Vic: Advice First home buyer

Discussion in 'Investment Strategy' started by Theunknown, 18th Dec, 2019.

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  1. Theunknown

    Theunknown Member

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    16th Dec, 2019
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    Good morning all, I have been creeping around the forum for some time & found some great and interesting information. I would like to gain some advice. I am 26, work FIFO on around 100k in the mines in Qld, live in the eastern suburbs of Melbourne with my parents. I have around 25k saved up and getting further interested in buying a property. I have been feeling for sometime I need a lifestyle change and have started looking around the Bendigo and Ballarat regions. I spoke to CBA and they have said I could borrow around 515k but need to increase the deposit to around 9%. I am well aware of LMI and the benefit of a 20% deposit but I am at that point of needing a change. I would initially live in the property for 12 to 24 months seeing if I enjoy the lifestyle but would look at moving back to my current area and maybe renting. What are people's thoughts?
     
  2. Theunknown

    Theunknown Member

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    Further I would be looking at around 350k-400k to ensure I didn't not go over my head.
     
  3. Lindsay_W

    Lindsay_W Well-Known Member

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    Hi and Welcome,
    What is the question you're seeking an answer for?
     
  4. thatbum

    thatbum Well-Known Member

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    If you're seeking a lifestyle change, why not move out of home and rent for a bit first? And see how you like it?
     
  5. Theunknown

    Theunknown Member

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    Sorry good point should be a question in their. As I would be looking for it to turn into an investment property within say 2 years which regional city would work well as an investment for the longer term?
     
  6. Theunknown

    Theunknown Member

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    I have lived out of my parents place & rented and did enjoy the independence. I just feel a new place, new people and something a bit different would be great for me. I am not too fussed with an area.
     
  7. Lindsay_W

    Lindsay_W Well-Known Member

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    There are some good threads on these suburbs, they might help you decide?

    Have you thought about investing in Regional Victoria? [VIC]
    Bendigo Suburbs!
    Should I Sell (Bendigo)? Advice appreciated.
    IP in Ballarat?
    1st Ballarat IP purchase [VIC]
    Ballarat Boom 2018! [VIC]
    Ballarat Tip: The Capital of Western Victoria [VIC]
     
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  8. craigc

    craigc Well-Known Member

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    Melbourne
    Also consider reading up about the federal government first home incentive starting from January 2020. Will help with guarantee to avoid you paying LMI if you have less than 20% + costs.
    Good luck!