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  1. #11
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    If you have less than 20% deposit you'll have to pay lenders mortgage insurance.


    Totally in love with our two beautiful little girls.
    Feb 2011 and May 2013

  2. #12
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    Quote Originally Posted by giveitago View Post
    If you have less than 20% deposit you'll have to pay lenders mortgage insurance.


    Totally in love with our two beautiful little girls.
    Feb 2011 and May 2013
    See this confuses me lol! We are waiting for our tax return then we will have just over! Woo so does that make it better?

  3. #13
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    Definently agree with making own lunch
    We always sit out in winter sun and turn heating off inside for about 1 hr a day on weekend
    It is always better to have 20% of house price inc fees/stampduty. I think the insurance adds at least 20,000 to your mortgage. What is the price range of house you are buying to only have a 200k mortgage?
    You must have saved heaps? 150k?
    We bought our house last year. Borrowed 314,000 for 360,000 house so needed 69k inc first home owners for mortgage of $430 per week
    Last edited by Kazza78; 10-07-2013 at 13:41.

  4. #14
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    You need to get on the phone to some of this places and negotiate a better price, we pay optus $35 a month and anyway telstra lock you into horrible plans and don't give you the best price. Foxtel has different packages do you need sport and movies? Do you qualify for a concession card to get cheaper things, do lots of research and your local library should have a power box meter to take home to check how much electricity you are using. Good Luck

  5. #15
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    Write down all the bills you currently pay. Work out what things you need (ie groceries, phone, internet etc - but perhaps cheaper plan). I would get rid of things like pay TV, magazine subscriptions, dining out, getting hair and nails done (if you are into that sort of thing). Think about how far you drive in the name of entertainment/non essential trips to cut back on fuel.

    Seek out "free" entertainment - I have found my local library to be great for books, magazines and music. In some cases, you can even access digital magazines for your iPad for free.

    Once you work out what things you really need to get through day to day, you will soon see areas you can cut back.

    Junk and convenience foods are expensive, as is takeaway - learn to cook and pre-prepare meals. Rice and pasta based dishes with lots of vegies are cheap and quick to make. Those "4 ingredient" recipe books and websites are great for some inspiration for simple meals.

    When we were saving for a house deposit (about 8 years ago) we just cut out all non-essentials and were renting somewhere extremely cheap. We roughed it for a while and scraped together a lump sum. Our mortgage was dearer, but at the time we bought our house, we were only required to have a 10% deposit (I believe this may have changed a bit in recent times?).

  6. #16
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    Sorry forgot to say good luck in my post

  7. #17
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    Oh god no our deposit isn't 150k bahaha I wish we have saved $23k which took us ages and some gifted money! I'm just waiting for the baby bonus to go into our account and tax then we will buy our home.

    I will call up all these places tomorrow!! I already know rates will be $230 quarter roughly as friend lives in same area

    Thanks girls

  8. #18
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    Hi,
    I've just bought my first home in QLD. I went through NAB and got a 5% home loan. I had about 12% deposit saved but decided to go for a 95% loan. Because I only had a 5% deposit, I had to pay Lenders Mortgage Insurance (LMI). it was about $4000. Whilst its better to have a 20% deposit, the perfect property in the perfect location came up before i could save that much, so i just decided to go for it.
    I'll use my extra savings to make some improvements to my home and also fence it.
    Sadly in QLD, there is no first home owners grant, unless you buy a brand new home or build. So i missed out on that. However, as a first home buyer, i didnt have to pay stamp duty.
    Costs to consider on top of the deposit are solicitors fees, bank fees and government charges. When applying for a loan, make sure you actually go into the bank and talk to a home loan specialist. I did my application over the phone and the person i spoke to didnt tell me exactly how much the government fees were.

    As for saving tops, google the blog "Frugal and Thriving". I use a lot of her tips, especially when it comes to budgeting.
    I also stopped buying magazines, go 6-8 weeks between leg waxes, got the hairdresser to cut my hair in a style that only needs attention once per year. I bring my lunch and snacks to work everyday; i only drink coffee at home/work/at friends houses; I dont buy 'in fashion' clothing, only things that are basic, can be mixed and matched, are good quality, and i often shop at Op Shops. I buy basically all my DDs clothes from the Op Shop as their childrens clothes are in great condition.
    For gift-giving, i only give one gift to children and for adult, i usually give something i have baked myself.
    For groceries, i buy lots of fruit and veggies. I'm a vegan and DD eats meat once a week. I have also started a veggie patch and grow my own lettuce, tomatoes, kale, spinach, zucchini, bok choy and Silver beet.
    It sounds like a lot of changes but the key is to make one change, get used to it, then make another change.

  9. #19
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    Quote Originally Posted by monnie24 View Post
    Oh god no our deposit isn't 150k bahaha I wish we have saved $23k which took us ages and some gifted money! I'm just waiting for the baby bonus to go into our account and tax then we will buy our home.

    I will call up all these places tomorrow!! I already know rates will be $230 quarter roughly as friend lives in same area

    Thanks girls
    How much are the houses you are looking at? If you are only borrowing 200k then you have to make up the difference with deposit plus fees stampduty- 15-20k
    So house for 350k you would need around 170k deposit if you only wanted to borrow 200k
    Last edited by Kazza78; 10-07-2013 at 23:13.

  10. #20
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    I am still confused. Lol!! When you say you have already got 20% how are you working that out?
    Maybe I have missed something
    Maybe I am tired


 

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