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  1. #51
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    Dh and I made a decision long ago that we would never rent a house, much rather be paying off our own rather than someone elses mortgage and we never have unless it's been through his work. We stayed living at home as long as we could.

    We both always worked fulltime and worked hard in good paying jobs. We bought our first house for $89,000 13yrs ago. We saved and paid cash for a block of land a few years after. A few years after that we bought a second house for $320,000 which we had rented out in a mining town so we got good rent return.

    We then decided we were ready to start a family. We then sold our first home and made hundreds of thousands from the sale.

    We bought a large boat, a small boat and 2 brand new cars and a camper trailer. Have over $500.000 in assetts we own.

    We have no debts whatsoever apart from a mortgage of less than $300,000 which we manage easily. We are just about to buy another house as an investment initially, this investment is costing us $700,000 but the rental return is huge!

    Had we had kids earlier we wouldn't be in the position we are. We agreed we would set ourselves up first and we did! It means our kids won't ever go without anything like I did when I was a kid.

  2. #52
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    A few months ago I said there was no way we could afford to buy a house. But I was extremely naive and had to have a think about what I really had to sacrifice. We are not willing to sacrifice on the areas we will buy in. We want our boys to go to good schools, and have fantastic local resources. But we are willing to buy the 'worst house in the street'.
    The biggest sacrifice we are making is our work situations. For those that don't know I have a 2 year old and 19 week old. I am going back to work full time over 4 days. Df is changing his roster so he can be home one day during the week. So I can put my kids into care only 3 days.
    It really is all about sacrifice. To me financial security for my kids in the long run is worth having them in care for a few days. I never wanted to do it, but I have come to terms with it and feel that being confident in my choices will be setting a good example.
    Hopefully by the end of the year and being extremely tight with our money we will have a decent deposit and can buy while the market is good.

  3. #53
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    Quote Originally Posted by BerylsMum View Post
    Was not risky for us.
    We had agreements in place.
    We paid rent and extra for 2 years, which then became a deposit. After that we got a loan and had a hefty deposit as well.

    They saw the house as ours and so we started painting, fixing straight away.
    obviously some people go in to it blind...

    But I have not had a risky experience and quite a few of my friends did the same.
    For us, it was the only way as we had put all our money into our business.
    I think there is a big difference between this type of vendor finance and the 'rent to buy' type finance you see in the back of newspapers.

    It's much safer and makes a lot of sense.

  4. #54
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    babycake is offline Bubhub Award Winner - 2011- Funniest Thread Award
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    Quote Originally Posted by Kimberleygal1 View Post
    Dh and I made a decision long ago that we would never rent a house, much rather be paying off our own rather than someone elses mortgage and we never have unless it's been through his work. We stayed living at home as long as we could.

    We both always worked fulltime and worked hard in good paying jobs. We bought our first house for $89,000 13yrs ago. We saved and paid cash for a block of land a few years after. A few years after that we bought a second house for $320,000 which we had rented out in a mining town so we got good rent return.

    We then decided we were ready to start a family. We then sold our first home and made hundreds of thousands from the sale.

    We bought a large boat, a small boat and 2 brand new cars and a camper trailer. Have over $500.000 in assetts we own.

    We have no debts whatsoever apart from a mortgage of less than $300,000 which we manage easily. We are just about to buy another house as an investment initially, this investment is costing us $700,000 but the rental return is huge!

    Had we had kids earlier we wouldn't be in the position we are. We agreed we would set ourselves up first and we did! It means our kids won't ever go without anything like I did when I was a kid.
    This is pretty much what we did too. I wanted to be financially secure so did not have to worry I guess.

  5. #55
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    bellalika is offline I'm trying my hardest, please don't ask for more.
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    Hubby and I worked our bums off while we were engaged and lived at our parents houses. We bought a tiny unit and payed more than the required repayments while we could. Once i had DS1 i worked two days a week to keep paying extra. We stayed there until DS1 was almost 1. We then sold up with a large amount to be transferred to out new mortgage. We are currently only just paying off the required amount a fortnight, are very tight with most other things and are happy for me to stay home more often. The once a week I work certainly helps make ends meet.

    ETA: I'm in Melb, not Sydney but the principle is still the same.
    Last edited by bellalika; 11-12-2011 at 20:35.

  6. #56
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    My DH and I both worked 2 jobs for over 3 yrs to afford our place in Sydney, at one point we even had 3rd jobs! It was really tough going, DH worked 80-85 hrs a week and I was doing 65 on average. My wages paid all our expenses and DH's went into savings. We were actually aiming to save up & buy outright, but the property market just went nuts in the early 2000's so we had to take out a mortgage, but its relatively small by today's standards.

    I have no idea how young couples with regular 40hr/wk jobs would be able to buy a house in Sydney these days. Its such a shame that people are having to choose between owning a house or starting a family.

  7. #57
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    We do it ($500k mortgage) on basically one wage. We don't have car loans or anything like that. Our main car is a recovered hail damaged car so cosmetically damaged but otherwise great and half the price. We make compromises in other areas. I think maybe people want too much eg nice cars, dinners out, holidays etc etc. I don't understand how two Professionals on good wages could not afford it.

  8. #58
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    I think if you're buying in Sydney a certain amount of faith in property prices is required as well as loan serviceability.

    We've bought within walking distance to city and consider it a solid investment as while prices might drop, they're unlikely to plummet in central areas.

    I guess though it's the same principle as other cities - the closer in the better in terms of safe investment.

  9. #59
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    Quote Originally Posted by Janesmum123 View Post
    Where? Like mount druitt? I think they don't even have houses for that little. Macquarie fields? Ingelburn don't even have houses that cheap or Liverpool no where near that. Anyway I can live south west it's all good but I have my limits...
    Around parramatta is good. Penrith prices are even high.
    Yes, in some suburbs of Mt Druitt. Search for Tregear, Lethbridge Park, Whalan, Blackett, Hebersham, Emerton, Willmot and surrounding areas and there are a few houses from 200k, one even less than 200k.
    Last edited by BigRedV; 11-12-2011 at 20:03.

  10. #60
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    Quote Originally Posted by Janesmum123 View Post
    Not at all. It's for anyone.
    I think that Sydney is very different to every other state.
    Which is why we moved.

    And yeahhhh mt druit... That's kinda exactly the suburb I had in mind as no no please no I can't live there.


 

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