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  1. #1
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    Default How did you get the money to buy your first house?

    I don't want to derail the other thread. So how did you scrape/inherit/acquire the deposit for your first house/home?

    We saved. Dh and I used 10k for our investment property. The GFC wiped out a fair bit of money out of our funds so we dumped the remaining in a house. We Co-own with my mum as she is the perfect long term tenant.

    Our home - we saved again. Dh had some deployment money plus we lived simply. We put 80k together that we had saved over the years. Mostly his savings since high school. Now it's tenanted out.

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    hakuna matata is offline The artist formerly know as babyhopeful
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    Saved. I think we managed to save around $80k in total. Bought land first and sat on it for a year, saving more money before we started to build.

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    Wow sounds like you saved a lot!

    We had about $50 000 when we bought our first home. Our house only cost $300 000 so it was enough.

    I had about $15k saved from working and husband has saved money too but also had been working overseas so exchange rate was good. After we moved in together ( renting) we lived only on my husband wage and saved all of mine. That was for about 7 months then we bought our house.

    We knew we wanted kids and a stay at home parent so we lived off my husband wage and saved all mine as a way of practicing the one wage.

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    I inherited 100k when my grandma died and we used the majority of that for our deposit when pregnant with my oldest. I was really lucky as it was right in the middle.of the GFC so buying without a decent deposit wasn't going to happen.

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    I bought my first house as a single woman. I had first home owners grant and a little help from my parents plus a bit of my own. I bought a small townhouse for around $215k
    My DH had a place when we met...which he sold and moved into mine. We saved a bit there for 12 months after getting married but sold it and used that equity to buy a bigger house together.
    Unfortunately. .after many redundancies... 3 actually. ..having a child born with a disability and doing everything to keep our house. .. we lost it. And now we rent. I dream of owning again and hope one day it will be possible.
    I get really annoyed at the ignorance of some people who say. .work more. .save more. .make these sacrifices. Sometimes it's just not as easy as that. Life throws you curveballs..and you go through plan a..then b..c...etc.
    Owning a home isn't within reach of many aussies. And after going from double income. .no kids...and eventually a single income. .child with a disability. ..earning under $70k.... saving to buy again will never be within reach until our daughter can attend school and I can return to work. And I don't think our situation is unique. Lots of people are in this situation.

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    Lots and lots of work and overtime before dd was born. Saved for $80000 for block of land almost 25 % deposit then paid off land for 1 or so yrs alone and then merged loan for house and had to put in another $50 000 or so for that. Just as well was able to do that then as wouldn't be able to save up for it now

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    Kazza78  (10-05-2016)

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    Default How did you get the money to buy your first house?

    I moved back home with mum and dad/house sat for a year when I was 21 (was on the fold out couch at mum and dads so couldn't have done more than a year). I saved and worked like crazy. Didn't go out and worked as many double/extra shifts as I could. Paid off my car then saved my deposit. Then bought a bomb of a house for $280k and along with my dad and friends renovated it and made about $150k in 5 years.

    If it wasn't for doing that we couldn't have our dream house we have now (along with our huge mortgage 😫)

    ETA DH had basically nothing when we met. Actually he had debt. He was living at his grandparents old house paying minimal rent and spending all of his pay going out every weekend. When we met he was sick of that lifestyle so we saved some money there but he knows we couldn't be where we are if I hadn't got in the market early and put in a lot of work to get where I was.
    Last edited by shani2; 10-05-2016 at 14:54.

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    My husband and I saved pretty hard for a couple of years, we both had/have good careers (accountant and teacher) and built our first home in 2005. We sold and built again in 2013.

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    Saved it. We rented a small place when we first met and saved one income and lived on another, back then on ok but not huge wages. We saved almost 30k pretty fast for a big OS trip. We got back got engaged, kept saving for the wedding and then found out we needed to do IVF so we spent about 30k of what we'd saved for the wedding on that and a high risk pregnancy, I couldn't work for a lot of it.

    We put the wedding off and again lived on one wage and saved another for a house deposit. DP had a fifo job with really good money and we could have splashed out on a lot of stuff but we saved it all, so we had a pretty big deposit and bought a smaller house we could live in for awhile and then rent out and move on. The bank offered us a huge amount but we didn't want to have to maintain a giant mortgage.

    We've been back to an average wage now for 3 years and after my mat leave I'm part time but again we've tried to save one wage and live on another. We've shelled out about 20k for Ivf and a second pregnancy but still managed to save a decent chunk of another deposit. So we're moving on and our mortgage is very manageable, our new tenants rent covers the mortgage completely. We're also very lucky it's a good friend and that my hubby is a very good handyman so no real estate fees and he can fix just about anything.

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    Default How did you get the money to buy your first house?

    Quote Originally Posted by Tamtam View Post
    I get really annoyed at the ignorance of some people who say. .work more. .save more. .make these sacrifices. Sometimes it's just not as easy as that. Life throws you curveballs..and you go through plan a..then b..c...etc.
    .
    This.

    We have wanted a house for years. But we moved out and started renting at 20 years old have predominantly been on a single income along with a meagre PhD scholarship stipend. I have had major health issues and been unable to work for long periods and we had to fund fertility treatment. We moved in with my mum 18 months ago to save for a deposit, we live extremely frugally, save nearly half our income but we pay our way and still have bills, childcare costs etc and still have a fair way to go in terms of saving. We don't want a mansion but house prices are ridiculous where we live so it is very hard.

    Many people we know live at home until their late twenties while working full time, no kids, and save for a decent deposit fairly easily that way. They often don't seem to understand why it is so difficult for us to save, and that it is not always just a matter of working and saving harder.


 

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