loan with offset account.
So I ask all of you who have more life experience than I do- should I do it? Can I do it? I hear all the chatter about how it's impossible to buy...
Or should I stay where I am and buy a few IPs (like 3 or 4 units in Syd/Mel maybe????) that would let me make more $$$ from the house price gains in the next few ysr
I can also sell my car if necessary (worth 100k or so) and get something a fair bit cheaper. I'm not into fancy things, and the car I drive doesn't matter much to me as long as its euro
Any advices will be appreciated, thanks alot guys!
I've got an even $265k saved up in a ME Bank high interest savings account. I'm looking at moving back up to Sydney for lifestyle reasons early next year, and I figure now's the time to buy my first home especailly with the boom there getting its usual second wind
I know the financially responsible option is to stay in Melbourne and save save save, but in the end if you're not enjoying life then what's the purpose of having money??
I'm hoping to have saved up 340k by the end of financial year. If that is the case then I will probably spend $260k or so on the deposit and keep the rest as a buffer.
I'm thinking of moving to the North Shore , where houses are in the $1350-400k range for a renovated average size house. I am also considering Northern and Eastern Beaches. I'm pretty conservative so I wouldn't spend more than $1.5mil on a house.
I considered going country where houses are cheaper, but that locks me out of employment opportunities and makes travel back to Victoria much harder (can't just jump on a train). I am happy to rent out each bedroom I'm not using.
BOQ Specialist will lend to me without having to pay LMI, even if the deposit is below 20%. They will provide a variable rate home loan with offset account.
So I ask all of you who have more life experience than I do- should I do it? Can I do it? I hear all the chatter about how it's impossible to buy...
Or should I stay where I am and buy a few IPs (like 3 or 4 units in Syd/Mel maybe????) that would let me make more $$$ from the house price gains in the next few ysr
I can also sell my car if necessary (worth 100k or so) and get something a fair bit cheaper. I'm not into fancy things, and the car I drive doesn't matter much to me as long as its euro
Any advices will be appreciated, thanks alot guys!
1 - get expert financial advice (paid for) rather than eggspurt forum advice (free).
2 - The debate on getting IP's or PPOR rages, and is not a simple answer... a lot of it depends on your circumstances, and if you are really likely to want to live in your 1st property, or likely to not be wanting to live where you buy.
Having said all of that... IMHO, having a PPOR is a very attractive option... tax wise, if, by some stroke of luck, the value of your PPOR could double in 2 years, and you sold... you would get to keep all of that profit (assuming certain conditions are met to keep it as your PPOR).. if you had that same stroke of luck with IP(s), then CGT gets a slice of your luck (albeit a 50% discounted one).
Everyone here will have an opinion on the matter... none are 100% right for you.
If I was looking to move to Sydney and live in northern beaches, and I had your deposit and a healthy income to keep well on top of any mortgage.. I would consider a PPOR purchase using a mortgage that is flexible enough to give me the ability to purchase an IP down the track, and yes, I would have an offset account to boot.
As for ditching the $100k car... well yes, if the cost of the car is not something you particularly care about... why keep it ? indeed, why have it in the 1st place ?
I've got an even $265k saved up in a ME Bank high interest savings account. I'm looking at moving back up to Sydney for lifestyle reasons early next year, and I figure now's the time to buy my first home especailly with the boom there getting its usual second wind
I know the financially responsible option is to stay in Melbourne and save save save, but in the end if you're not enjoying life then what's the purpose of having money??
I'm hoping to have saved up 340k by the end of financial year. If that is the case then I will probably spend $260k or so on the deposit and keep the rest as a buffer.
I'm thinking of moving to the North Shore , where houses are in the $1350-400k range for a renovated average size house. I am also considering Northern and Eastern Beaches. I'm pretty conservative so I wouldn't spend more than $1.5mil on a house.
I considered going country where houses are cheaper, but that locks me out of employment opportunities and makes travel back to Victoria much harder (can't just jump on a train). I am happy to rent out each bedroom I'm not using.
