+ Reply to Thread
Page 5 of 8 FirstFirst ... 34567 ... LastLast
Results 41 to 50 of 79
  1. #41
    Join Date
    Jan 2012
    Posts
    7,360
    Thanks
    2,565
    Thanked
    3,780
    Reviews
    7
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts

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

    We bought in 2009 when I was 19, I'm glad we did as it was during the GFC, I was a full-time student and working part-time and I was naive and not scared - much different to how I would be now! It was at the beginning of the GFC when banks were still lending 95%. I had about $12k in savings from memory, my parents had forced me to save half of my earnings since I got a job at 15 and hubby made up the rest of our 5% deposit which totaled about $17k.

    ETA we had $14k first home owners grant and no stamp duty on our side.
    Last edited by JR03; 10-05-2016 at 19:51.

  2. #42
    Join Date
    Jun 2013
    Posts
    102
    Thanks
    17
    Thanked
    44
    Reviews
    0
    After uni I worked 2 jobs (nights and weekends in a bar on top of my 9-5 job) and saved quite a bit. I also got lucky with some Telstra shares and had a 20% deposit for an apartment in Sydney's Eastern suburbs within a couple years. That was 15 years ago.

    My husband had a house and an investment apartment when we met (he always had a really good salary straight from uni). We sold his house and my apartment to buy our family home. So a combination of hard work/saving, good salaries and some luck.

    Neither of our parents helped us get a start but we have discussed helping our kids if we can in the future (providing they are hard working/not taking the mickey etc).

  3. #43
    Join Date
    Jan 2012
    Posts
    2,720
    Thanks
    1,518
    Thanked
    1,950
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    My contribution - my parents started a long-term savings account for me when I was a kid. They contributed money on a regular basis, and I contributed a fair bit of money from birthdays/Christmases etc., then from part time jobs as a teenager.

    DP's contribution - His dad inherited some money from a relative, and gave some to DP.

    We were very lucky to have the contributions from our parents. If we hadn't had that, we would have had to save for a little while. It wouldn't have taken that much longer, but it would have made a BIG difference to our repayments, as we had a lot more than the initial amount we needed for our loan.

  4. #44
    Join Date
    Sep 2013
    Posts
    588
    Thanks
    58
    Thanked
    348
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    Saved around $40,000 each in our early - mid twenties. We were living in share houses so fairly low rent which enabled both of us to save well. We were lucky to do it before kids came along, now we are only on one income so there is no way we could do it now.

  5. #45
    Join Date
    Jul 2015
    Posts
    6,861
    Thanks
    4,773
    Thanked
    4,210
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Awards:
    100 Posts in a week
    Quote Originally Posted by sunnygirl79 View Post
    I got married to someone with a house.... 😂

    DH got first home owners grant, saved a heap of money and got his parents to go guarantor. Sold that house a few years later - making enough money to serve as a decent deposit for our current home.

    Having parents go guarantor (where possible) can save huge $ over the life of the home loan.
    an investment forum/club I'm a part of strongly advised against using your parents equity to get into owning your own home. they say if you can't afford the 20% deposit then how can you service a mortgage.

    I personally think this is BS, for some anyway. like 20% of an average $600k home is a lot to save up, especially when you're paying rent, maybe have kids or saving for a wedding at the same time. mortgage repayments on a $600k loan are much easier than pulling together $110k odd for a deposit. it makes sense to use existing equity if you're lucky enough to be able to access it.

    although using parents equity for some people is just a bad idea. they see it as an easy way out of saving for a deposit (a friend of mine is like this) and do the bare minimum to get a house.

  6. The Following User Says Thank You to turquoisecoast For This Useful Post:

    DT75  (10-05-2016)

  7. #46
    Join Date
    May 2016
    Location
    Brisbane
    Posts
    4
    Thanks
    0
    Thanked
    1
    Reviews
    0
    12 months of hard core saving, inheritance from when my mum passed away and a small win on the lotto

  8. The Following User Says Thank You to Malleesa18 For This Useful Post:

    DT75  (10-05-2016)

  9. #47
    Join Date
    Sep 2014
    Location
    Sydney
    Posts
    2,841
    Thanks
    1,819
    Thanked
    1,421
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Awards:
    100 Posts in a week
    We haven't bought yet but have the deposit plus- enough to pay off a good chunk of our price range (a little under half).

    I inherited an estate at 12 (fully at 21) that is worth quite a bit. It's purely mine, but I have saved the income from it since age 12 and have a nice sum.

