I want to get into the property market but can’t seem to save enough to buy in Sydney. I’ve saved $20k and was thinking if I should use the money to buy an investment property in the country?

Hi Greg,

It's so tough saving for that deposit I agree and good on you for looking at alternatives.

I am actually doing a loan for someone right now for a property in regional Australia that has $30,000. It's a 92% lend BUT it's getting them into the market which is what they wanted to do

There are some areas where this can be achieved and with some reasonable rent returns. You would also need to ensure that you can afford the loan above your existing commitments. The banks will take into consideration 70-80% of proposed rental income. This will be the first thing that needs to be covered off before exploring this option further.

If you would like more information don't hesitate to get in touch. I'd love to assist you in achieving your dream!

Have a great day
Nicole :)

Before going along that path Greg I would want answers to a lot of questions.
What is your current domestic situation?
Are you single?
What is your income and do you have any commitments or debts that you are paying?
Have you a specific country area that you are thinking about?
Do you have family who would be able to assist?
How long has it taken you to save the $20k?
Getting an investment property outside of Sydney may, or may not be a viable option.
Have you considered alternative investments?
Property is not the only investment strategy.
I could continue with questions but will leave it at that and simply wish you good luck.

Hi Greg. Hi I hear what you are saying. Saving for that deposit is tough, particularly when you need to add on the cost of stamp duty plus the potential of still paying rent.
I note I am quite local to you and would be happy o meet and fully discuss your situation. I could help you build a budget and time frame to achieve your goals, whether they be in Sydney or elsewhere.
Please give me a call if you would like to chat.
Regards
Ken Olds

Hi Greg, I think you should consider talking with a finacial planner. Property is a great investment with long term dtable returns. But it is only one type of investment and depending on your situation there maybe better ways for you to achieve your dream of home ownership sooner.
Hope this helps