Scenario
homebuyer has a $30k deposit and earning a combined $180k
Use the 5% deposit scheme to buy your first home now.
The scheme offers no LMI, no stamp duty in most states, and suits their income (they’re under the $200K cap).
With their $30K, they could buy up to $600K .
They could rent out rooms to help cover the mortgage, reduce their debt, and add value through cosmetic renos.
Once their loan-to-value ratio hits 80% - refinance, rent it out fully, and use the equity to buy again.
No comments:
Post a Comment