This is always a popular question.
The first part of the answer is that it depends on your finances, ie, your ability to fund a purchase.
For example: if you have $100,000 cash or equity then provided you have the income to support this;
OPTION #1 – You could buy a house up to $250,000 in value. This would be an older house.
OPTION #2 – A house up to $500,000 could be bought. This would need to be a newly built or to be built project.
The reason for the big differences in these options is that the current LVR rules for lending are:
40% deposit needed for existing houses
20% deposit needed for new builds
Let me assist you through the mire.