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  1. #61
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    Default How did you get the money to buy your first house?

    I didn't have anything saved for my first home and my parents didn't help. Not that I expected them to as I am the youngest of 6 kids. I had to move to Sydney when I had just turned 18 to go to uni, yanno to "get a good job" as Joe Hockey would say. But I didn't live in Sydney before that and there was no university where I went to school so I had to leave home. I had to work at maccas and got Austudy to pay rent and other bills so there was not much left for saving. I finished uni and worked for a few of years in my chosen profession, even went to outback NSW to work and save money, but not for a house. My goal was to travel. After 18 months of living in the bush and living in subsidised teacher housing, I moved to London to teach and stayed there for 4 years working and travelling and partying. Came home with absolutely nothing but fabulous memories at 28 years of age but I did have a permanent full-time job to return to.

    I met my now husband not long after I returned. He had been living in Australia for 6 years when I met him and was working in a high paying industry and had saved over $150k. We bought our first home in 2007 and then upgraded in 2009 to a bigger house with a much bigger yard and then did a reno. And we are still here.

  2. #62
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    Quote Originally Posted by DT75 View Post
    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.
    Sounds like you can afford to spend a "ridiculous amount" on your DH's children

  3. The Following User Says Thank You to yadot For This Useful Post:

    VicPark  (11-05-2016)

  4. #63
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    @DT75 you inherit properties as the eldest? What do the others get?

  5. #64
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    Quote Originally Posted by Wise Enough View Post
    @DT75 you inherit properties as the eldest? What do the others get?
    Hmmm I wondered about that too...

  6. #65
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    Quote Originally Posted by Albert01 View Post
    I imagine your DH believes the amount he pays towards his kids is an excellent investment.
    Quote Originally Posted by yadot View Post
    Sounds like you can afford to spend a "ridiculous amount" on your DH's children
    From memory, there's more to the story than just how much they pay in CS, so maybe back off with the smart *** replies.

  7. The Following 3 Users Say Thank You to atomicmama For This Useful Post:

    DT75  (11-05-2016),Kristyj  (11-05-2016),smallpotatoes  (11-05-2016)

  8. #66
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    Back in the days before kids and two people working full time in professional jobs it was much easier to save money, plus we live in a regional area so 3br + study, two living areas and a pool only set us back under $300,000. We had always said we would look at further out with more land, maybe even build to our design wants in the future but now with one income and two kids that looks like a pipe dream.

  9. #67
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    Default How did you get the money to buy your first house?

    We wouldn't be where we are without my in laws. They've been an incredible help to us while setting ourselves up.

    They originally bought a house under their name for DH when he was 20 and still an apprentice, and he paid off a third of the mortgage as 'rent'. I moved in around a year later, and we eventually took over the entire mortgage repayment. After we got married, we purchased the house from them at market value, and they repaid us the money that they'd made on it in equity (they only bought the house to help DH so they only wanted to break even and gift us the profit they made), plus what we'd already paid off the mortgage. That cleared all of our other debts (which was only to them for our cars anyway so they got paid back) plus paid for more renovations to the house which increased the value when we bought it.

    Then when we sold the house and bought a new one, they were kind enough to go guarantor on the new mortgage to help save us money, on the condition that we are able to take their names off entirely within 5 years, before they retire. And we're in a position to do that very soon. We wouldn't have what we've got without them so we're very grateful that they were in a position to help us out.

    ETA: we did save up a $20K deposit to buy the house from the ILs so we did manage some of this ourselves 😊
    Last edited by TaylorMade; 11-05-2016 at 12:40.

  10. #68
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    Quote Originally Posted by Wise Enough View Post
    @DT75 you inherit properties as the eldest? What do the others get?
    I didn't say I inherit all of them, or from whom.

  11. #69
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    Quote Originally Posted by yadot View Post
    Sounds like you can afford to spend a "ridiculous amount" on your DH's children
    Yupp thanks for the judgement.

  12. #70
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    Quote Originally Posted by Albert01 View Post
    I imagine your DH believes the amount he pays towards his kids is an excellent investment.
    Wow, so much judgement.

    No he doesn't.

    I am more than happy to pay half of all expenses and child support. And I am more than happy to pay 100% of the cost of their time with us.

    I am NOT happy to pay above that when their mother constantly threatens us because we "don't help at all".


 

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