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Leah W.
Leah W.
Pennant Hills, NSW

Hi, I want to buy a property and it will probably need to be an investment property. I’m 33, first home buyer, single, no kids, a $2000 credit card limit and no other debts. I have been in the same job for 3 years and saved $30,000 living at home.
Income is $98,000 plus super. How much can I borrow and does anyone have any suggestions as to where I should buy?

3 weeks ago


Hi Leah,
Great to hear you are considering investing or owning your own property. All of those factors are positive for purchasing a property with two main challenges. If you purchase an owner occupied property you could buy around $600k and pay little or no stamp duty. You would have 5% deposit which is very tight and would involve Lenders Mortgage Insurance.
If you were to buy an investment property you would have the extra income from rent but you would then incur full stamp duty and you would be left with no deposit and a 100% loan which can only be done with another security provided (usually by parents).
In terms of where to buy, I would try to avoid buying a one bedroom apartment as there are just too many of them. You might get a bargain but it is unlikely to rise in value with so many more being built. If it is possible to find a townhouse or unit for that price where you might like to live that would be great.
Loads and loads of considerations that I believe you would be best to discuss with a trusted experienced broker and accountant.
Best of luck with your goals

Hi Leah,
I’d encourage you to engage the services of a property advisory business. Your first property is arguably your most important to get right, if you get reasonable capital growth in the first 5 to 10 years it can really set you up financially. I didn’t get it right myself and it cost me significantly in hindsight.

I talk about my mistakes here. https://youtu.be/-NczJ2h9zaI

Many of my clients have used the services of performance property to great success. I’d encourage you to have a chat with them.


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