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  1. #41
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    There is a loan like that, but you have to return that percentage when you sell. Breakthrough loan I think they are called.

  2. #42
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    OP, you should feel really positive though about the fact that you are saving a good amount every week for your deposit, the banks will like to see good savings history, you've got no debt, and you will get there!

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

    id be putting away very spare cent and living very simply. thats what we did, and still do. we saved 75k in 2.5ish years. that was well over 20% and has made a huge difference.

  4. #44
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    Default First home, deposit? How much do you REALLY need?

    Quote Originally Posted by missie_mack View Post
    Really I think the whole 20% idea is pretty unrealistic, in this day and age. 15 years ago when you could buy a reasonable house for under $150k it was much more understandable. But in the current market where you would struggle to buy a house for less than $400k, it is a bit excessive and unrealistic.

    My Mum has been a bank manager for more years than I care to count and her advice to me was to get in- whether it is with 5% or 20% and pay what you can. Even rounding it to the nearest $10 makes all the difference. In the first couple of years home loans are difficult, you reap the rewards in the years that follow.
    I agree. This is exactly what I did and now I am way ahead. Remember also that repayments go up and down with rate rises, or can be fixed, but rent just goes up and up and up.
    Last edited by shelle65; 24-10-2012 at 14:27.

  5. The Following User Says Thank You to shelle65 For This Useful Post:

    MothersMilk  (24-10-2012)

  6. #45
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    Default Re: First home, deposit? How much do you REALLY need?

    Quote Originally Posted by Benji View Post
    I was doing some calculators online this morning and I think the average was about $560 per week repayments for *I think* about a $330,000 property. So not even $100 per week more than I pay in rent. The thing I worry about is things like leaving room for rate increases, if one loses a job, maintenance, insurances, etc. But If you can pay $350 rent + save $200 and have enough money to live and for the added expenses of having a mortgage well there you go
    Oh, we don't currently pay 350 rent (I was using that as an average) we are lucky to be privately renting for under 200 per week... Which is why we have been trying to save save save. I don't know how we would save as much once we enter the regular rental market.

    We don't want fancy, im happy with 70's retro green kitchen and lino lol I honestly wouldn't mind... We would most definitely be starting with something very cheap, as cheap as we can in the best street in the best suburb we can afford (isn't that what they say?) lol

  7. #46
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    Default Re: First home, deposit? How much do you REALLY need?

    Quote Originally Posted by 1CrazyMoose View Post
    You could own one sooner of you choose a house that's very affordable. Ie we bought a house for $250000 ok needs work but it's only really cosmetic stuff. BUT our repayments are $292 a week which is cheaper then rent. We did have 20% deposit but even do with a 10% deposit ($25000) on a $250000 house you are looking at a mortgage of $225000 which a month is $1335.00 in repayments a month with a variable loan of 5.9% which smaller banks are offering.

    The fact you can easily show you have managed to save that much over a full year on top of rent and cost of living shows your capable of making repayments. But be realistic and look for a house within your means. Just think ok it might be solid and good but if you can pay it off real fast you can then sell it use that deposit and any capital gains to then buy the home you really want (advice not to do before 2 full years of ownership)

    Before you feel you can't ever do it please talk to someone. You will be surprised
    Thank you! You've given me hope :-) 292 per week is absolutely awesome! I've paid more than that in the past to rent some really run down houses... Id much rather be paying that on my own place

  8. #47
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    Default First home, deposit? How much do you REALLY need?

    I think the best thing you can do is research and get yourself in the best possible position knowledge wise. Work out the area you are comfortable with and look at prices so you've got somewhere to start. Being a brisbanite myself I think 300000 is pretty reasonable for what your looking for. 20 grand is a great deposit and most banks will lend you the rest just make sure you get a good deal and a low interest rate as this will make all the difference in repayments. You will pay around 400 for weekly repayments on that amount on a low interest rate. And remember after the 30 yrs you will own a house worth probably double what you payed for it. Worth it IMO.

  9. #48
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    Wow, a 20% deposit around here for a basic family home would be $140 000. I'd better start saving, or win the lotto or something...

  10. #49
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    Default Re: First home, deposit? How much do you REALLY need?

    Quote Originally Posted by CMF View Post
    Wow, a 20% deposit around here for a basic family home would be $140 000. I'd better start saving, or win the lotto or something...
    You must live in Sydney or Melbourne right? How anyone can afford to live in those cities is beyond me. I

  11. #50
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    Default First home, deposit? How much do you REALLY need?

    Op you can download an app called commonwealth property guide. Its great for lots of things and has tools to calculate the cost of the house, deposits, interest rate = monthly repayments. It's handy when trying to work out what you can afford and doing a budgeting plan. it's also free and I use it for loads of things.


 

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