I am new to Australia and ozbargain and. I earned 91k gross salary,25k tax paid, 17k salary package last year.Got 70k savings and got my PR recently . Should I buy land/house/car now?
Need suggestions on buying land or house or car
Comments
get the new WRX, smashes the 86,new mustang,focus st… Good on fuel as well.
????
New mustang base model does 0-100 in 5.8s with RWD. WRX does it in 6.0s with 4WD. Anything with a rolling start = bye bye WRX?
I'm just basing these information on figures. Not real tests.
bunch of ricers with 86 negg'ed me? You know its true, awd rips through the twistys as well.
Having owned many different cars with different layouts, i always find myself going back to a RWD vehicle. so much more fun.. IMHO…
id rather sell my car and buy a house!
My kids go to primary school, lives in rented house.
At least it's not a tented house
House
Rhymes with mouse
Buy a second hand car. Save more for a deposit on a house.
Good advice, except i would buy whatever house i can afford now, and trade up in the future.
Thats good idea too ,how much can I borrow from bank for buying house?
Depends on many things:
https://www.commbank.com.au/personal/home-loans/how-much-can…I think you can get a 90% home loan with mortgage insurance.
I think thats a good idea to save money more. Thanks xoom.
Screw it. Put $70k down and get yourself a 2015 Range Rover Vogue. Only $150k payments to spread over the next 5 years. You will not regret it.
Yeah you totally won't regret spending that on property or shares instead of a sure loss that you think will cause people to like you.
Funny thing is, if I was serious, as a short term investment the Range Rover Vogue is a winner. You cannot buy them here for love or money, if you could get one for RRP you could sell it for a profit no doubt. There is not a single one on carsales.com.au for sale.
I saw some range rover in www.carsales.com.au
this is first time in my life I am getting information regarding selling the car for profit after 5 years. Can you please elaborate.?@joesumi: no, you didn't see any current model range rovers on carsales. And they won't be profitable in 5 years, but if you had one now, you could sell it for a profit because there is less supply then demand. But it's not a serious suggestion, people who drive Range Rover Vogues earn $1mill a year plus, not $100k.
I laughed at your screw it. I assumed you were joking.
$70K is not enough for a 20% deposit on a house close to Sydney…. where do you work vs where can you buy a house and land for $350,000?
I think I will buy a land may be approx 600m2 then look for a good bargain to builders to build small house may be 3 to 4 bedroom. What I need to do first if I want to buy a land? Should I get loan for land or get the land first then loan.
land is a good idea. however, will there be blocks available to where you would want to live? Consider buying an old crap house that you can possibly rent out for a few years, then demolish it and build new for yourself. This way the old house may be in a better location then where new developments are.
Wow thats fantastic idea for us.I may look for a old crap house with 600m2 land and move there to stay for few years then get the builder to get new bargain to build a house.Will I loose anything if i carryout this idea like first time buyer grant or any other grant by government?In that case I can save rent as well rather than buying a land first and keep renting out.
@joesumi: you'll be able to get the grant once only for your first purchase of land with old house. Of course you will save on rent as your old rent money will start to pay off the crap house. Yes, when in good financial position demolish and build nice new house. You won't get the grant second time, nor will you loose anything.
So that means if i go for the land only i can get the second grant for house as well.Am I right?
The only negative side is my rent payment to continue until I build the house in the land.@joesumi: I don't know. perhaps the grant is not available on a empty block of land. Only when you buy house and land package.
@joesumi: 15k First home grant is available if you purchase a land and build a house within 12 months of the settlement of the land, if I remember. Also no stamp duty.
For old house, I think you only save on Stamp duty, but not sure if there is any home grant.
@Gaggy: I like land and house package with 15k grant and no stamp duty.
I saw some websites www.landcom.com which sell the land by priority number.do you know any website?How much would it cost to demolish, clear and prep the land for the new building though?
@cantstanzya: 110m2 home on a 700m2 block of land in the suburbs. What seems to be the problem cantstanzya?
Logically, maybe he doesn't live in Sydney
Most Australians dontOP has 'Sydney' as their location, logically to assume they are in Sydney.
speak for yourself. I live in WA and commute to Melbourne daily.
~20% of people live in Sydney, but the way government policy is done in this country it might as well be 90% with the remainder in Melbourne and Tasmania.
Continue renting, don't purchase a house because the interest and mortgage will burn you alive with only 70k savings, a land is a good investment especially if it's in a rapidly growing estate, so I'd recommend a nice piece of at at least 600m^2 land. So either car or land
Thanks for your suggestion.I think I go for land initially then later buil a house. I have some time to save money. What I need to do now mate.
Car.
We live once enjoy itHouse
We live once enjoy itChicks go for blokes with houses.
Its a nesting and security thing.
Buy a neutrally geared investment property to protect yourself from future capital gains while you continue to rent. Land will help you achieve the same except it will deliver you nothing per year and give you no tax offset.
I work for NSW Health in Sydney eastern suburb living south western Sydney, moved from uk and want to live here forever. I bought some shares worth 5k in commsec to start trading but no gain in telstra and medibank since one year. Want to invest for good return.
I agree with those who say get a cheap car first and save up more.
If you are a doctor, you can have the mortgage insurance waived if you have less than 20% deposit. or save up more and then negotiate for lower interest rates.
Thanks mate, what is the lowest interest rate I can get now and ask for mortgage insurance waived.
Specifics on interest rates I'm not too sure about, but you can check with a mortgage agent?
Just rem your mortgage insurance can be waived, ask for that if they add it in.
