We are having real trouble getting a house deposit together and was wondering if anyone out there could give me some tips.
Dh and I work incredibly hard, and always have done. He works full-time in IT, is on call 24/7, and often studies on top. In the 10 years we have been together I can count the sick days he has taken on one hand. I am doing a full time PhD, RA work, and am hoping to start teaching next year. We also have nearly four year old DS.
We are very frugal…don't' go out much, cook from scratch, shop at op shops/kmart etc. We have a budget and stick to it, and review it regularly. Yet still we never seem to be able to get the money for a house deposit. Every time we get some savings together something swallows them up.
For many years, after rent, bills and childcare we would only have 20 dollars a fortnight left over. So when someone got sick and needed to see a doctor...or it was someones birthday...or whatever we got into debt. I have had some quite serious medical problems over the past few years and spent five months in hospital last year. This had the double whammy of not being able to work and also spending loads on medical expenses. The car died. Lots of unexpected things happened. We got into a lot of debt. It was awful.
Late last year we took my mums kind offer to move in with her temporarily to get back on our feet. We now put away about $650 a fortnight into savings and have saved up quite a chunk for a deposit. My entire income goes into paying off debt, and we have nearly paid it off. But in the last few weeks we have found out that my medical condition has likely screwed my fertility and we will need IVF - so all our savings will be going to that.
We don't want a McMansion. Just somewhere to call our own, and some where we don't have to rent. We do need at least three bedrooms as Dh works from home a lot and has ALOT of computers/office equipment that he can't get rid of (needs them to do his job). Like, I am talking racks of servers. We also have a dog so an apartment would not be appropriate.
We looked into keystart/low deposit loans, but with such a small deposit realistically we won't be able to afford the repayments. It is so frustrating…I feel like we work so very hard and have nothing to show for it. I won't be finishing my PhD for another few years, though obviously things will improve when I hit full time employment.
So my question is…how did you get your first deposit? Do you have any tips? We literally cannot put any more away each fortnight as I have a lot of ongoing medical expenses and we are living very very frugally. It is not realistic for us to take on any more employment either, we are busy and stressed enough as it is. Is there anything else we can do to try and get on the housing ladder?