Re: Australia housing bubble
|
|
I'm in property finance in Geelong and the key is to focus on what you can do.
Subject to adequate income and I can get you into a 2 bedroom unit (not in an ex-housing commission area) at a purchase price of $250,000 with a $19,000 all up contribution. The $19,000 doesn't need to be savings, it can be a gift. If you can afford it, you can even put the deposit on a credit card.
Get in, spend 3 years paying the debt down as quickly as you can.
At the end of that time, if you have paid everything off except your mortgage and you have seen a 10% increase in the value of your property, you can buy another one and rent the existing one out.
You are off and running then.
For sure you won't start with a great house in the perfect street, but you'll get a start.
My first house was on a busy street next to a car yard and down wind from a stink pipe.
Focus on what you can do, not on how hard it is to get everything you want right now.
__________________
Mel Brooks sums it up best;
"Comedy is when you fall into an open sewer and die, tragedy is when I get a paper cut"
|