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  1. #11
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    Quote Originally Posted by MrsA2B View Post
    This might not be an opinion that you like and I promise I mean this in a caring way - maybe now is not the right time for you to buy?

    If you're saving $650 a fortnight without paying rent, but having to tap into this for emergency expenses (which will always come up, including when you have a mortgage), then you need to consider if you could afford the repayments at the moment, even if you did have the deposit? I'm not sure what sort of price range you're looking at but when you factor in all the extra costs that come along with home ownership, along with putting a bit aside for those emergency expenses to allow you to still pay the mortgage if they did come up - it sounds like you'd be able to afford to pay a max of about $200 - $250 a week in repayments.

    Houses are expensive - you have to factor in rates, insurance, maintenance (what if you needed a new roof for example?) and you don't want to get yourself into a precarious financial situation by absolutely stretching yourself with the repayments.

    The other thing to consider when looking at if you can afford the repayments is the fact that interest rates are at an all time low and will likely go up in the life of your mortgage, so you need to be able to pay more than the minimum payment on these interest rates.

    Sorry to be a Debbie Downer. Xx
    I agree.

    Also if your wanting to have another baby.

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  3. #12
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  4. #13
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    I am a terrible saver. I'm a bill payer, everything's in credit but can't save more than $5K ever before something or someone chews into it (me! )
    Some tips that might help. Start a savings account with no card and don't set up internet banking - this is so you can't get to it easily. Look at ING for example. And put into it a tiny amount you'll barely notice. That might be $10 or it might be $100 I don't know. But treat it as a bill and pay it each pay as if it were a bill. And because it's a bill, the money is gone. You can't have it back!
    Any tax return goes in there. Any left over goes in there. Review in 12 months time.

    Unfortunately we only get the money we get and it may not be enough to do all the things we'd like. It may be for now, you need to choose deposit or IVF.

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  6. #14
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    I mean this is the nicest and most sincere possible way (with no intention of offending you)...

    Do you think it's wise to be trying for a baby now(ish)? If your goal is to buy a house and you are already struggling with medical expenses for yourself and whatnot, it's going to be near impossible to reach that step bringing another baby into the picture, especially through something as costly as IVF. If I'm overstepping the bounds please let me know. I'm not trying to hurt your feelings or upset you. I think it's important right now to weigh up what's more important at this current time and what will benefit you more in the long run.

    Are you comfortable disclosing the area you live in? It might give an idea on prices and what your situation may leave room for...

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    I know how ridiculous it sounds to say "get a better paying job", but to play devils advocate, is that an option? Maybe not for you as you're still studying your PhD and doing related work, but it sounds like your DH is highly skilled. Is he getting the best possible salary for his skills? Could he get paid more if he changed jobs? My DH is in IT and he got a substantial pay increase by changing jobs.

    It sounds like you have some other pressures with your health that are putting strain on your finances. I don't think there's much you can do about that, your health has to come first.

    What are you doing with the money you are saving? Make sure you're maximizing it, whether that be in a high interest account or term deposit or managed fund (depending on how much you have).

    Another option is to look at buying an investment rather than a home. You might be able to buy something cheap & small that you can add value to, then leverage it later to buy a home.

    Finally I just wanted to say that now is a really crappy time to buy a house! Prices are high and houses are selling quickly, so I think lots of people are over-paying to secure a property. The housing market has a cycle, we're at the peak at the moment and it will start to slow down. You might be better off in the long run if you hold off for a while anyway, keep putting some money aside and wait for the market to favour buyers rather than sellers.

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  10. #16
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    I was also actually going to suggest buying an investment unit/townhouse too

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    Firstly, thank you all so much for replying, there is a lot of great advice! I really appreciate it.

    The city we live in has become very expensive. Even a house in a dodgy *** area with crime problems costs 350-450k…an average older house in an average suburb 600-750k. There seems to be a trend of people living at home until their late twenties just to be able to get a deposit. We have rented since we were 20 (and I'm glad we did for a range of reasons) so we just don't have that savings backup.

    Great budgeting advice - we actually do a lot of it already, so its good to know we are on track When Dh's income comes in it is split into a high interest savings account that we never touch (only exception would be IVF) which is for our deposit, another 'emergency' savings account for stuff like when the car breaks down, a bills account which has direct debits for every single outgoing expense from insurance to mobile phone and daycare, and leftovers go to a spendings account for food and petrol etc. All of my income goes to debt so we can pay it off quickly (the actual repayments are far less than what we pay).

    Quote Originally Posted by Little Ted View Post
    I heard one the other day about just getting a good paying job

    Seriously though...if you're doing the best you can, the only other option is to try and fluke a job in an area where houses are cheaper or looking at a cheaper area.


    The other way people I know get ahead is by their family looking after their children so that they can work - we don't have this privilege either which means I've had to turn down heaps of paid work as I can't get casual childcare.
    Yes I heard that too - helpful right? Unfortuantely we can't change our child care situation,…I too have had to turn down work because we don't have childcare. Such a pain!

    Quote Originally Posted by Sunnybambino View Post
    Could someone from your family go guarantor so you don't have to have a deposit?
    Great idea! I will look into it. Thank you.

    Quote Originally Posted by MrsA2B View Post
    This might not be an opinion that you like and I promise I mean this in a caring way - maybe now is not the right time for you to buy?

    If you're saving $650 a fortnight without paying rent, but having to tap into this for emergency expenses (which will always come up, including when you have a mortgage), then you need to consider if you could afford the repayments at the moment, even if you did have the deposit? I'm not sure what sort of price range you're looking at but when you factor in all the extra costs that come along with home ownership, along with putting a bit aside for those emergency expenses to allow you to still pay the mortgage if they did come up - it sounds like you'd be able to afford to pay a max of about $200 - $250 a week in repayments.

