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Newbie - first home buyer - Brisbane

Discussion in 'Introductions' started by Sush, 3rd Jul, 2016.

  1. Sush

    Sush Member

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    Hi all,
    I was recommended to this site by someone and I liked the conversations happening here. There is so much wealthy advice and tons of information here.

    I am a newbie looking to buy my first property (next year maybe) in Brisbane.

    Something about me - in my early 30's, married recently (no children). I work full time and missus is working part time for now.

    In order to get in the property market as soon as possible, I am thinking to keep my budget small - around $200,000. I am aware I have to go a bit far away from the city but willing to make that sacrifice.

    I would appreciate if you can share your valuable advice and knowledge as to where to buy and which areas to target.

    Looking forward to hearing your opinions.

    Thank you.:)
     
  2. monalisa

    monalisa Well-Known Member Premium Member

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    Hi @Sush
    Welcome to PC.
    Where is Brisbane are you considering for $200k? Is this going to be a strata property?
    Seems a bit too low to me.
     
  3. Jerry O

    Jerry O Well-Known Member Premium Member

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    that is too low for a brissy property. I think you might be able to get a studio type unit in the CBD but i don't think its a good choice of investment either. Have you tried to look at SA for that price point?
     
  4. markson

    markson Well-Known Member

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    Any reason you want to keep your budget small?
     
  5. TaylorChang

    TaylorChang Well-Known Member

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    Welcome

    What's your income and deposit like ? How do you come up with $200,000 ?
    Did you talk to a bank or a broker ?

    In my every earlier property investing journey, I was told I can only buy at $ 200,000 mark by a bank manager.
    After a few years, I realised that I was talking to the wrong people and it makes me delay getting into the property market sooner.

    Also what is your goal for long term ?

    Is $200,000 for investment or PPOR ?

    $200,000 is most likely get you a unit or apartment.
     
  6. Whitecat

    Whitecat Well-Known Member

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    Can get a one bed at apartment in Caboolture near train low bc.
    Might be something in Logan. May have to go out to beenleigh.
    Studios in the CBD can have very high body corporate
     
  7. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Welcome @Sush :)

    As others have asked, how'd you come up with $200k?
     
  8. Xantham

    Xantham Member

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    Welcome fellow newbie. You sound a lot like me, minus the married part (de facto, close enough).
    I have to echo everyone elses sentiments why 200k? I am only on 56k a year and still managed to source pre-approval for $340k max.
     
  9. Sush

    Sush Member

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    Hi all..apologies for not replying earlier. Been traveling due to work with limited internet access.

    Thank you for taking out your time and replying to my thread. I have tried to reply to your messages separately. :)
     
  10. Sush

    Sush Member

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    Sorry..I haven't reached that far yet. Just starting my research to get the feel of the market and hence the whole purpose to ask all the experts here. Have you got any suggestions to share?
     
  11. Sush

    Sush Member

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    Thanks for the advice Jerry O. No, I haven't looked interstate (if you mean South Australia) :)
     
  12. Sush

    Sush Member

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    I have a very conservative budget in my mind right now and hence just thought of starting with a low figure.
     
  13. Sush

    Sush Member

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    Thanks for sharing your experience. Much appreciated.

    From what I know, one needs to have a 10% deposit these days (I might be wrong) and hence trying to achieve that by next year (for about $200K-$250K).

    Long term goal is to have that as PPOR (for a couple of years) to get advantage of FHOG and then move to another while making it an investment property.

    Could you suggest then which people should I talk to? :)
     
  14. Sush

    Sush Member

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    Just a conservative estimate. I now realize that its a very small one. :(
     
  15. Sush

    Sush Member

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    Hi Xantham... thanks mate!
    As I said to @Steven Ryan..I now think its too low. Also, I have yet to approach a bank for a pre-approval. Will share it once I get one.
     
  16. monalisa

    monalisa Well-Known Member Premium Member

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    None in Brissy in this price bracket unfortunately.
     
  17. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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    Might be an idea to speak to one of the great brokers on here for an idea about your borrowing capacity :) Every lender has different ways of calculating what you can borrow. If you go direct to a bank you'll find out what THEY can lend you, not what you could borrow by looking at a wider range of lender options. And the other thing is you'll most likely end up with an enquiry on your credit file which won't necessarily help your case!
     
  18. TaylorChang

    TaylorChang Well-Known Member

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    Just as an example.
    For $200,000 you can get, see below link

    1/39 Harvey Street Strathpine Qld 4500 - Townhouse for Sale #122251814 - realestate.com.au

    Obviously, you need to check the area, yield, ...etc

    For $200,000, you need to have at least 10% plus closing cost (meaning stamp duty, legal..etc).
    ie. about $30,000.

    I would recommend to talk to a broker to clarify your borrowing capacity for your situation. If necessary do a pre-approval before start doing for property. But a good broker can give you fairly accurate figure.

    Also, talk to property manager and real estate agent to make yourself comfortable with the area and the person going to managing your property.
     
    Whitecat likes this.
  19. Whitecat

    Whitecat Well-Known Member

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    Whist that needed a new kitchen and bathroom and some other cosmetic work that was an absolute bargain. Strathpine is a nice community. It's come a long way.
     
    TaylorChang likes this.
  20. TaylorChang

    TaylorChang Well-Known Member

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    Yes, I think Strathpine is a good area.