Any single mummies with their own home?

[polony]

I am a single mummy who is currently studying, so I don't really have much money. I still manage to put away $100/month towards a deposit on a house and only have about $1200 save so far.

Anyway, I am planning on buying my own home when I graduate and have a proper job etc. but with the rising of house prices and the cost of living, I am worried that this is not going to be a possibility.

Have any single mummies out there managed to buy their own home?? If so, how? Is it possible?

TIA

[SweetSerenity]

Hey polony:wave:

I am too currently trying to save for a house, im hoping to buy in ten years time as i want to get a huge deposit together...

I am currently wanting to put $50 away a week...have to wait for things to settle down a bit financially with birthdays etc, but thats my goal :)

I hope to be a single mummy who owns her own home one day and i know i can get there!

Good luck with it all hun!

Nat xxx

[SamanthaJane]

Just save as much as you can. Force yourself to save it! I am using an ING savings account and it has 6% interest saving. It also takes 3 days to transfer the money back to your other account, so you wont be able to use it so easily!

I am living with my parents at the moment and i am saving $150 a week. If i wasn't with my parents i'd be spending that saving and more on rent.

That money is going towards something lol.... i am guessing a house.... i was going to use it for my primary teaching course but i'm not sure.... i might hex that

I'm still clinging to the fact that i will win the lotto/powerball every week ;) That $33 million should have been mine! :laughing:

[Chanelc]

I have an investment property rented out to tenants. I bought it before I fell pregnant. When I split with the ex i had to rent another place so keep my original apartment as an investment property (it will be Chanel's education fund!)
I am looking to buy a house for me & Chanel in 2008 - just had my brother over - he is too smart he has 6 properties and helping to work out how to get a second place. As he said budget and cut your expenses and put the money you are saving in a separate bank account so you can't touch it.
Remember just save and apply for home owners grant helps.
Maybe a financial planner can help you make a budget (you can go to a bank and get free financial planning advice).
GOODLUCK!!

[daddaddad]

This one of the things that I stress about the most these days. I can’t see a time where being a home owner will ever be within my reach. In Perth at the moment, $300K will get you a very basic, entry level place. My banks loan calculator tells me that if I loaned that amount, at 7%, over 40 years, INTEREST ONLY is $1,750.00 per month. Take into account the shire rates, etc and the actual cost will be about $2,000 a month.

Now, I earn a decent wage and I bet I am not eligible for housing/rent assistance etc BUT I could not service a $2,000 per month loan and pay the other basic costs in life.

I applauded those of you that have the discipline to put away $100.00 a month or similar. I’m concerned that the average property price may be going up by a similar amount and we’re not getting any closer to the amount required for a deposit.

If anyone finds an answer for this problem, I’m dying to know.

[oleander]

Did anyone see the single mum on todays Today Tonight?

She's a single mum with 2 kids who started off and bought a $60K piece of rubbish unit and rented that out, then just kept saving her money and buying more houses. She now owns 10 investment properties from memory and she is now worth over $2 million:yelclap:

It was such an inspirational story.

Anyway, I was lucky enough to inherit a house which I live in. So I have no rent or mortgage. I also have an investment property which I am paying off and renting out.

[jess_live_die]

im a single mummy and i had the choice of moving home with my mum and dad or them buying me my own home. im not to sure what im gonna do yet. :smiliedance: to the single mums

[Ashleigh<3]

Anyway, I was lucky enough to inherit a house which I live in. So I have no rent or mortgage. I also have an investment property which I am paying off.

:yelclap: I can applaud that though.

I'd love to have an investment property, but as daddadd said, how can anyone buy a house these days, entry level at that, with those minimum repayments being more then my DF's fortnightly sallary...:confused: These 100% home loans people take out, that is not possible for my family unless I go out and find a job that matches my DF's sallary....:cool:

[oleander]

Adelaide is a lot cheaper compared to most of the other states. I couldn't imagine buying or even renting somewhere like Sydney:eek: I'd be homeless.

[squirtle81]

Is there any help out there for single mothers trying

to buy a house, such as rent assistance, do the

government pay anything at all to those single

mothers who are really trying to give their kids a

secure life??

[V8]

The woman that was on today tonight wrote a book called 'goodbye to welfare' or something like that. Looks like a good book to check out. As Leila's mummy said, she started off with a run-down appartment and worked her way up in the property market. She aslo managed to put herself through tafe and uni. Good on her i say!