is it really dumb to buy an apartment right now?
Context, 28F, single income 84k, only 25k saved
I’m so sick of paying someone else’s rent and want to get into the market as soon as possible. Feasibly with the 5% deposit scheme and borrowing power I could look at a small apartment or unit 350-450k~
I’m not necessarily concerned about it as an investment more just I want somewhere to live that isn’t paying off someone else’s mortgage, currently renting a two bedroom unit when I feel my money could be better used paying my own mortgage. I’m in Victoria so stamp duty exemption should apply, as this would be my first property and to live in myself. Would also be looking at smaller apartment blocks/units to keep strata fees low. Mostly just looking for general guidance, it really dumb to approach lenders right now with such a little deposit saved? Should I wait longer? Will they even take me seriously?