+ Reply to Thread
Page 2 of 7 FirstFirst 1234 ... LastLast
Results 11 to 20 of 69
  1. #11
    Join Date
    Oct 2012
    Posts
    130
    Thanks
    22
    Thanked
    108
    Reviews
    0
    Bit different, we built.

    We saved 60k and borrowed 290k. We used 30k for deposit and 30k for furniture, landscaping, driveways, fences etc. we only used 15k ish for all that so the rest just went against the mortgage as redraw option. It is sooooo much cheaper building, even if its just to get your foot in the door

  2. #12
    Join Date
    Jul 2010
    Posts
    10,297
    Thanks
    3,120
    Thanked
    6,306
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 posts
    10% is preferable , 20% even better as then you won't need mortgage insurance

    You will also need to factor in your solicitor , pest and building, strata, valuation and bank fees and stamp duty ( depending on the price and if you get any first home buyer benefits)

    In nsw the only first home buyer grant now is for new buildings

    As pp have said - see a mortgage broker and work out your borrowing capacity and what you can realistically afford to repay , then start looking at houses in that price range so you become an expert on prices in that area

    Become best friends with the real estate agents! Not only as they can let you know when new ones come up but for their market knowledge , look at anything and everything so when you do find the house you love you will know what its worth

  3. #13
    Join Date
    Nov 2012
    Posts
    319
    Thanks
    251
    Thanked
    180
    Reviews
    0
    IMO definitely check out a mortgage broker. We found this very helpful and meant we got the best deal. Sometimes you can get a special loan rate for example the first 3 yrs where the interest rate is 1% lower then the standard offer they have (this was through one of the big banks). Our broker was able to explain and compare lots of different options from diff banks which was very helpful.

    We were able to get a home loan when I was only employed casually (working mostly full time hours though) and studying and he was earning about $40 000 yr with a 10% deposit so don't think it can't be done. We didn't include our first home buyers grant in our deposit so we were able to put in air con (well worth it!) and I bought a nice second hand car outright (no car loan, woohoo, they're expensive!) We were 20 and 23!

    I'm pretty sure that first home buyers do not need to pay stamp duty on houses under $500 000, atleast not in WA!!

    Also think about having a guarantor if you have a good relationship with either parents. Saved us a heap on loan insurance and then we paid off as much as we could as quickly as we could and then when we reached 20% equity we refinanced and the guarantor was no longer needed
    Last edited by CatesBean; 17-11-2013 at 09:49.

  4. #14
    Join Date
    Nov 2012
    Posts
    1,292
    Thanks
    409
    Thanked
    752
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    I had 20% deposit which was $75k....I bought a 2 bedroom flat for $373 000, so borrowed about $300k.
    The deposit included the first home buyers grant in WA which was about $10k at the time (not any more)

    I didn't want to buy without 20% deposit so I lived in crapola places until I had it including working rural for a few years in jobs which came with accommodation.

  5. #15
    Join Date
    Aug 2010
    Posts
    4,094
    Thanks
    1,386
    Thanked
    1,357
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Quote Originally Posted by lovepurplebutterflies View Post
    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
    We used out bank for our mortgage as we don't trust the independent mortgage brokers, high interest rates etc.

    I know a lot of people save a 10% deposit but we save a bit more (can't remember how much though? Maybe 30%?) and it really made a huge difference to the life of our loan. I would suggest, if you can, paying MORE than the required repayments per week right from the beginning.

    We also put all our savings into redraw and have a variable rate. Fixed rate is always a few % higher than variable and you just never know when you will get caught out.

    This has worked for us, our loan went from 30 years to about 12 already and that's over a 4 yr period. We still live a fairly comfortable life too.

  6. #16
    Join Date
    Aug 2007
    Posts
    2,450
    Thanks
    732
    Thanked
    555
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    We bought ours about 8 years ago. Had enough for 20% cash deposit but with real estate these days we wouldn't be able to save 20%.
    Went through the bank. We poured money on before we had kids but have not been able to do that since our first was born. We spilt the loan at one stage to fixed/ variable. Looking at fixing again soon before rates start going up.

    Sent from my GT-I9505 using The Bub Hub mobile app
    Last edited by CleverClogs; 17-11-2013 at 14:56.

  7. #17
    Join Date
    Feb 2009
    Location
    my house
    Posts
    17,698
    Thanks
    1,391
    Thanked
    7,288
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 postsRuby Star - 15,000 posts
    100k deposit.

    Bought for 415k

    Used broker but regret it as they offered bad advice.

  8. #18
    Join Date
    Aug 2010
    Posts
    2,654
    Thanks
    736
    Thanked
    423
    Reviews
    1
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Independent brokers get paid higher commisions from certain lenders so are obviously favourable to certain banks.

    There is a national company that is paid the same commision from every lender and it costs you nothing to use their service. Not sure I am allowed to name them especially since I work for them..

    Brokers have access to all the same deals the banks can offer, even better deals most of the time.

    You need 5% savings as an abolsute minimum. 10% for certain lenders. This needs to be evidenced with 3 months of statements. You can also use gifted funds to contribute towards a deposit aswell as savings- this requires a stat dec from the giver confirming money is a non repayable gift.

    If you borrow more than 80% of the property value then you will have to pay LMI (Lenders Mortgage Insurance). LMI is NOT insurance for you, but rather for the bank, and is added on to the loan.

    In SA currently there is a $7000 FHOG and then an $8500 HCG (housing construction grant) for building or buying a brand new home. The HCG is available to everyone, first home buyer or not - but a build contract must be signed by 31st December. FHOG currently cuts out 31st June 2014.

    You also need to factor in upfront costs - conveyancing fees (which include land title office & stamp duty) and ongoing fees such as rates, water, building insurance, maintenance.

    If anyone would like more info, feel free to pm me.

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

  9. #19
    Join Date
    Apr 2009
    Posts
    736
    Thanks
    480
    Thanked
    245
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    We first bought about 7 years ago.

    We had about 25k saved plus we got about 7k in first home buyers grant , which covered fees/costs.

    Back then we bought a basic 3 bedder old Qlder within 4kms of Brisbane CBD for about 400K. We have since recently re-financed (adding an extra 100k to mtge) and spent about 150k on renos including new kitchen, bath, added ensuite extra bedroom and a big deck.

    We used a broker for the initial buy and for re- finance, so much easier.
    Last edited by DailyDiversion; 17-11-2013 at 19:01.

  10. #20
    Join Date
    Sep 2009
    Posts
    3,487
    Thanks
    449
    Thanked
    1,571
    Reviews
    12
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    We met with a broker to get the gist of how mortgages work, then went to the bank. It was interesting because the 'best' package offered by the broker by our bank was actually the 'worst' package for us. So we met with the bank and showed them what the broker recommended and they put us on a much better package for our needs.


 

Similar Threads

  1. Buying help
    By YMo7 in forum Mt Gravatt / Mansfield / Wishart
    Replies: 21
    Last Post: 09-07-2013, 18:51
  2. Buying first home soon!!
    By Mscomplete in forum House & Gardens
    Replies: 3
    Last Post: 18-05-2013, 11:34
  3. Replies: 91
    Last Post: 16-03-2013, 19:03

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
free weekly newsletters | sign up now!
who are these people who write great posts? meet our hubbub authors!
Learn how you can contribute to the hubbub!

reviews
learn how you can become a reviewer!

competitions

forum - chatting now
christmas gift guidesee all Red Stocking
Springfree Trampoline
Give the Ultimate Christmas Gift Springfree Trampoline
The World's Safest Trampoline™ is now also the world's first Smart Trampoline™. Sensors on the mat detect your every move and your jumps control fun, educational and active games on tablet. Secure the Ultimate Christmas Gift today!
sales & new stuffsee all
The Health Hub
Give a new mum a fitness boost for Christmas & New Year. Studio-based, small group training sessions - cardio, strength, core, Pilates & boxing. Choice of 16 hrs per week, flexible-arrival feature - bubs & kids welcome! Gift vouchers available.
featured supporter
Little Kickers NSW
Little Kickers was launched in 2002 in the UK and arrived Down Under in 2009. Our motto is “Play not Push” and we provide a positive fun-filled soccer program for children aged 18 months -7 years in a vibrant, group play environment.
gotcha
X

Pregnant for the first-time?

Not sure where to start? We can help!

Our Insider Programs for pregnancy first-timers will lead you step-by-step through the 14 Pregnancy Must Dos!