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  1. #11
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    Go see a mortgage lender or your bank manager and ask would be my suggestion. It may have a bit to do with what they value the house you're buying at and what price you're paying too

    Do you have anyone that would be in a position to be a guarantour.? With a very generous MIL doing ours we got our house on a 100% loan, so there's always other options. (yes you do have to pay the mortgage insurance etc, but otherwise we couldn't have bought our house and are now in a position of having equity in our home and have re-mortgaged without the MIL's help) So we only had enough money to cover the solicitors and searches etc ( a couple of grand from memory)

    Also in QLD we didn't have to pay stamp duty as first home buyers (that was 6 years ago though), so check that out too.

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    I bought my $305,000 house with $15,000 thanks to my parents being guarantors - the bank took a small second mortgage over my parents' property as extra security for my loan. The first home buyers grant and other discounts covered most of the stamp duty, and the other fees and things were added onto the loan. I think in the end I borrowed 96.5% of the purchase price.

  3. #13
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    Default Re: First home, deposit? How much do you REALLY need?

    Quote Originally Posted by shelle65 View Post
    I bought my $305,000 house with $15,000 thanks to my parents being guarantors - the bank took a small second mortgage over my parents' property as extra security for my loan. The first home buyers grant and other discounts covered most of the stamp duty, and the other fees and things were added onto the loan. I think in the end I borrowed 96.5% of the purchase price.
    And can I ask.. What were your repayments? People have told me the calculator online aren't accurate... So I'm just trying to figure out if buying a house with a 20k deposit AND only have repayments around the $450 mark....

  4. #14
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    Default Re: First home, deposit? How much do you REALLY need?

    Quote Originally Posted by Happy2be3 View Post
    And can I ask.. What were your repayments? People have told me the calculator online aren't accurate... So I'm just trying to figure out if buying a house with a 20k deposit AND only have repayments around the $450 mark....
    You probably be looking around the 200k to 220k in that case.

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    Default First home, deposit? How much do you REALLY need?

    Hi OP. In April this year we bought for 332k with 32k deposit. We used the fhog (does it still exist?) for legal fees and extras and still got a cheque back. Our repayments are under $450/wk, only $100 more than what we were paying in rent. I highly recommend the guy (forget his name) at Rams in Browns plains. I say go see him now, so he can evaluate your situation and give you advice. Then go again in six months so he can see how you're going then every six months after until you have enough. We had an existing personal loan, car payments and credit cards, no guarantors and he made it work for us.

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    Happy2be3  (24-10-2012)

  7. #16
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    Quote Originally Posted by Happy2be3 View Post
    And can I ask.. What were your repayments? People have told me the calculator online aren't accurate... So I'm just trying to figure out if buying a house with a 20k deposit AND only have repayments around the $450 mark....
    My minimum repayment is currently $420 a week ($840 a fortnight). It's a variable interest rate though - this time last year it was $922 a fortnight, but interest rates have gone down a bit this year, so my repayments have dropped.

    Unless you go for fixing interest, you have to factor in interest rate rises and make sure you can manage a few. But also factor in if you/your partner are likely to have pay increases over the next few years, what seems like a huge repayment now might not be so bad then.

    I'd strongly suggest having a chat to a mortgage broker (I used mortgage choice but there are plenty of places around) - it's free and they can tell you about all the different loans and deals out there and help you work out what would be right for you.

  8. #17
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    Quote Originally Posted by Happy2be3 View Post
    And can I ask.. What were your repayments? People have told me the calculator online aren't accurate... So I'm just trying to figure out if buying a house with a 20k deposit AND only have repayments around the $450 mark....
    Our repayments are about $450/wk. Our home loan was $240,000.

    Good luck, I really hope you can figure out a way to get your house.

  9. #18
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    Default Re: First home, deposit? How much do you REALLY need?

    But see, thus is why it's confusing.... One pp had a loan of 300k and had 420 repayments.. The other had a 220k loan and had 450 repayments.

    Reason we havnt been to a mortgage broker yet is because, well, we don't even have 20k saved yet but will in another 12 months and will have a more stable career by then too etc etc. But yeah, I havnt been to see them because I suspected they would just spin me a load of crap just to get me to go with them blah blah blah

  10. #19
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    It depends on the interest rate.

    We were paying 2300 a month (80% fixed, 20% of the loan variable)

    We finished our fixed period and have refined the whole thing for 2 years-for us right now, we can't afford to be chopping and changing with a changing monthly repayment.

    Now are repayments are $1500/month.

    These amounts are interest only, which I would suggest avoiding if you can.

    There are so many factors that will differ from person to person, it's really hard to compare.

    The commonwealth home loan calculator works well, infact when we had our meeting with them the lender used it to work out our repayments.

  11. #20
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    Default Re: First home, deposit? How much do you REALLY need?

    Also depends on the loan term. we took out a slightly shorter term loan

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