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Lowest required free income for property investment.

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Josh | 21 Sep 2013, 12:47 PM Agree 0
Hi guys,

Uni student here in a pretty good situation where I have roughly 10k which I'd have free after purchasing essentials each year.
Currently I spend most of this on crap, but am thinking I'd rather invest for the future.
I'm just wondering whether this amount of $$ is enough to buy into the market and maintain a mortgage each year?
I vaguely know about investment from my parents and do understand it costs quite a bit, however if I were to choose the right mortgage option could this be possible?

Or even if I were to find some people to chip in to a syndicate-like situation, how much would be required on top of this?

Cheers,
Josh
  • Vanessa | 24 Sep 2013, 02:03 PM Agree 0
    As a general rule for a first investment property I would look to getting at least a 10% deposit on the property you are looking to buy. Remember you also need around $30,000 to cover for stamp duty and other fees/costs.

    Keep saving, 10k deposit doesn't give you many options in this day and age of property prices.
  • WEALTHPOD | 25 Sep 2013, 12:03 PM Agree 0
    Hi Josh,
    This is Lee form Wealthpod if you genuinely need help and would like me to review your situation I am more than happy to speak to you.
    you can contact me anytime on 0401 733 262
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