We saved 35,000 in a year. Lived with mil got preg! Lucky to get gifted some $ and inheritence. Our house was $215k. Df earns roughly 70k a year I earn nothing.
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02-12-2013 22:11 #11
02-12-2013 22:25 #12
Our first home cost $35K. So we didn't need a deposit really, just a good savings/deposit/banking history.
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02-12-2013 22:32 #13
We were gifted a substantial deposit for our first home which we built for $160000. We have gone onto build again, sell, buy existing, sell and buy existing again. We have sold for a profit each time and will own our home by the end of next year as we pay substantially more than the repayments and keep savings in our offset account.
03-12-2013 06:47 #14
We lived with DH parents for 2 years whilst they travelled off and on to save 35000. (We were not big earners, combined income 60k). We had 10% deposit.
It was a good time to enter the markey. At that time first home owners grant was 14000 and NSw govt didn't charge stamp duty for first home owners saving 8000.
If the inlaws hadn't travelled I don't think our relationship would of survived 2 years with his parents.... It was very hard living with MIL.
We were very fortunate to have the opportunity with all the grants and parents travelling.
Eta: we weren't married at that stage we didn't want to waste money on a wedding.
Last edited by Little Miss Sunshine; 03-12-2013 at 06:55.
03-12-2013 10:33 #15
It took us 2 years to save around $42000. That was pretty much on DP's wage as I was on mat leave or only working part time. We had one child for a year of the savings. We then had our parents chip in to get us to 20%, about half was gifted and the rest loaned. We told them since we weren't getting married would they help us buy a house instead of paying for a wedding.
Last edited by FearlessLeader; 03-12-2013 at 10:38.
03-12-2013 10:41 #16Senior Member
- Join Date
- Nov 2013
Married to my soul mate, Mummy to one beautiful little girl, wishing for a little boy to complete our family.
03-12-2013 11:49 #17
We were both young, earning nothing/next to nothing when we got our loan. I had about $35k (combination of a savings account my parents had for me as a kid, money I saved as a kid, and money I saved from working part time whilst at uni) and my partner had about $40k (gifted from his dad, inheritance from his dad's grandmother). We're well aware that we were incredibly lucky. Had we not been gifted that money, it would have taken us maybe 2 years to save that amount (my partner earning about $20k a year, me about $50k), but would have required waiting an extra couple of years until I had finished uni to then do the saving.
03-12-2013 13:49 #18Senior Member
- Join Date
- Sep 2005
I am thinking of going through keystart , only available in WA , anyone had experience or know anyone that has tried this?
03-12-2013 14:30 #19
We bought our house last year with a 70k deposit, which we had saved gradually for years, about half was in our first home savers accounts, then we had a couple of term deposits and a couple of high interest savings accounts. We are both low income earners, I've never earned more than 16k in a year and DH had at the time only worked full time for one year as a teacher on a contract. We managed to buy just before the 7k first home buyers grant was scrapped and found a great house within our price range, so everything fell into place for us. To save up the deposit we did miss out on a fair bit, like our wedding was done on a very tight budget and we didn't really have a proper honeymoon. But we will make up for it in the future!
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03-12-2013 15:03 #20Senior Member
- Join Date
- Nov 2010
Bought 2 houses and had wedding within 3 years. (small unit, wedding, big house). First house is in DH's name, he saved for a few years while renting and borrowed some off his parents (20 and $30,000) I paid for the wedding outright ($18,000) 2 years savings while DH paid the mortgage. Second house combination of my savings ($10,000 six month after wedding), refinancing, and borrowing more from the in laws. We both earned 6 figures but I'm currently on mat leave.
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