+ Reply to Thread
Results 1 to 4 of 4
  1. #1
    Join Date
    May 2013

    Default Buying first home soon!!

    I'm daunted right now.

    Looking into buying a home

    What deposit did you have for what price?
    What was the process for you?

    Any reccomendations or tips or ideas

    Looking at buying for under 300k which is a stretch to find but I cant see how we would possibly afford more. We only have 18k goal for deposit? Is that too little?

    Would love to hear from anyone!

  2. #2
    Join Date
    Jul 2010
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 posts
    10% deposit would be better - not sure what state you are in but in NSW they have dropped the first home owners grant unless you buy a new house - but you still will be entitled to stamp duty concessions

    Have you seen a broker? I would get pre approval and budget for all your costs first to work out what you can afford - don't forget you will have to pay mortgage insurance if you borrow more than 80%

    Once you have a budget , start looking at homes for sale in the areas you like and get friendly with the agents! Try and get on all their mailing lists and get all the recent sales info off them , attend all open houses to get familiar with prices and current trends for your area

    Find a good solicitor/conveyancer as you will need one to look over the contracts - they should have pest and building companies they recommend

  3. #3
    Join Date
    Jan 2012
    Perth, Western Australia
    Achievements:Topaz Star - 500 posts
    For my first home (an apartment) I only had 3% deposit, but that was a little while ago and I don't think many banks do 97% finance now.

    Anything above 80% finance will require you to pay mortgage insurance, and the mortgage insurance amount will increase the closer you get to 100%.

    $18k for a $300k property would be 6% deposit / 94% finance, if all of the $18k went towards the property value. You have to keep in mind there will be settlement / conveyancer fees, mortgage registration, title transfer etc and if some of your deposit is going to be needed towards that then you may have less towards the actual home.

    Are you eligible for first home buyers grant?

    If there are agents that specialise in a particular area I would contact them, tell them your budget and ask to be kept updated on new homes that are listed. If you get a 'pre-approval' letter from your bank for say, $280k finance, this will let the agent/s know you're serious.

    As pp said, see a mortgage broker about finding a good mortgage and good interest rate.

  4. #4
    Join Date
    May 2013
    Thank you for the insight.

    I havn't spoken to anyone yet we have just been saving and I've been gathering bits of information here and there. So we are preparing, but not seriously tackling it just yet.

    This is very helpful, I can tweak our budget, tighten a few areas and end up with around 34k rather than 18k over a little more time. This would mean we are going to have to be more careful with money but I am thinking it would be good practice for mortgage repayments/insurance etc in our future budget anyway.

    I only want to borrow 300k max even though according to the calculators, based on what I would expect to be earning alongside my partners pay when I return to work we would be eligable for up to 150k more (at this point, I understand this is variable) I want to be sure we can comfortably afford it and take into account if one of us over the many years were to fall out of work/become sick etc etc for a short time we could still cover the payments on the one wage short term. It is hard to find something we actually like for that price in the area we are looking in.

    hmm, yes a lot to think about. Thanks this is very good advice so far.


Similar Threads

  1. Is home buying the best investment option?
    By SimplyMum in forum Family Finances
    Replies: 13
    Last Post: 05-09-2012, 14:37
  2. Replies: 16
    Last Post: 31-08-2012, 15:49
  3. buying and selling property - a home loan question
    By ziara in forum Family Finances
    Replies: 5
    Last Post: 26-05-2012, 15:50

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
Baby SensoryBaby Sensory is the only baby programme that offers a complete approach to learning & development. Our classes offer ...
FORUMS - chatting now ...
Seeking advice on more kidsGeneral Parenting Tips, Advice & Chat
Any thoughts on my mysterious toddler? :-)General Parenting Tips, Advice & Chat
Miracle March TTC and Testing ChatConception & Fertility General Chat
IVF babies due June/July/August 2017pregnancy and babies through IVF
@Nattie84General Chat
IVF babies due Sep/Oct/Nov 2017pregnancy and babies through IVF
"Pigeon teats rule!"
by Alex
Pigeon PP Wide Neck reviews ›
"Wonderful natural Aussie made product!"
by Mrstwr
Baby U Goat Milk Moisturiser reviews ›
"Replaced good quality with cheap tight nappies"
by Kris
Coles Comfy Bots Nappies reviews ›