澳洲Australia property Getting a loan for PPOR | Sydney


在澳大利亚 is this a dumb strategy? Buy 20+ or as many properties in average+ areas which are cashflow neutral or just positive with low to average vacancy rates, or as many as i can afford Save as much $$$ for a buffer Wait 10 years, then on the assum I am interested to find other peoples ideas on my present situation regarding a renewal of a lease for our PPOR in Cairns. The house has been continually leased, through a PM, to the same tenants while we have been living overseas. The lease


Hi all

I've just started working drawing an average salary of 55k per annum. With a little help from my parents I'm looking towards buying a 2 bedder that's somewhere around 750k range. Will banks/mortgage brokers be able to give me a loan if I can lay down a 20% deposit? At current variable rates how much would be my monthly instalments on my mortgage of 600k borrowed? Can my parents be a guarantor as well?

Given that the place is new and is yet to be built, can the loan be taken out and then have a delayed start upon receiving the keys etc? Pardon me I'm really new to this, so any help is much appreciated :)

Jamie  

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With a 600k loan, the interest would be 39k. That's on current rates, likely to go higher.

Assuming your 55k is a package, after super it's 50k and after tax it's about 40k.

I doubt you'll find anyone to lend you that much on 80% LVR anyway, but no, you can't afford the payments, much less anything else (rates, insurance, food, toilet paper......)

What made you think you could afford this?  

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$750K purchase for your first home on average salary is huge and overly ambitious in my opinion. Have you tried the calculators on the banks websites, they are pretty good...

How much can I borrow?
How much will my repayments be?
What will be my upfront costs?
Etc.  

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If you were planning to put say 40-45% of your income after tax into the mortgage you'd be able to service around a 200k loan. So probably low 300 purchase price assuming you have 150k.  

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alexlee said: ↑
With a 600k loan, the interest would be 39k. That's on current rates, likely to go higher.

Assuming your 55k is a package, after super it's 50k and after tax it's about 40k.

I doubt you'll find anyone to lend you that much on 80% LVR anyway, but no, you can't afford the payments, much less anything else (rates, insurance, food, toilet paper......)

What made you think you could afford this?Click to expand...
Pardon me 55k - after tax excluding super  

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Fine, then you're on after tax 55k with INTEREST of 40k. That's not including rates, insurance, body corp (a unit that expensive would probably have high body corp). You wouldn't be able to afford food.  

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Hiya

Based on some sanity numbers, in todays environment around 490 would be the max assuming no other liabs.

Even there Id be careful

ta
rolf  

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Hi Jamie,

Good on you for wanting to purchase a property!

Not sure if you have thought about purchasing an investment property rather than your own home for the time being?

If you are in your 20's & can bear living at home a while longer, it may be easier to service your loan if you have a tenant & possibly the tax man helping to pay some of the expenses.

I think you could afford a great 1BR within your price range; some have the same capital growth as a 2BR & often similar rental potential.

I don't mean to sound mean at all b/c we all have to start somewhere & congrats for you to that :).....but.....have you researched the property market, looked at suburbs, monthly repayments, other costs (repairs, Council rates etc)...it just sounds like there's no way you could afford the price range you're looking at?

Perhaps you could go halves in an investment property with your folks (win/win)?

Do you want cash flow properties or are you looking for capital growth? It's a HUGE purchase you're going to make. Maybe talk to some more people on here, to your accountant or your folk's accountant, anyone at work that has property. It will help you narrow down which strategy with property you feel comfortable with.

But congrats on the job & also on the decision to buy property!

jamiefhr said: ↑
Hi all

I've just started working drawing an average salary of 55k per annum. With a little help from my parents I'm looking towards buying a 2 bedder that's somewhere around 750k range. Will banks/mortgage brokers be able to give me a loan if I can lay down a 20% deposit? At current variable rates how much would be my monthly instalments on my mortgage of 600k borrowed? Can my parents be a guarantor as well?

Given that the place is new and is yet to be built, can the loan be taken out and then have a delayed start upon receiving the keys etc? Pardon me I'm really new to this, so any help is much appreciated :)

JamieClick to expand...
 

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