FHB newbie looking forward to learn enough to enter the market

Hi All,

Happy to be part of this helpful bunch. I have migrated to this beautiful country 2 years back and currently i am working on 482 visa. I have applied for PR this may and am waiting to hear back from immigration department. Hoping to get a positive response soon.
I have family of 3 , including my 15 months old bundle of joy. I and my wife both currently work in city ( central and wynyard respectively)
I have never owned a property in my life so looking forward to learn from you regarding what to look for as a new immigrant trying to settle down under. we currently rent an apartment in parramatta spending fair bit of time and money on transport.
My better half is inclined toward house and i am not sure if i would be happy to commit to a huge mortgage. Being a salaried person i do not believe there is going to be any significant increase in my earnings any time in future.

thanks for your inputs and guidance.

 

Hi @aving1001
Welcome to PC
Settling in a new country is a major life change - so well done on your transition.
You just have to see your overall life goals, your current savings, and what you can do with your resources - house vs strata or if you would like to go toward the rentvesting path. Given you have a young family, it may be more attractive to purchase your own home.

 

Thanks a lot I am looking to restrict my budget to 650k to get fhb benefits and not heavy monthly payments. But it doesn't really look possible to get a house in that amount.also I wouldn't want be more than 1 hour out of city. So for now looks like will have to settle for apartment and the upgrade when circumstances permit.

 

As Rolf said ... it's a common path.

You need to take one step at a time. I believe there may be some benefit in going up to 700k if you can as it may be good saving still being a FHB.

 

I think i should be able to go to 700k , however i am not sure what you mean by still being able to reap benefits of FHB . Could you please point me to some resources which can help me understand that?
Also is there anything better I can buy if I extend my budget to 700k?
Thank you very much for your insights !!

 

thank you Rofl for your encouragement

 

I would think you would have more options at $700k vs $650k

Stamp duty increases on a sliding scale.

You can use the stamp duty calculator here: Stamp Duty Calculator

here is a table published by the Daily telegraph in June 2017

 

Many Thanks @Property Twins for taking out time and sharing useful information.

 

welcome to the forum @aving1001

I am an migrant as well ( got here in 2002). I can relate to your concerns. but hey, Australia provides lots of opportunities.

"I have never owned a property in my life", soon this will be changed

when buying your home, the saying " but the best you can afford" still applies I think, aka stretch your budget a bit (but not over extending) to get a better quality home for the family, it might seem scary in the beginning, but you will use to the regular repayments and budget soon. owning a piece of estate is a dream / mission of many migrants, so make it happen.

 

thanks @Eric Wu , hope i would be able to figure it out soon. Will seek additional advise when the time comes

 

Hi Guys.. Got my PR so now can look at purchasing my ppor .. I was looking towards South and found that Sutherland suburb appeared to be on affordable side somewhat at par with western suburbs.
What's your take on the profile of Sutherland? I can see direct trains to xity and accessible to national parks.

 

By stable do you mean capital growth or safety?