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Case Study 1 - Single
Edward L
Circumstance
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Age: 25
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Profession: Pharmacist
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Deposit amount: $132,000
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Consultation: 2019
Situation
Looking for a first home as he wants to claim the First Home Owner Grant and invite his girlfriend to move in together.
Original need
He found an off-the-plan 2 bedroom apartment for $685,000 in South Brisbane. He liked the area as it was close to amenities and work, but he was not sure about his choice and would like a second opinion.
Scenario comparison
Scenario 1:
Purchase the $685,000 apartment with a 20% deposit and claim $15,000 First Home Owner Grant. He would then use most of his deposit of $122,000 and max out his borrowing capacity for a home loan. Edward’s monthly expenses would increase compared to renting due to the expected loan repayment and holding expenses.
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Scenario 2:
Purchase two investment properties, each worth $500,000. Pay 10% deposit for each property (total of $100,000 from his deposit) and rent them out to gain cash flow. Edward can then rent where he enjoys living until he’s ready to purchase his own home in the future.
Our advice
We recommended Scenario 2, as it is a better investment opportunity, which doesn’t use up all resources and doesn’t reduce his cash flow. Edward could keep enjoying his current lifestyle.
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Client action
Purchased a house and land package in Ellen Grove for investment in 2019. Purchase price was $520,000, settled in 2020. Edward spent $52,000 (10% deposit) and received a bank offer to waive Lender Mortgage Insurance (LMI) because of his profession. He saved the rest of the deposit ($82,000) for a future property purchase - either a second investment or his first home, depending on his life plan at the time.
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Result