Can I buy a unit in Sydney with $45k deposit on a $105k salary?

R

recksavi42

New Member
Hey lads, hope you’re doing well. So I’m 24, living in Sydney, on a 105k yearly salary. Got a work car, fuel, all that. At the moment I’m paying $420 a week rent in a share house, but I’m looking at buying a unit or apartment so I’m actually paying something off in my own name. I’ve got $45,000 saved, no debts, and probably around $10,000 worth of assets—tools of trade. I know I need to chat with a broker, but honestly, is my situation possible and realistic enough to get a decent loan and buy something? I’m in the inner west now and would love to stay around here, but Parramatta, Kogarah, or even the North Shore could work too. I’m a tradie, so there’s work everywhere. Any advice would be awesome, thanks.
 
Your purchase price depends on how much you pay.

Right now, lenders will usually let you borrow about 5 times your income. So your loan could be around $525k.

With the First Home Guarantee and your deposit, you can buy a home for around $565k.
 
I'm a broker in the IW.

I'd say you've got a good chance of getting something in Campsie or else Rockdale/Kogarah.

My sons are in Rockdale and Banksia.

I recently moved to Arncliffe.
 
Rentvest. We made the same mistake and bought an apartment. It hasn’t appreciated at all.
By contrast, IPs our friends bought instead of an apartment have gone up twice in value, and they’ve used that leverage to buy a few more IPs and are on track to buy a house in Sydney in a few years!
 
Right now I’m helping a guy in a similar situation to you. My suggestion is to buy as an owner occupier and get housemates. I’m not sure what part of Sydney you’re in or where you work, since that will affect the advice aa bit prices and rental yields vary across Sydney.... note why owner occupier is stamp duty exemption and 5% deposit scheme... later you can convert it to an investment property and still keep the capital gains tax exemption for up to 6 years...
 
You can definitely get plenty in your price range. If you’re in the building game, buy an apartment in a good building that might need a bit of updating. Do the work yourself and add equity.
 
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