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.
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10-05-2016 18:38 #41
How did you get the money to buy your first house?
Last edited by JR03; 10-05-2016 at 18:51.
10-05-2016 18:59 #42Senior Member
- Join Date
- Jun 2013
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).
10-05-2016 19:09 #43
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.
10-05-2016 19:13 #44
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.
10-05-2016 19:13 #45
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.
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10-05-2016 19:18 #46Junior Member
- Join Date
- May 2016
12 months of hard core saving, inheritance from when my mum passed away and a small win on the lotto
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10-05-2016 19:18 #47
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 19:21.
10-05-2016 19:24 #48
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.
10-05-2016 19:27 #49
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.
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10-05-2016 19:31 #50
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