First home buyer - Sydney (<700K)

Hi All,

This is my first post, hoping to get some experienced advice.
My current situation:
Wife not working
Two kids 7yrs and 2 yrs.
Renting a 2 bedroom apartment in Epping.
Have saved up 5% deposit for $700K property.
Have pre approval for bank, but for new property only.
Looking for first home buyer allowances.
If i go home and land, i will need both contracts signed at the same time to service the purchase through the loan.
I am looking for atleast 350sqm block in suburbs towards Leppington / Austral. Need to move in before April 2021.

Wondering if you have any suggestions on what might be best for my situation to look into. Open for suggestions for other suburbs but a good school and community is key to my decisions.

Thanks in advance

 

I'm also an Epping local, happy to catch up with you. In all honesty, if moving to Adelaide or Brisbane makes sense for your job, your $$$ does much better there...

Personally I'd look for an older freestanding home say in Seven Hills. Bigger land. Faster train rides.
You could get a job in Parramatta and you'd have a short commute.
Just food for thought.

I have never heard of people being limited to only new builds for loans.
Guessing, maybe it's the deposit that's the limiting factor?

 

Using the grants to make up the deposit most likely.
Another option might be to get a 2 bed unit near epping (Eastwood?) for that money and upgrade later.
Do you see any difference in the potential growth between a new 650k house at Leppington v a 2 bed older unit?

 

Re: Leppington/Austral.
I don't know enough about the area to make a fair comment. I do think if you have to commute to the city it will be a long trip though.
I suppose for those people with desk jobs, employers won't be forcing staff to be in the office 5 days a week going forward. I would suggest you would want to have a comfortable and quiet space in your home to be able to WFH.

Good internet and mobile reception from home a must have.