Buying a land/House
 

Hi

I have some money in the bank, as far as i know money loses its value with time, and we can see how Australian dollar has dropped from $1.07 USD to $0.95 USD.

so i decided to buy a small house or land ( not necessarily in states capitals syd or melb etc.) ( something worth $100k )

i may go to the country side.

not sure if this is a good idea or not especially after hearing that government wont give first home buyer allowance any more.

advice please..

to buy or not to buy?

Re: Buying a land/House
 

Sorry - can't offer you too much advice on buying at the moment but would be interseted to know where you heard about the governmenet abolishing the first home buyers grant.

Re: Buying a land/House
 

They are not abolishing the FHOG. The building boost ends end of June but the 7k FHOG continues.

Re: Buying a land/House
 

Do you have PR?

Some restrictions apply for temp visa holders. See FIRB website.

Re: Buying a land/House
 

Victoria is dropping their first home owners grant from 1st July.

Re: Buying a land/House
 

No they are not - its only the additional $13,000 building grant the extra regional grant that is being cut. Well, its not so much being cut, its just coming to an end as it was only on offer to end of June.

The $7000 first home owners grant continues beyond 1 July.

Re: Buying a land/House
 

The $7,000 you mention is a national scheme (funded by states), the state scheme in Victoria which adds to that is being dropped. I was referring only to the state scheme in Victoria being dropped.

Re: Buying a land/House
 

For $100,000 you are not going to get anything in an area where you can guarantee values will rise. Your best bet might be to buy this one and hope the mining-coal seam gas boom continues - with a guaranteed rent of $2000pw for the next 35 weeks it will pay for itself!! Can't help feeling the numbers don't add up somehow!

Re: Buying a land/House
 

It's madness isn't it!

We're renting in Chinchilla, four years ago the average monthly mortgage payments were $600 per month, now we're paying $600 per week to rent :sneaky: Go up to Emerald and you're looking at at least $1000 per week and these houses are special.

If I had $100,000 to rent I'd be looking at a student apartment, there's many group schemes with guaranteed incomes. In Adelaide two years ago you could get a 1.5 bed apartment for $98,000 with a 5 yr guarantee on income. Worth investigating further.