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Discussion in 'Introductions' started by gary176, 29th Dec, 2015.

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  1. gary176

    gary176 Member

    26th Dec, 2015
    Hi there. Just a quick introduction, Me and my wife are currently working and both are abound 32 with no investment property or home as currently renting. I am interested in buying my investment property and own home. Not looking to spend more than 400k for my first investment.

    Rough gross household income around 200-250k and paying a lot in taxes, another reason to get into property.

    Preferred option is central coast, qld and Victoria as I feel Sydney is too over valued at current rates (I have already seen double digit reduction in some areas of western Sydney)

    I currently live in the Sydney and looking to buy around Winston hills for own home once the prices cool down (some lower expectations can already be seen)..have around 180k in deposit

    As me and my wife are currently both working, we can also use our super For investment (not sure if it's a good or bad idea). We both are 32 years old and have reasonable balance)..
    Happy to share more information as required..

    My friend recently bought a town house in mango hill for investment, and encouraging me to look at that area as he believes the outlook is good..

    Also avoca or Terrigal is another option

    Would really love some advice.
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    18th Jun, 2015
    Canberra, Brisbane and Sunshine Coast
    Welcome aboard :)

    How much are you looking to spend on the PPOR?

    Well done on saving the $180k - not an easy feat.

    Best not to invest for tax concessions though - it's a nice little bonus of property investing but shouldn't be a primary motivator.


  3. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

    18th Jun, 2015
    Sydney & Gold Coast

    On the face of it, you probably have about $1mil of purchases in you based on current savings. That'd leave maybe $600k for a PPOR. Is that about what you were thinking?
  4. Property Twins

    Property Twins Mortgage Brokers - Australia Wide Business Plus Member

    18th Jun, 2015
    Sydney, Australia
    Hi @gary176

    Welcome to PC.

    We are next door to Winston Hills :) good to see you are also from this region.

    Is there a specific reason you want to buy in Winston Hills? What sort of place will you be looking for there? Would it be a value add project?

    Would be worth asking your friend why he chose Mango Hill, and why a townhouse?

    It would be worthwhile determining what you would classify as a good investment for you, and answering the'why'.

    As mentioned previously, tax concessions should not be a driver in investing, and should be treated as a bonus. Tax returns may allow you to gain $0.40 from the Tax man - but cost you $0.60 in a dollar. Instead focus on using real estate investing as a wealth creation vehicle, via capital gain, cash flow, or a combination of both.

    Best of luck!
    Last edited by a moderator: 30th Dec, 2015
  5. The Y-man

    The Y-man Moderator Staff Member

    18th Jun, 2015
    Now sure what the question is to give advice to .......... :confused:

    is it:
    - Should I buy a PPOR and IP?
    - Where should I buy?
    - Is my friend correct?
    - some other?

    The Y-man