Hi guys. I'm currently paying rent of $260 p/w while trying to save to get in to the property Investment game. My plan at the moment because my parents house is too small for us to live, Ive decided to save up for a cabin that will go behind their house on their property. The cabin price is 30k, so I'm going to put in 10k Deposit and hoping to get a personal loan for 20k. The repayments for the personal loan works out to be $91 per week. So I'll be saving a lot more towards my first home then trying to save while paying $260 rent p/w. I want to save up 20% so I'm not in a rush. So the question is because I have a personal Loan, is this going to affect me getting a mortgage loan for my first home?
The only reason why I'm getting a cabin so when I rent out my first home I can go back to the cabin to stay while I save up for the next property. And if I'm negatively geared I can still afford to pay as my cabin will only cost me $91p/w.
The only reason why I'm getting a cabin so when I rent out my first home I can go back to the cabin to stay while I save up for the next property. And if I'm negatively geared I can still afford to pay as my cabin will only cost me $91p/w.
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