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  1. #1
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    Default Buying your first home....

    Tell me what you know ....
    How much dep did you save
    Did you use a bank or broker....
    Any other info that you are willing to share.

    Sent from my GT-I9505 using The Bub Hub mobile app

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    Married to my soul mate, Mummy to one beautiful little girl, wishing for a little boy to complete our family.

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    Used a mortgage broker made it so easy and it's free and they saved us over $1000 just by no loan fees, and establishment fee.
    We didn't have much of a deposit but we r sick of renting so rather pay the extra for lmi then rent till we have 20% which would be ages!
    We r building so using the first home owners also. They will see through until we move in also...

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    You need to work out how much you are willing to have as repayments then use a calculator to work out how much remainder you need
    You need at least 5% deposit (of how much the house is worth)
    Plus fees and stamp duty on top of that (usually $15-20,000)

    We got our home 2 years ago when interest rates were 6.2
    So wee needed $62,000 out of our money then $7000 1st home owners
    To make total of $69,000
    For a $1,950 a month home loan
    For a very run down $360,000 house

    We need to spend around $80,000 to fix it up, so you need to take that into account too, as to allow around $100-200 a week saving to do it

    We went through mortgage choice
    Last edited by Kazza78; 17-11-2013 at 09:25.

  5. #5
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    I almost posted this exact question yesterday! So thanks lovepurplebutterflies! We are so close but we don't know how much minimum deposit we need to be approved of a $270k-280k house! And same as you groovechic we just want be in so we can stop paying rent!

    It would be great if people could sage their deposit and house price so we all have an idea!!!

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    Starting to think we will never be able to buy a house of our own

  7. #7
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    We are in WA but there's an equivalent in every state- if you earn under $130k as a couple then go Keystart.
    Our buying capacity: $490k
    How much we are actually borrowing: $400k
    Deposit required: $8k
    FHOG received: $10k

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    In addition to my post . You are only allowed to borrow 1 third of total gross income. Most lender require at least 5% of house price plus the stamp duty and fees on top of that
    And whether old or new home, you need to allow money for curtains, garden, paint which is all very expensive
    Last edited by Kazza78; 17-11-2013 at 09:32.

  9. #9
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    Also I'm pretty sure first home buyers is only if u build.
    U can build new or buy off the plan. Last I heard the normal first home buyers were cut last yr. correct me if I'm wrong.....
    We had 20% for land but will work out only about 8% for whole house.

    Even if ur not totally sure ATM a mortgage broker can give u an indication on what u want and need. That's y I recommend them. We had no idea about all the other fees but they laid everything out for us and explained which gave us a pretty exact indication of what we needed

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    Your first stop should be a mortgage broker. They will assess your income and ability to pay back the loan. They will tell you how much deposit you'll need, how much you can loan, how much repayments will be, stamp duty etc. they will need payslips, copies of bank statements, credit card statements etc. if you can save 20% of the purchase price you don't need mortgage insurance, which will save you heaps.
    Start looking around for houses now, even if you're not ready to buy. It will give you a rough idea of what is available for what price. Add at least $15-20k for stamp duty, fees for applying for a loan etc.


 

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