Need advice on where to start

Hi,
I'm totally clueless about this....I'm having a school catchment zone issue, and am going to need to rent a studio or one bedroom in dulwich Hill (Sydney). It's just occurred to me to wonder if I would be better off buying something.
I have no idea.
I jdid the maths this morning and realised that if I have to, I can afford to rent somewhere tiny; $400X 6 months is 10k, and that's manageable for me even if it sits there empty ( not ideal)
I work part time, and I'm still in training, so I don't earn a lot - about 60-70k, but that'll increase over time. I'm a doctor, So I gather there's some good home loan options.
How do I work out if it's viable to buy a place?

Main issues would be that it'd be an investment property ( I rent - pretty sure I can't afford a place big enough for family), whether the incidental costs of doing it will be too painful, and whether it'd be worthwhile.
I do not know where to even start figuring this out. Thanks for your help.

 

What is your school zone catchment issue, exactly? You want to be in a certain school catchment?

start with the basics. Savings. Mortgage broker to assess borrowing capacity. What / where you are willing to live in / not willing to live in. The compare this to the reality.

 

Yep I want to be in a certain school catchment - high school, current zoned school is a disaster.. I don't need to physically live there, but do need an address there.
I wouldn't move from where I am renting.

 

Fraud is a bad starting point for anything.

focus on the future and do it correctly, especially given your profession.

 

First things first, get a broker to look at your actual borrowing capacity (don't use those online calculators, they're misleading and inaccurate) Something I see all the time as a broker is people thinking they can borrow $x when really it's $Y
Deposit - how much cash do you have for a deposit
Based on what you can borrow and what level of deposit you have will determine what you can afford to buy

 

This!

 

you have misunderstood. I have teenagers. I can't afford to move the whole family, but It is manageable for one of the kids to stay somewhere tiny there 4 nights a week.

 

About 100k, if I can redraw it if emergencies.

 

Start point is a broker to assess if you can service a loan and satisfy deposit requirements etc If your income is low due to P/T and you also have student loans this can impact servicing etc and it may also assist to work towards buying when your income improves and is better supported. If you have dependants a load of factors may impact capacity at this time.

Tax laws and other factors may mean ONE property is the family home. You cant all live in two places and access any concessions as a double dip. eg CGT rules allow ONE family home. The "main" residence rule doesnt consider a secondary home for convenience to be tax exempt. Ditto only one land tax exempt property etc

 

Many (if not most) schools in desirable catchment areas check addresses, leases, electoral rolls, utility bills etc. Basically it is up to you to prove that you and your family actually live there.

You will find difficulty in convincing the school that this is your permanent residence.

 

Ok but that's not really how a deposit works, you cannot just access the funds again if you need them, depends on value of property and borrowing capacity etc and would be another application for finance as an equity release. Another discussion altogether.
Suggest getting some specific credit advice and explanation around how lending works for residential property.