I moved to Melbourne couple of years back from India. I am still in two minds about settling here or going back in few years, but at the same time, I am collecting information on investments and properties here in Australia.
I have about $70k in savings here and many of my colleagues here have jumped in to the property bandwagon and have bought land parcels or home somewhere about 1 or 1.5 hr train travel from Melbourne CBD. They are advising me to buy one too.
At the moment I haven’t decided but I thought of simply collecting information. I don’t want to rush and give-in to peer pressure. I see a recommendation that it is best to have 20% down payment for the property. I am looking for house with 3 bedroom and 2 bathroom or a piece of land where I can construct it later.
The property would be used for living if at all I buy it, and I am currently paying rent of about $2k per month. I am not interested in investment property.
I do have some savings and have finished paying mortgage on couple of apartments in India so no debt at the moment. My age is 38.
Any advise is appreciated. I did search this forum and had a look at several threads, but I thought it will be better if I state my case specifically and seek advise. Should I purchase with the $70k now or wait till I accumulate more, say about 150k or 200k?
Thanks in advance!