A certain professional can borrow up to 90% without having to pay Lender Mortgage Insurance e.g. doctor, pharmacist etc…
Lower interest rate is with the smaller banks but a lot of smaller bank don't offer the 90% LVR no LMI so you might have to go with bigger banks if you want that benefit and interest won't be as good.
Both, buy a good used car and put the rest into a piece of land, house may be too expensive in Sydney with $70K deposit.
What about buying a used car in with salary package with my employer, so that i can save tax in because it goes as pretax.
In that I dont need to use my savings to buy my car.the rest to buy a house/land.I think there is a limit to how much can be salary packaged, as well as the type, I think car for work use is eligible but may have a limit.
I contacted my employer and got reply that I can buy a car up to 30k and can be salary packaged(novated car lease)Also they said, I can salary package fuel(fuel card),insurance,ctp and registration as well.
I am using this car for work and personal purpose only.The car will be registered in my name and at the end of lease i need to pay the residuel value of the car to end or buy another car.All tax free it seems.Looks like a good deal.I dont need to pay anything from my pocket for my car.@joesumi: That is very good them, can you actually buy a used car or have it to be new? Personally, I will not buy a new car as the drop in value is really big in first few years, I bought my current car, a Honda Hybrid 2009 model in 2012 60,000 kms, for $15K, new is $38K, and it is really good, no breakdown, not issue and really fuel efficient.
@stargalaxy: Buying a used car is always a gamble. First user could have drove it quite a bit, or had issues with it or accidental, older model of the car, less features, etc. As you said it is personal opinion. I would say if OP likes cars or like to drive new cars, go for it.
Be sure to ask your employer if you are responsible for the FBT Fringe Benefits Tax on the vehicle for the % of use you will use the car for personal reasons. Some employers may cover it, my previous employer made me pay it to them.
@jason101
I contacted my leasing company which is approved by employer. You can also check their website www.smartsalary.com.au and go to novated car lease.I can use the car for personal and work purposes.1 mature female owner. Never raced never crashed always garaged and serviced regularly. I promise
@Gaggy: I got a deal for 26k, Holden captiva2015 5LT 2.4 2WD 5DR AUTO with metalic paint,fllor mats,GPS+reverse camera,standard window tinted which included in the deal.registration fees,CTP,DEALER DELIVARY,stamp duty included.I hope it is a good deal car for our family.Please give your feedback and suggestion about this deal?
@joesumi: I paid only 250 dollars deposit and waiting for the loan quote or Slary package quote from car leasing company.What is your suggestion?
How much deposit do I need for land and home package? And I want 15k gov grant and no stamp duty. Can I negotiate interest rate in this case?
Get a broker to get you a good deal on the interest rate and bank. Some states require you to pay the stamp duty first and then submit an application for a reimbursement.
Your deposit will be dependant on how much the property you buy costs.
You could buy them all as long you're not looking to buy a 30-50k car..my advice is buy house and land as your first house..more depreciation to claim…
Setup a free tele-meeting with mcmasters.com.au
They offer some really good advice to health professionals.There's no catch, all they hope is that you like their advice and that you'll become their tax and accounting client.
I used to work there and i reckon it's good value for a free piece of professional advice.
get a property… you can live in it and become your investment for your future.
for car, guaranteed it will reduce in value, unless you buy a very very very antique and rare car in a good condition
for property, most likely it will goes up in value.
Get an investment property.
Ex government/lease vehicle, don't spend more than 15K, enjoy modern luxuries and safety features at a bargain price.
Then save some more for a decent deposit, it will also allow you to look around for something suitable to your needs/wants/desires.
you should see a good financial planner.
consider your goals in life, both short term (1-2 years), medium term (5-10 years) and long term (until/after retirement). It does take a lot of thinking into. That is why a 'good' financial planner can help. The fees may be approx 1% of your super balance, and initial fees can be talked out if you take insurances, which you should if you haven't any retail policies, while you are still young.
A house is worth a good investment, followed by maybe an investment property, or save for life events? The planner can do some financial scenario modelling and what-if scenarios to advise what you should do next. after about just 4 meeting x 2 hrs each, you will have a bit more peace of mind, many accurate second opinions from the professional, protection from those nasty spikes of life, etc.
Wrong question - don't spend it all. see a planner.
up until recently 'financial planners' only needed to have high school completed. Recently they have been made to undertake a day course to 'officially' be a financial planner. As such, most of them are useless and I would recommend you either look very hard or steer clear of these.
@logical I see you may not really know what a financial planner does. It similar to a doctor or a lawyer… a bad apple may give the lot a bad name. A well educated independent or non-aligned (non bank or insurance company employed) professional is what would make the difference… of course some home work would help in finding the right one. 'steer clear of these?'… is like 'never go to a doctor or an accountant!'
From my casual unscientific observations, the order of things is as follows - since it's common there might be something smart about it
- Rent
- Buy an old camry
- Buy a property out west - within 30 mins drive of a train station; buy cheap furnishings
- Save, save, save
- Wait a few years - sell and move closer to city; buy nice furnishings
- Settle in, buy a nicer car
Retire
I also came here on a pr 7 yrs ago - I changed the order of things but it also worked so farBuy new car - found it hard to find a car salesman who believed I would pay cash in full
- Rent - found it hard to find a landlord who accepted my offer. Was accepted when I offered to pay a years rent in advance
- Bought a house - big decision. Unfortunately the guy who inspected was not great and some repair tradesmen did shoddy work too. Used mortgage broker.
- Bought great furnishings and 2nd new car
Buy house first then car.
Depend on how bad you need the car?