Im 30 and work in a secure full time permanent role as a HR Manager.
I have $60,000 deposit and have found a place that ticks all my boxes for $520,000
My monthly salary is $5377
Repayments would be $514 a week approx
I have no other depts or loans.
Should I take the plunge and buy or keep saving.

The place is two bedroom, close to a train station 300 metres from the beach in Aspendale Vic.

Are those repayments sustainable for a person on a single income?

Whether or not the repayment is sustainable is something you need to decide. Compare it to your current rental payment (if you are paying rent) If it is lower than the rent you are paying and the current rental payment is affordable, then the answer is probably yes. If the proposed loan repayment is higher than what you are paying in rent and the difference between what you are paying in rent and what the proposed loan repayment will be, is not a figure that you can afford to make, then the answer is no.

How long is a piece of string

As a Mortgage Broker I am unable to provide financial advise
The reality is ....if the property does tick the boxes and it meets your needs then why not

A quality broker can put the structures together with a lender that best suits your needs
Contact me anytime 0411 696 696

Hi Josie, it's hard to say without looking at your overall financial situation. You have to take into account things such as your monthly living expenses and what those expenses will be after you buy the property (council rates/maintenance etc). Do you have any dependants or receive additional income such as overtime or family tax benefits. Whether or not you qualify for FHOG and stamp duty discounts. There are many factors to consider when buying a home. Let me know if you'd like some assistance with all of the above.
Kind Regards
Caroline Pollard
Bayside Finance Solutions

Hi Josie,

On the surface, it sounds like it would be fine but as a broker, I'm required to spend time with you and obtain a complete understanding of your situation including what you earn and what you spend to determine if the loan is affordable and then offer you a choice of appropriate lenders and products.

I'm not too far form you so if you would like to go through this process with me and satisfy yourself that you can afford it, I'm happy to do come to you and work through it with you. I haven’t put my contact details in the email because they will be redacted. Please search for me through the "Industry experts" tab and click on my business name under "Name of Business" and all my contact details are there. I would be happy to spend some time with you.

Cheers,

Michael Budge
Director
Bayside Finance Group