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  1. #21
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    We didn't save anything. We got a parental guarantee loan which served in place of a deposit. We just re-mortgaged and had $75k worth of equity (basically a deposit). We are very lucky!

  2. #22
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    My mum and dad actually did give me a large portion of my deposit.

    I was fine to make repayments, just would never have saved for a deposit.

    Best thing they ever did for me, hands down.

  3. #23
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    We saved. But we lived with MIL and FIL for a year to do so (we actually lost almost everything in the 2011 floods in Brisbane. We decided it was easier to stay there and save to buy a lot quicker).

    We had a 20% deposit plus enough to furnish. And some left over for emergencies.

  4. #24
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    Quote Originally Posted by WinterJade View Post
    We didn't save anything. We got a parental guarantee loan which served in place of a deposit. We just re-mortgaged and had $75k worth of equity (basically a deposit). We are very lucky!
    mine did this too (went gaurantor) as we didn't have a 20% deposit. it means we were also able to borrow the $$ for the stamp duty and all other legal etc costs.

    luckily we got the 50% stamp duty concession for first home owners which saved us about $15k.

  5. #25
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    Dh and I lived in a tiny crappy unit for close to 2 years saving as much as we could. I was working full time (but a meagre salary at age 19/20) and DH was a student. We saved and saved and spent hardly anything. Dh then got offered a job and was then made redundant before he even started so he got a redundancy payout which also helped. I think we had about 25% deposit + FHOG and bought a nice but small courtyard home in the outer suburbs just after I turned 21. We have been here 10 years and our smallish mortgage (comparing to today's market) has allowed me to go back to study, DH to go back to study, travel, get married etc over the years. We have been very lucky but it's been hard work. We've been here 10 years and are now using the equity in this house to build our family home. Hopefully be in our new place in about a year, and will rent out this house. We will sell it sometime down the road to add into my super as I've spent so much time studying my super is pretty poor. Hopefully the hard work is behind us after we finish building and we can start enjoying our gorgeous new house we have been working all this time for!

  6. #26
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    I won $50,000 on an instant scratchie. True!

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

    babyno1onboard  (10-05-2016),Little Miss Sunshine  (10-05-2016),misho  (10-05-2016),Mod-Uniquey  (10-05-2016),teenie  (10-05-2016),WinterJade  (10-05-2016),Wise Enough  (10-05-2016)

  8. #27
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    Worked our bums off.
    Full time work while studying full time, saved but traveled (on a shoe string!), spent a lot (as much as a small house!) on DHs masters in the USA, paid that off and we're about to buy an apartment in London

  9. #28
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    Default How did you get the money to buy your first house?

    Quote Originally Posted by beancounter View Post
    I won $50,000 on an instant scratchie. True!
    OMG stop. I'm jealous!!

  10. #29
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    First house I brought single at 25 using a combo of savings and help from my parents. It was a tiny house, complete tip and not a great area.

    Second house I brought (nice big family home in good suburb) single at 29 using savings (the first house had not really gone up in value much so there wasn't equity). However, I was working international FIFO in the oil industry which was booming at the time. There is absolutely no way I could even dream of affording to save a house deposit on my current salary. No way I'd even be able to pay the mortgage using my currently salary if i hadn't paid a 50% deposit to start with. I feel very, very lucky in this regard.

    Just brought a third house with DF (as we moved cities) of a similar value to the second house and are in the process of selling the second house. We will lose about $80K in stamp duty and agent fees.

    DF was a divorcee so came into the relationship with zilch.

    I really feel for those people locked out of the property market. Yes some people could probably make further sacrifices and get there, but for the most it will still be out of their reach, particularly those in Sydney / Melbourne. I'm not sure what the solution is... It's a big issue.

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    A-Squared  (10-05-2016),WinterJade  (10-05-2016)

  12. #30
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    Default How did you get the money to buy your first house?

    We had no deposit. DH was still at uni and I was 2 years into my first job, we spent all our money up to that point on travelling.

    I got it in my head I wanted to buy a house so went to the bank, they were willing to lend us 100% of the purchase price plus stamp duty (!) if we had a guarantor. My parents went guarantor. We used the 7k first home owners grant to do the worlds cheapest renovation which actually worked out really well.

    After a year of renovating we had the house valued and it had increased in value enough to have my parents removed as guarantors.

    This was 10 years ago, I don't think banks are so free with their money now.


 

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