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  1. #21
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    Not true, at least not in WA. We bought a property in 2011 and managed to get a family guarantor and borrowed over 100% of the purchase price (to cover fees, stamp duty etc). They even gave us the initial cash amount for the initial deposit.

    It's worked out really well for us - we made a massive profit over only 2 years, sold that property and bought another and have almost got the guarantor off our existing loan.

    Quote Originally Posted by lolly007 View Post
    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

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    Quote Originally Posted by Sunnybambino View Post
    Not true, at least not in WA. We bought a property in 2011 and managed to get a family guarantor and borrowed over 100% of the purchase price (to cover fees, stamp duty etc). They even gave us the initial cash amount for the initial deposit.

    It's worked out really well for us - we made a massive profit over only 2 years, sold that property and bought another and have almost got the guarantor off our existing loan.
    must vary from state to state? we had a guarantor but we had the deposit ready to go in cash after we signed the contract.

  3. #23
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    @Patience86
    when your OH gets an income, all of it NEEDS to go against your existing debts if the interest rate is higher than the one you'd get from your savings.

    That's is the best financial use of your money. Only start saving once you got ride of that debt.

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  5. #24
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    Default Tips on getting your first home deposit?

    Quote Originally Posted by lolly007 View Post
    must vary from state to state? we had a guarantor but we had the deposit ready to go in cash after we signed the contract.
    The market and bank rules change constantly. I believe in 2011 this was possible, but not currently as banks have cracked down on genuine savings.

    OP you should have an appointment with a mortgage broker to get advice on what the goal is and what you are actually saving for. They have an unbiased opinion even if it's not for a few years, it still with help with planning.

    I also agree with PP that all debts should be paid first before saving, as they generally have the highest interest rate so you will actually save more in the long run. Also, depending on how many debts you are paying, pay off the maximum on the one with the highest interest until paid off then continue on with the next highest interest rate and so on.
    Last edited by Busy Bee; 19-06-2015 at 21:00.

  6. #25
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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 was going to say this. It sounds like it's an unfortunate reality of your situation that you may need to decide whether you want another child or a house. Personally, I would focus on having a second child, and finishing your PhD. You'll be in a much better position then to buy a home.

    Honestly, my DH and I were happy when renting and we had way more money than we do now that we have a house and a mortgage! There's always something with a house that will suck up your money... Sometimes I think we would have been better off investing our money in shares.

    My husband saved and invested for about 20 years for the deposit we ended up using to buy our home. He made much more money when those funds were in shares than now that they are in the house. Just something to consider.

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  8. #26
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    Quote Originally Posted by ExcuseMyFrench View Post
    @Patience86
    when your OH gets an income, all of it NEEDS to go against your existing debts if the interest rate is higher than the one you'd get from your savings.

    That's is the best financial use of your money. Only start saving once you got ride of that debt.
    This. I understand the thought process of wanting to save for a deposit but if you have savings & you also have debt it's kind of pointless. Could you set an IVF start date and then see if you can put a large chunk onto your debts & then save enough for IVF in that time?

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    Reading this is making me sad at how hard it really is to buy a house in Australia. The amount we pay in rent we could be paying a mortgage very easily but trying to save at the same time is so very hard with the cost of living.

    Sent from my GT-I9507 using The Bub Hub mobile app

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    Thank you for the advice regarding debt will start doing that too.

    Yes, a child is our priority at the moment...the whole situation is just really frustrating!

    Thanks again for all of your thoughts!

    P.s. I am in Perth.

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    Quote Originally Posted by munchkin275 View Post
    Reading this is making me sad at how hard it really is to buy a house in Australia. The amount we pay in rent we could be paying a mortgage very easily but trying to save at the same time is so very hard with the cost of living.

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    I hear you! We are having the same problem. It pains me so much that the amount we are paying in rent could cover a mortgage but we are just throwing it out. We tried to get a mortgage over a year ago but had trouble because I was studying (even though we could easily service the loan). We are going to try again later this year after saving more of a deposit. We are also thinking of buying something very small just to get into the market.

    Atm, we are on a very strict budget - almost only necessities really and put aside some money each month for a deposit and also some back up money in case of emergency etc. I buy cheap groceries and buy fruit & veg that are in season.

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    I agree to put all spare cash into getting rid if debt as priority number 1. It sounds like a lot of money is already going there and once you pay it off you will start saving very quickly.

    It also sounds like baby needs to come before house. You may want to find a cheap place to rent before 2nd bub comes if the thought of living with your mum for another 4-5 years is intolerable.

    We prioritised a lot of things over buying a house. If we hadn't had our 2 children, DH's dream business idea, had our ideal wedding, travelled overseas and me retrain... well, we would probably have a few houses!! But there was a timeframe on all if those things, especially the kids given my age.

    We've been working/saving furiously now and may have our deposit by Oct-Nov this year. But we're starting to think about a third child. I'm turning 40 this year, so we can't leave it for 4-5 years. Plus with all the 'bubble' talk in the housing market, we may just rent for a few more years. We're itching to get into a fixer-upper and work our magic, but the houses will always be there. The chance to have another child won't.

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