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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 years 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.


Thank you for your post. There are a lot of ways to achieve your goals. First would probably be to try to get a pre-approval for an amount that you can service. Buying locally would make it easier for you to manage. Possibly buying a block of land first and then building it. Moving in for six months and making sure that you let you parents know what you are only moving out temporarily so your room doesn't become their new office. Given you will probably rent it out after 12 months of living in it. Let me know if you would like me to organise the finance piece and we can discuss the real estate options in your local area. I think you would need to private message me as my contact details cannot be posted.

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