First Time Poster - Advice on my Current Situation

Discussion in 'Investment Strategy' started by tomtomtom, 24th Nov, 2019.

Join Australia's most dynamic and respected property investment community
  1. NewAroundHere

    NewAroundHere Member

    Joined:
    9th Jan, 2020
    Posts:
    10
    Location:
    Melbourne
    Hi Tomtomtom

    No I'm yet to find a property, still looking daily! Have been doing research for the last 6 months.

    I intend to sign up with one of the smaller banks starting Feb 1. Hopefully they have they same 3 month free option to find something.

    Where are you looking? Still the same areas?
     
  2. tomtomtom

    tomtomtom Member

    Joined:
    24th Nov, 2019
    Posts:
    9
    Location:
    VICTORIA
    Hey mate sorry for the delayed response!

    and this is to all who have contributed to my thread, just thought i'd provide an update....

    Well since last posting, i've been scouring the real estate stock and i had approval from bank for a loan and also was successful in securing a spot for the First home deposit scheme loan with 5% deposit, NO LMI and NO STAMP DUTY long as the purchase price is 600k or under.

    Turns out i went to an auction for a property in sunshine north. ended up winning and paid above 600k so there goes the first home deposit scheme. I was able to manage with the 5% deposit and loan repayments as well as paying the mortgage insurance upfront however after my parents found out how much my LMI was, they were kind enough to become my gaurantors and assist me in this respect.

    I guess it all worked out. Hope everyone has been well especially during these tough COVID times.

    Cheers!

    Tom
     
    mitsui, wylie, NewAroundHere and 3 others like this.
  3. NewAroundHere

    NewAroundHere Member

    Joined:
    9th Jan, 2020
    Posts:
    10
    Location:
    Melbourne
    Hi Tom

    Congratulations on buying a property! Really exciting news.

    I also managed to find a property only this weekend and get that contracted today. So good news all round :)!

    Will tag you in my response to my own thread once I get everything settled.

    Best
    New Around Here
     
    tomtomtom and wylie like this.
  4. Chris s

    Chris s Active Member

    Joined:
    29th Nov, 2018
    Posts:
    30
    Location:
    Adelaide
    Hi,
    If you're not already, i would recommend listening to some property investment podcasts, books etc. too.
    Propertycouch, smart property investment etc.
    I find they keep me focussed on my goals.
     
  5. tomtomtom

    tomtomtom Member

    Joined:
    24th Nov, 2019
    Posts:
    9
    Location:
    VICTORIA
    Thats fantastic mate! Congratulations to you. Where did you end up buying?

    Cheers.

    Tom
     
  6. Joeisagun

    Joeisagun Well-Known Member

    Joined:
    9th Jul, 2020
    Posts:
    51
    Location:
    Sydney
    Congrats Tom!
     
    tomtomtom likes this.
  7. tomtomtom

    tomtomtom Member

    Joined:
    24th Nov, 2019
    Posts:
    9
    Location:
    VICTORIA
    Thankyou!
     

Buy Property Interstate WITHOUT Dropping $15k On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia