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  1. #21
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    When we bought our first house (in 2005) banks were still lending 100% of the cost loans, so that's what we did, technically, the first home buyers grant, then only $7,000 was used for the 'deposit' and everything else was covered by the home loan.

    When we bought our second house in 2009, we sold our first house and used the equity that house had gained as deposit.

    When we bought our third house in 2011, whilst we kept our second house as an investment, we still used the equity in that house to secure the home loan on the third house.

    So I guess technically, we never had to save for a deposit. We were either lucky, or foolish to risk a 100% loan

  2. #22
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    Hopefully I can get the keystart loan.

  3. #23
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    My partner and I are currently trying to get a loan at the moment. Our deposit at the moment is only 32k saved and the cba has knocked us back until our deposit is higher. It's ridiculous really as our combined income is 180k and we are only asking for 440k. Cba was the worst. We are also paying rent and also a huge amount of child support to my partners ex so it is hard for is to save. But once we get the mortgage it'll be no trouble to pay it off.
    We need a loan ASAP as I'll be on maternity leave soon
    Does anyone reccomend someone anyone that would give us a chance. Our credit rating is perfect

  4. #24
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    Kelbel I would say try Bank of Melbourne or a broker - BoM seem to have the highest lending ratio's. I do know that you will need a minimum of 5% deposit plus stamp duty and legal fees. BoM will let you put the Lenders Mortgage Insurance on your mortgage, which if you only have 5% deposit, will take you to a LVR of 97% which is the absolute max, hence why you need to be able to cover stamp duty, etc... So based off a $450k purchase price you would need $22.5K deposit, + stamp duty (dependant on state and less any first home buyer stamp duty concessions, but worst case it's about $19k in Vic), + $2-3k for conveyancers, building inspection, land transfer fee, etc you are needing a deposit if nearly $45K (less any first home owner grants...) saving a deposit is tough!!!

  5. #25
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    We saved about $30k over 2 years by just putting my salary into savings and living off hubby's salary. Then in laws gave us $50k after they sold an investment property. We did a 20% deposit of $70k when we just bought our first house last week :-)

  6. #26
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    MrsHoward is offline If all I have is you, then I have everything
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    My DH [boyfriend at the time] already had a house...lucky me ;-)
    He had saved $20 and got $10k loaned to him from someone. Took him 1-2 years.

    Sent from my GT-I9100T using The Bub Hub mobile app

  7. #27
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    We had about $20k saved and my parents gave us $50k as a surprise gift - they had received an unexpected inheritance & decided to share the love! So fortunate & thankful.

  8. #28
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    Thanku very much Juzz.
    Yes we have a meeting with bank of melbourne on Saturday. When we spoke to him on the phone he was really impressed with our combined salary etc and said he has no doubt we will be able to pay the mortgage it's just the deposit we need. He was lovely and said he will do whatever it takes to bump up the deposit. He mentioned that we get a personal loan and because we have been renting that is counted as genuine savings also.
    Was nice to finally have a lender that just doesn't shut the door on your face. After spending 2 months getting our time wasted by cba we r finally feel a bit more positive with BOM!
    I wish we could get a cash gift from family but unfortunately not able to do so.
    Its the deposit that's the hard part and once we r finally in the market we will be fine!

  9. #29
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    So we have been pre approved for a loan of 380k.
    Where do u guys live in Victoria? We r looking for a family friendly suburb where we can buy a fairly new established house for less than 380k. Lol I know a hard task in today's market.
    We r happy to go further rural if needed also

  10. The Following User Says Thank You to Kelbel29 For This Useful Post:

    #Mama  (12-04-2014)


 

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