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?
     
    Theunknown, 18th Dec, 2019
    #1
  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.
     
    Theunknown, 18th Dec, 2019
    #2
  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?
     
    Lindsay_W, 18th Dec, 2019
    #3
  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?
     
    thatbum, 18th Dec, 2019
    #4
  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?
     
    Theunknown, 18th Dec, 2019
    #5
  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.
     
    Theunknown, 18th Dec, 2019
    #6
  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]
     
    Lindsay_W, 18th Dec, 2019
    #7
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  8. craigc

    craigc Well-Known Member

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    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!
     
    craigc, 23rd Dec, 2019
    #8