Hi all, A little about myself 34 years old Debt free Annual Salary $66,000 Currently renting QLD townhouse paying $390 per week Approx. $29,000 in assets Previously on joint title for PPOR in 2007 My aim is to grow a property portfolio for have additional income and eventually be able to have enough the to live off in retirement (Or retire earlier). I know I'm a little late to the game but I'm highly motivated with a baby on the way Cheers Adz
Welcome What does your deposit amount look like? Be aware that once the baby is born your overall borrowing capacity will reduce due to higher mandatory HEM (living expenses) once you have a dependent. Any additional income? ie. Spouse
Thanks. Ive been reading the forums for a bit, learning what i can for when I'm in a better position to buy (My wife is out of work at the moment). Currently the way I see it, I can use family assistance for an approx. 40K deposit or dip into super. Or take a chance with cheap US rentals.
Super - the only way I can see that happening is via First Home Buyer Super Scheme? You mentioned you've owned property previously though... Family Assistance - Propbably your best bet but how far would $40K get you once you've factored in stamp duty, solicitor fees, building and pest etc. Cheap US rentals - read read read, it's often not as easy or as profitable as it appears to be. Have you looked at alternative asset classes? ie ETF's and the like?
Welcome to PC! I am starting out with investing as well. My income is about the same as you except I have no dependants and living at home so I don't need to pay rent. I know everyone's circumstances is different but just as an example of a property I just signed a contract for, the price is $430k but my deposit when borrowing at 90% is about $70k. So I don't think your $40k would get you very far. I suggest you see a broker to get a realistic assessment of what your borrowing capacity is and whether there is anything to do with your limited deposit. If not then continue to educate yourself while you look for alternative investments etc. to build up that deposit.
