NSW Introduction and help

Discussion in 'Where to Buy' started by Amanda Clarke, 16th May, 2021.

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  1. Amanda Clarke

    Amanda Clarke New Member

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    16th May, 2021
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    Sydney
    Hi everyone.

    I am assuming that all of you people here are experts in the field of property. My name is Amanda and I live in Sydney with my mother. I recently came across this forum and very honestly have taken the efforts of going through some posts here.
    I have had a very terrible past and now I am coming out of it. I was in a relationship which went downhill and I got out of it with lot of loss financially. I am in my mid 40's. I have a stable job and whatever I was earning I trusted my ex and gave everything to him. I used to save some money which has come handy now. When my ex left he took everything and I had to move with my mother. I went in depression but now I have come.out of it and my work colleagues have been great and have helped me a lot.
    A colleague of mine said that the money that I have as savings I should invest in a property and leave it there for long time. I don't have any dependents. My friend introduced me to a mortgage broker and I have been told that I can borrow a maximum of 260k and with the savings that I have I can look for something around 300k. I have never ever looked into property and so I don't even have a clue as to what I can do with this budget. My friends advised me not to go for anything new instead asked me to read through here and invest in something existing which will give me a good rent to cover the payment to the bank.
    As I said I have read a few pages but I feel overwhelmed at all the things that I read. Sorry for writing such a long post.
    My question is to the experts here and to anyone who has recently invested or bought a property in that range of price please can you give me some guidance. It will be a great help. Please send me a private message and that will be a great. I am open to invest anywhere in Australia where my budget allows me to.
    Thanks again.

    Amanda
     
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  2. The Y-man

    The Y-man Moderator Staff Member

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    Sounds like good advice :D Welcome.

    The Y-man
     
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  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    That is a bad assumption!
     
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  4. wilso8948

    wilso8948 Well-Known Member

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    Can I ask the obvious question - Why are you looking to buy? Is it "Just cause?" or "Property only goes up?"

    Good to see the ex is no longer in the picture. Even though he took everything financially wise try not to let him also steal your respect and dignity.

    Have seen people recover from much worse.
     
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  5. spoon

    spoon Well-Known Member

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    Build up your super. As a mid-40s single woman, it is important to be able to look after yourself when you retire. You might have the love of your life in future and looks after you, but then you would know better by now.

    If you are living with your Mom, at least you have saved rentals although I presume you still need to chip in for various things. The property market is hot and buying into a hot market might lead to overpaying for under quality properties. You are not in a hurry to find somewhere to live so you can wait. But keep looking as finding a "good" investment grade property takes time and preparation.

    Keep your job because lender will look for a reliable stream of income.

    Take care and enjoy your new found freedom and look after Mom. :)

    And welcome!
     
  6. The Y-man

    The Y-man Moderator Staff Member

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  7. Amanda Clarke

    Amanda Clarke New Member

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    Oh my God. I am just so lost for words. Thanks for the kind words. It really does a whole lot of good. Yeah i am pleased that my ex is not in my life. I want to invest in property because I know and have seen that it's reliable. I can't borrow a lot but if I get something between 280k and 330k anywhere in Australia and if I can get a rent that will help me pay the bank and cover the other costs then I would be definitely winning. I am not sure how to go about it. People say I should look at Adelaide, Queensland and NSW regional but I am not aware where exactly. Once again I thank you for responding to my.post.

    Amanda.
     
  8. wilso8948

    wilso8948 Well-Known Member

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    No worries. I think you need to go a tad deeper though. You've seen it's reliable but why do YOU want to invest? Is it to grow your wealth? Is it for security and to have something to your name? Do you want to build a portfolio or make serious money later in life? I am not saying you need to have absolute clarity right now but you do need some sort of direction. I've purchased property in the budget you are discussing. After all expenses etc mostly it pays for a cup of coffee a week. Sometimes more, sometimes less. There's been years I've had good capital growth and other years where its been poor.
    If you want specific locations for your budget I'd suggest Nth Qld but I'm biased. I see investors write off Nth Qld locations with 100-200k populations because of volatility but will then purchase regional NSW/Vic with 20k people that has had its growth and nearing the end of the cycle. Just my opinion.
     
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  9. wylie

    wylie Moderator Staff Member

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    Welcome Amanda. Without knowing you or your circumstances beyond what you've written, my thought is that if this was my situation, I'd live with my mother as long as possible (assuming we enjoy each other's company and it's not an imposition on either of us).

    I'd borrow what I can and buy somewhere more affordable than inner Sydney, where I may (or may not) decide to live in 20 years and rent it out.

    I'd plow as much into super as I could manage, so that in 20 years I would have a house that someone has been paying off for me whilst I claim all the expenses against my income.

    My super is growing and in 20 years I have a pot of super and a house that may be paid off (or close to).

    It would mean me paying some capital gains tax when I eventually sell that house, but if it gives me somewhere to live long term, then that's just a price to pay for putting a roof over my head.

    That is just one option and not advice... just where my head went on reading your story. If you ever meet someone, be very careful to protect what you have.
     
    Last edited: 20th May, 2021
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  10. Branden

    Branden Well-Known Member Business Member

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    Location:
    Blacktown, NSW
    Hi Amanda and welcome to the forum. I'm sure you will find this forum to provide you with a wealth of knowledge as you continue to read and digest some of the content on here. I'm sure the previous comments have already provided you with some insight into the options you may have. Just looking purely from a price point of view Brisbane and Adelaide seem like good options. As the market continues to move it may become harder to find anything of value for 300k but right now you still have a few options. If you don't feel comfortable in purchasing yourself then maybe it would be worthwhile to find a recitable Buyer's agent who could help you along the way? Ultimately, it is up to you but I wish you the best of luck in whatever you decide to do.
     
  11. Onyx_OCAU

    Onyx_OCAU Well-Known Member

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    On top of what everyone else has mentioned above, run your potential plans/options by your mother - as she is uninvolved in your personal/financial situation she may have a better set of ******** detectors. Human emotions have a way of clouding our judgements when it comes to big life decisions; and even the most astute seasoned veteran investors sometimes fail to keep emotions completely out of the equation when it's needed.
     
  12. Kevbo

    Kevbo Well-Known Member

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    Location:
    Sydney
    You need to consider what your ultimate goals are. Some options to consider:

    1. If the property is intended to be your home down the line and assuming that you would want to stay in Sydney, then you may consider buying a cheap unit within NSW.
    2. If you merely wish to invest, with that budget you could still buy a land+house in SA/regional NSW (ie. Broken Hill), with the aim of receiving significant yield. Noting the holding cost (maintenance, interest repayment, etc.) however the better view may be to invest in equity/EFT instead. That way you receive a steady return when you retire.
     

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