Where to start? Protecting you and your families future.

Hi all, so where do I begin?

I have a young family, and was never taught the importance of securing my financial future.

I have a $120K PA job, my wife is on maternity leave. I have 40K in savings, I have around 100K equity in my home.
I have no debt other than our house with a mortgage of 450K.

I have 3K in shares but would like to buy my first investment property.
I had an introductory meeting with a financial planner (because i am not sure who i should go to for advice) and was advised it would be 2.5K per adult for a financial plan however we are doing most of the things already and couldn't justify the money for the ROI.

Is it just as simple as going to a mortgage broker and saying i need a loan for a IP then getting renters in? what advisory services can assist me?

Thanking you

 

Many of us started with no family history, nor any tuition on how to invest in property.

Step 1) Read - this forum is packed with lots of information
Step 2) Speak to a good mortgage broker who can advise on how much you can borrow. I'd start with some of the ones within this site as they specialise in investment loans.

You can't begin to look for properties until you know how much you can spend. You don't need to spend it all. You can buy one, two, or maybe more with the finance available. I'd advise you to use a property manager to manage the property. You can do it yourself, but they are the experts, and should do everything legally. You will need insurance, both for the building and Landlord insurance. You would be wise to keep some money aside for emergencies.

You can buy in your own backyard, or anywhere else in Australia. The choice is yours. If you are not confident in picking something, you can use a buyers agent, but beware, they are not cheap.

Good luck.

 

1. See a GOOD mortgage broker to determine your borrowing ability .
2. Armed with knowledge , assess homes which fall into that price bracket. Where to buy? You'll need to do some research to identify value suburbs which fall into your buying ability. Read the forum. A lot of info. But do your own DD before pulling the trigger.
3. If you can add value to the asset then even better.
4. Hold, wait for value increase. Rinse and repeat.
5 . Stay away from financial planners .
6. Always invest according to your risk tolerance.

 

Read.
Set goals. Short term, medium term, long term.

Figure out your attitude to money. Do you save? Think debt is bad? Think buying property is risky? Attitude to losses?

Understand the process. Mortgages in particular. Understand offsets.
Narrow down to a small number of suburbs and property types. Even better, one property type (2 bed unit, or 3 bed house).

Dont look at property until you talk to a good mortgage broker.

 

Welcome to the forums!

It sounds like you're off to a good start. You're unlikely to get much help from a financial planner - a good mortgage broker will definitely be the way to go. The forum is full of good ones who specialise in investment lending - read their posts and find one you resonate with.

It can be hard to get good advice on property - most people who offer it are trying to sell you something - either a property, or some kind of secret pet strategy.

 

You're in one of the best spots for your investment research, property chat has loads of information for people starting out, read and take in as much information from the site as you can.