(NEW!) How Much Deposit Do I Need To Buy A House In Australia? | What Are The Upfront Costs?
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- Опубликовано: 12 сен 2024
- As Australian housing becomes more unaffordable, is is still possible to buy a house in 2022? I will walk you through some real numbers for a recent real estate deal we secured for a client and show you what is possible. By building a property portfolio, you can secure financial freedom a lot quicker than most think. Let's dive in!
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3:18 Talking about LMI here, you are right that you're likely going to pay more with a smaller deposit. However.... using your example of a $370,000 house and nothing more, people should consider if it's in their interest and long-term financial goal to save for the extra time needed to reach that extra 2% if they need to save for it.
We're talking about an instant saving of ≈$2,009 from a calculation I did today by saving that extra 2% deposit, but if the person is saving for a deposit it may not be in their best interest to wait as the market could change in that time or house they wanted could have sold. For example, if someone is saving $500 a week to buy this, it'll be ~11 extra weeks before they can make a purchase.
Just something to take into consideration for people who do need to save for it.
Good informative video.
Purchase price of $370k -12% deposit = $325,600 +$79k in costs from other equity = $404,600 total loan @4.5% = $18,207 interest/ year.
Rent of $430/ week = 22,360 - $18,207 = $4153. Less expenses of $4500 leaves this at negative $347/ year
Not positive cashflow yet…
This example is using $79k as cash. If it were for equity, you would need to look at the first two properties and assess the cashflow on the entire property portfolio, not just 1 property. It's how people get stuck - looking at the short term without assessing the entire portfolio.
Why minus the $12k deposit? It came from somewhere, presumably out of the other 2 properties equity? So it would have increased the total $ borrowed so should be kept in the calculation? 🤷🏼♀️
remember that $430 rent is appraised rent. might be different in real life. been looking at oz properties online, few properties have such a yield, at least those that are tenanted
Absolutely fantastic video! Everything was crystal clear to understand. Thank you so much. I've been on the fence with needing a buyers agent, but you can clearing see someone of your skill level, pays for itself + more (knowledge, professional good will etc)
absolutely loved this video, really clear delivery and great examples used! thanks ravi 🙏🏼
Nice one again mate.
Equity with Ravi. Let’s hear about how the equity is handled from a cashflow perspective. How it affects your existing loans, repayments and cash flow 🎉
Totally agree finding this info is almost impossible
Ravi, again always love the content! Can you do a video on principle+interest vs interest only in terms of investments?
Absolute legend 🙏🏼
im, interested in this also. As i thought Interest only loans can be held for 5 years ?
Equity with Ravi. Love your content Ravi, keep up the great work mate! 🎉
Thank you! Glad you enjoy the videos. The equity video is out now on the channel 👍🏽
Im sure there would be alote of people in the same boat as me and that is , we dont earn enough to get into the market, you need $70.000 in savings to start off, after bills and rent there isn't enough to save $70.000, at best can only put away $100 a week, that's about 15years of saving for a deposit
Hey Ravi, question on your last point about 135k per year. If that figure is what you’ll be earning after 20 years, won’t that $135k be significantly less value at that time (based on the same mechanism we’re trying to exploit)? What would the real world value of that be, especially when you weigh it up against the risks involved? Love the content, I’m hooked!
Average inflation over last 20 years is about 2.5% for a total of 62%. So your nominal $135k would be worth around $83k today
$4500 Seems very cheap for property management + rates + insurance.
$4500 is the average rates in my area. I know that’s on the expensive side but can’t be that much variation
100%
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Awesome video Ravi!! Equity video pleeeasseee 🔥🔥🔥
I doubt the 90% lvr IO loan is still 4.5% at current rates. I know mine aren't lol
Rates are pretty crazy atm. I know a few clients who’ve managed to get less than 4.5%
Might be worthwhile revisiting the broker
What about the additional repayments on the equity loan?
Your videos are brilliant Ravi. As soon as I have enough money for my first rental I am going straight to work with you
Great video @ravi! Love to hear what your thoughts are on duplexes
Like your videos and Hypotheticals are nice, but really $370k for 3bdr with rental income of $430 pm in Sydney? To good to be true.
still possible in Qld and WA
He didn't say it was in Sydney.
You are better off looking at large regional towns like the one I'll in. You can get a good house at that price plus that rent. There can be up to 50 ppl applying for one rental property
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10% deposit (37,000) is LMI $8200, or 12% deposit (44,400) is LMI $5200. so by saving $7400 MORE in cash, you can save $3200 in cash. Why would you do that?
Also step one: save $79,000. on a 65k salary paying 11,500 annual tax ($5000 + $0.32 every $ above 45,000 = $11,500 in tax) if you miraculously can save 50% of your wages you get $26,750 a year.
3 years of working full time with somehow being able to save 50% of what you make you can buy a $370,000 property.
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15k for 400k property 3.75 percent really ?
is the 1.48 Million in todays dollars or in future dollars?
Killer video as always! Looking forward to booking a call!
Ravi can you please make a video about people who are on 491 visa and wants to buy a house.
Equity with Ravi 😎 thank you brutha
Great work!
Where would I get that $44,400 deposit, do I get that as a personal loan or do I save up from my weekly income?
Very valuable info Ravi.
Can I buy an investment property if I’m not a permanent resident at the moment ??
where are you finding 370k 3 bedroom houses. tell me the suburb so I can believe it. In Melbourne and cant find anything near this
A 30 second search on Domain finds plenty of these houses. Wagga Wagga being an example.
Kingston se south Australia
Lithgow nsw
Taree nsw
Kempsey nsw
if you can't google, you shouldn't buy a house
@@thoughts-words-actions4165 😂
question, you dont allow in your calcs anything for repairs or vacancy how come?
Hey Ravi , Great content. Can you please confirm if i can buy a investment property on a Bridging Visa. My PR application is still not granted. Can i start my journey into investment?
Equity with Ravi! Great work Mate, always enjoy your videos
Equity with Ravi!
but you are only talking about an example where someone already has a property...you didn't really answer the question for when you are looking for your first property?
yes pls. Equity with ravi!
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Doesn’t buying an investment property have higher requirements for the deposit? My bank said minimum 15% for investment
There are still plenty of banks doing 10% deposits for investments :)
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Council rates, repairs, water rate, agent management fee, no? 😅
It’s literally stated at 7.01 🤔
thats alot of work for a 3.9k in your pocket at the end of the year
Think about the bigger picture 🙌🏽
Sounds pretty risky for $4k, which could be wiped by inflation and rate hikes
Things have changed in June 2023. This video needs to updated
Equity with Ravi, please
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Buyers agent fee seems high?
The industry average is between $13k and $20k 🫡
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Thank you! Video is on the channel now - just search Equity Ravi Sharma :)
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Equity. 👍
Equity with Ravi! Thank you.
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Lol interest rate now
🏆👍
Didn't understand squat
cool so i only need 80k for my first place lollllll
maybe even less if its your place you might not have to pay stamp duty and I would skip the buyers agent if it s house to live in. so about 27k saved right there, which could also lead to saving the LMI.
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Glad you enjoy the videos. The equity video is out now on the channel 👍🏽
Equity with Ravi.
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On the channel now :)