    H has had 2 properties, and lost them in his two divorces. In his second, he also 'lost' all savings (she stole it, basically). So, since 2005, he has had to work his butt off to recoup what he had- which he did and more.

    He works in finance and knows spectacular people- we gave one of them some money 2 years ago to trade and it has doubled. We withdrew 75% and stuck it in our "house fund" and left the other 25% with him and he is still trading it and doing well!

    H earns quite a bit of money, and I was earning above average too.
    We live on about half of it (incl. the ridiculous amount we pay out towards my two stepkids).

    I'm a pretty frugal person. H not so much, but he isn't a spendthrift either.

    We are hoping to purchase our "for keeps" home within 5 years, then H has plans for several investments- properties and businesses.

    ETA: H also stand to inherit either his parents' house (worth 2.1m), or their 3 apartments (worth 1.8)- it's only him and his brother and they are discussing it currently as FIL is not great and MIL is quite ill.
    I will inherit several family properties, as the eldest, but they (like my current inherited property) are all overseas and I will likely sell them all, except the current one.
    Last edited by DT75; 10-05-2016 at 20:21.

  10. #48
    Join Date
    Sep 2008
    Posts
    4,412
    Thanks
    508
    Thanked
    1,060
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    We bought before the boom (in 2002). I am grateful for that to this day. We saved our deposit. We were both working full time, no kids. Our deposit was $25K plus FHOG.

  11. #49
    Join Date
    Aug 2013
    Posts
    1,427
    Thanks
    497
    Thanked
    1,588
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    Quote Originally Posted by turquoisecoast View Post
    an investment forum/club I'm a part of strongly advised against using your parents equity to get into owning your own home. they say if you can't afford the 20% deposit then how can you service a mortgage.

    I personally think this is BS, for some anyway.
    I think as long as you can service the mortgage it's a good idea.

    We brought our first house with my parents as guarantor. We sold it 12 months later for 85k more than we paid. Trying to save for a deposit while house prices are rising that quickly is like running on a treadmill, you are not going to get too far.

  12. The Following User Says Thank You to NoteToSelf For This Useful Post:

    turquoisecoast  (10-05-2016)

  13. #50
    Join Date
    Jul 2015
    Posts
    6,861
    Thanks
    4,773
    Thanked
    4,210
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Awards:
    100 Posts in a week
    Quote Originally Posted by NoteToSelf View Post
    I think as long as you can service the mortgage it's a good idea.

    We brought our first house with my parents as guarantor. We sold it 12 months later for 85k more than we paid. Trying to save for a deposit while house prices are rising that quickly is like running on a treadmill, you are not going to get too far.
    this is my thinking too. by the time you save $50k, prices have increased and you suddenly now need $75k as a deposit instead. it's very hard.

    you do what you need to do to get ahead. it makes sense.


 
+ Reply to Thread
Page 5 of 8 FirstFirst ... 34567 ... LastLast

Similar Threads

  1. Confused about money!
    By ClaireAbs in forum Family Finances
    Replies: 4
    Last Post: 18-02-2016, 14:55
  2. How do you handle your money?
    By Blossom74 in forum General Chat
    Replies: 55
    Last Post: 12-02-2016, 11:35
  3. Double your house for half the money
    By maternidade in forum House & Gardens
    Replies: 22
    Last Post: 22-05-2015, 15:20

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
free weekly newsletters | sign up now!
who are these people who write great posts? meet our hubbub authors!
Learn how you can contribute to the hubbub!

reviews
learn how you can become a reviewer!

competitions

forum - chatting now
christmas gift guidesee all Red Stocking
Mother and Baby Shop
Save $$$ during our Christmas Sale Mother and Baby Shop
Great prices on Schoenhut kids pianos, toys, baby clothing as well as big brands like Pigeon, NUK, Cherub Baby and many more. Sale starts on 1 November 2016 and ends on the 27 December 2016. Hurry! Place your order today!
sales & new stuffsee all
Pea Pods
Buy 2 Award Winning Pea Pods Reusable One Size Nappies for only $38 (in your choice of colours) and receive a FREE roll of Bamboo Liners. Don't miss out, we don't usually have discounts on the nappies, so grab this special offer!
Special Offer! Save $12
featured supporter
L'il Aussie Prems Foundation
An Australian charity supporting families of premature babies & children. The charity assists families who are at high risk of giving birth prematurely, who have babies currently in hospital and families with toddlers who were born too soon.
gotcha
X

Pregnant for the first-time?

Not sure where to start? We can help!

Our Insider Programs for pregnancy first-timers will lead you step-by-step through the 14 Pregnancy Must Dos!