    Houses are expensive - you have to factor in rates, insurance, maintenance (what if you needed a new roof for example?) and you don't want to get yourself into a precarious financial situation by absolutely stretching yourself with the repayments.

    The other thing to consider when looking at if you can afford the repayments is the fact that interest rates are at an all time low and will likely go up in the life of your mortgage, so you need to be able to pay more than the minimum payment on these interest rates.

    Sorry to be a Debbie Downer. Xx
    Not at all a downer! The reason we are only paying 650 is because ALL of my income is going to debt, before the debt my income used to go to rent/bills etc. The repayments are a lot less than what we are paying, but we just want it off our plates, and the best time to do this is when we are living with my Mum temporarily.

    In a few months the debt will be cleared, then we will have at least 2K extra a month from my scholarship income, and that is without whatever I earn teaching/RA work on top, and teaching pays pretty well. We have seen a mortgage broker, and the repayments for one of the areas we are looking at are not really any more than we were paying in rent. It's really the deposit that is the major issue.


    Quote Originally Posted by hopeful1986 View Post
    I mean this is the nicest and most sincere possible way (with no intention of offending you)...

    Do you think it's wise to be trying for a baby now(ish)? If your goal is to buy a house and you are already struggling with medical expenses for yourself and whatnot, it's going to be near impossible to reach that step bringing another baby into the picture, especially through something as costly as IVF. If I'm overstepping the bounds please let me know. I'm not trying to hurt your feelings or upset you. I think it's important right now to weigh up what's more important at this current time and what will benefit you more in the long run.

    Are you comfortable disclosing the area you live in? It might give an idea on prices and what your situation may leave room for...
    Unfortunatley although I am only 28, we don't have much time reproductively speaking. I have diminished ovarian reserve and have been told that if we don't do IVF to at the very least try and get some frozen embies, it is highly unlikely we will be able to have a baby. We were originally going to wait a few years…but we just don't have that luxury. It's now or never!

    I know we will eventually get a house…even if it is in 20 years time (god I hope not ) …but the baby thing may not happen so we have to prioritise it while there is a chance it may be possible. And it is really important to both of us - more important than a house.

    Quote Originally Posted by Cue View Post
    I know how ridiculous it sounds to say "get a better paying job", but to play devils advocate, is that an option? Maybe not for you as you're still studying your PhD and doing related work, but it sounds like your DH is highly skilled. Is he getting the best possible salary for his skills? Could he get paid more if he changed jobs? My DH is in IT and he got a substantial pay increase by changing jobs.

    It sounds like you have some other pressures with your health that are putting strain on your finances. I don't think there's much you can do about that, your health has to come first.

    What are you doing with the money you are saving? Make sure you're maximizing it, whether that be in a high interest account or term deposit or managed fund (depending on how much you have).

    Another option is to look at buying an investment rather than a home. You might be able to buy something cheap & small that you can add value to, then leverage it later to buy a home.

    Finally I just wanted to say that now is a really crappy time to buy a house! Prices are high and houses are selling quickly, so I think lots of people are over-paying to secure a property. The housing market has a cycle, we're at the peak at the moment and it will start to slow down. You might be better off in the long run if you hold off for a while anyway, keep putting some money aside and wait for the market to favour buyers rather than sellers.
    Thanks Cue Dh has been looking at jobs for a few years on and off - he is pretty specialised and in our city there is not much out there for him. Most jobs would be an interstate move, which we are open to, but now with my health problems and IVF and my PhD isn't really the right time. He is also coming up to long service so it would be great to have that in the bag!

    Definitely looking into the investment idea though!

    Thank you again for all of your advice and suggestions! It has been great to read through everything and get some ideas. I have already started researching investment properties

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  14. #18
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    Quote Originally Posted by Sunnybambino View Post
    Could someone from your family go guarantor so you don't have to have a deposit?
    you do still need a deposit even if you have a family member go guarantor. we had family help with a guarantor but we still had the deposit. you need to actually pay the deposit in cash so not sure how you'd get around that.

    OP may I ask, how much of a deposit do you have currently? and what city do you live in? have you got an area/budget in mind?

    if you're in Victoria, I know of an area that's pretty daggy and far out of the cbd but it's cheap and I'd live there if it was the choice between renting and having my own house.

    I know how disheartening saving for a deposit is. we just finished doing that and managed to buy. it's honestly not easy. if it hadn't been for help, we'd still be renting. housing affordability in Australia is a real problem. I take my hat off to you as it sounds like you're putting in 110% to make your home ownership dream come true. keep at it, you'll get there xx

  15. #19
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    just read your later post re diminished fertility and having to have a bub now rather than later. sounds like the choice has been made. focus on your health and adding to your family, the house will come in time. just keep the little house deposit coming along, even if you only have $10 one week to add to it, just keep it growing, no matter how slow. when the time is right, the universe will make things happen and you'll find the house that's intended for you. I wish you all the best in your journey xx

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    Sorry to hear about your fertility issues I understand not wanting to wait.

    Someone else mentioned buying an investment property. We actually did that. I'm your age and so far have had 3 properties in my name. One we sold a few years ago to upgrade, which started off as an investment property we moved into for a few years until we decided to build. We currently have this house and the one we're renting out. We're planning on eventually buying another.

    Is that something you'd consider? Getting rent money while you live with your mum is one way to ease the pressure off because the rent should take care of a big chunk of if not all the interest.

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