BOQ Specialist will lend to me without having to pay LMI, even if the deposit is below 20%. They will provide a variable rate home loan with offset account.
So I ask all of you who have more life experience than I do- should I do it? Can I do it? I hear all the chatter about how it's impossible to buy...
Or should I stay where I am and buy a few IPs (like 3 or 4 units in Syd/Mel maybe????) that would let me make more $$$ from the house price gains in the next few ysr
I can also sell my car if necessary (worth 100k or so) and get something a fair bit cheaper. I'm not into fancy things, and the car I drive doesn't matter much to me as long as its euro
Any advices will be appreciated, thanks alot guys!
So, to be clear, you plan to save another $75k in 6 months, which would mean you earn enough to save $150k per year, which means that, even if you are living at home with ZERO living expenses, you are earning minimum $230k per year at 23 years of age.
Do you mind revealing what type of work you do? (Unless it is sucking dicks, then please keep it to yourself).
Speak when you are angry and you will make the best speech you will ever regret. Ambrose Bierce
So, to be clear, you plan to save another $75k in 6 months, which would mean you earn enough to save $150k per year, which means that, even if you are living at home with ZERO living expenses, you are earning minimum $230k per year at 23 years of age.
Do you mind revealing what type of work you do? (Unless it is sucking dicks, then please keep it to yourself).
I don't have a problem with whores investing in property.
In fact, most of the people on here are ...
But get some IFA. You want to maximise your tax deduction and minimise capital gains, whilst maximising any grants on offer.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
I don't have a problem with whores investing in property.
In fact, most of the people on here are ...
But get some IFA. You want to maximise your tax deduction and minimise capital gains, whilst maximising any grants on offer.
I have no problem with dick suckers investing in property, I just don't need to know the details because I am not planning on going into that line of work.
However, a 23 year old making 230k a year I am interested in for at least two reasons
1) What industry/job is it that is paying a 23yo 230k per year.
2) Why would a 23yo making 230k per year post on some random property forum asking for investment advice. Wouldn't someone who had their shit together to that extent seek professional financial or accounting advice?
So assuming this isn't the regular bullshit trollery, my interest is definitely aroused.
Speak when you are angry and you will make the best speech you will ever regret. Ambrose Bierce
I have no problem with dick suckers investing in property, I just don't need to know the details because I am not planning on going into that line of work.
So assuming this isn't the regular bullshit trollery, my interest is definitely aroused.
Quote:
However, a 23 year old making 230k a year I am interested in for at least two reasons
1) What industry/job is it that is paying a 23yo 230k per year.
Almost none. A sales, commission based job - still next to none for a 23 yo.
Quote:
2) Why would a 23yo making 230k per year post on some random property forum asking for investment advice. Wouldn't someone who had their shit together to that extent seek professional financial or accounting advice?
Because they;re good at making money. By accident really, but hopeless with finances.
You've assumed that the OP is making money. Perhaps they are just being gifted it. English's is not the first language of the OP.
I'm assumin' ya sayin' that coz their written Inglish is by 'n large way too good ta have bin put tagether by pretty much any native born 'n edumacated 23 yo Aussie these days? ...
A Professional Demographer to an amateur demographer:"negative natural increase will never outweigh the positive net migration"
I've got an even $265k saved up in a ME Bank high interest savings account. I'm looking at moving back up to Sydney for lifestyle reasons early next year, and I figure now's the time to buy my first home especailly with the boom there getting its usual second wind
I know the financially responsible option is to stay in Melbourne and save save save, but in the end if you're not enjoying life then what's the purpose of having money??
alot guys!
Hi Stringbag! Happy new year.
WHAT WOULD EDDIE DO? MAAAATE! Share a cot with Milton?
"The truth is that there are no good men, or bad men. It is the deeds that have goodness or badness in them. There are good deeds, and bad deeds. Men are just men."
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