Success Story IP#6
Why do we love this community so much? Because it is absolutely built with medical, retail, education and transport in mind… the exact employment drivers that we speak about in our seven ingredients to a healthy market.
Here’s the details and the results:
- Purchase price: $475,000
- Deposit required: 5% deposit ($23,750) + stamp duty ($600) + loan establishment fee ($500) + solicitor fees ($2,000) = $26,850
- Entitlements gained: HPAS (~$11K) + QLD FHOG ($15K) + HomeBuilder Grant ($25K) + First Home Loan Deposit Scheme (~$14K saving) = ~$65,000
* Yes – this approach meant that there was more $$$ in grants and savings than the actual deposit… How good!!! *
- Date secured: 19 June 2020
- Settlement date: 16 October 2020
- Construction start: 19 November 2020
- Handover date: 19 May 2021
- Holding cost: $1,693pm – $195pm (DHOAS) = $1,498pm
- Expected rental income (from 2023) = $460pw = $1,993pm
- Estimated current value: $550,000 ($75,000 in equity)
When this high flying officer posts out of SE-QLD, this property will be geared exceptionally well allowing her both the equity and the cash flow to continue developing her portfolio.
If you are posted to (or incoming to) SE-QLD and you are planning to get started on your wealth creation journey, make sure you watch our free content BEFORE you start using your entitlements.