who is buying their 1st home soon (1 Viewer)

[shuttle_bus5]

^^I'm an extremely cautious person, not to mention I have no talent in this area. Rather just build it up, slowly and cautiously. Due to sliding interest rates last year, I now have a total of 4 savings accounts.

Go and see a financial advisor/broker. They normally don't charge for a 2 hour meeting. Tell them you have x amount of $$$ and ask them what would be best in terms of returns and stability.

 

[lyounamu]

omg...first house soon? -_-
that's way too early and 500 bucks per week during uni? how will you manage THAT?

 

[scarybunny]

I have a friend who managed to buy a brand new apartment while she's still at uni.

She manages alright, but she works very, very hard.


I figure I'll rent and save money til I get a stable teaching job (finish next year so that's not too far away). Then get the debt.

 

[BIGBOYJAMES NO1]

You only get the first home buyers grant if you live in the home.

 

[BIGBOYJAMES NO1]

i just get my dad to buy me a home lol

 

[uwshm8]

comes down to how hard you work. finished my first year at uni (full time at night). i do own a property but rent it out atm... i have to move in very soon so that the first home buyers grant is all legit. i work my ass off 4 days a week, it really is not that hard once you have tenants to help you out, you just need to build up your deposit. just goes to show nothings impossible.

 

[hairspray]

Parents are forcing me to buy my 1st home as soon as I turn 18 (April). Of course this is gonna be aided with their money and the first home owner grant thingy.

 

[lala2]

^^Forcing you? That's something. Do they want you to move out of home and think that's a cheaper option?

 

[hairspray]

^^Forcing you? That's something. Do they want you to move out of home and think that's a cheaper option?

Sorry I didn't make myself very clear. They are forcing me to buy a house FOR them so they can take advantage of the first home owner grant. Basically my parents wants to move into a new bigger home but are forcing me to buy the house using the first home owner grant that's mine. So under law the house will be under my name but my parents will be paying the mortgage and living in it... with me.

 

[philphie]

word of advice, if you're buying a property last two Saturday's of the year always best to go to an auction, less competitive bidding, plus if you're looking for best capital growth, get properties near university campuses and typical 'student suburbs'. most of the inner west comes to mind. places like petersham, lewisham, newtown, stanmore, redfern would do great.

i'm not buying a new house to leave home. it's just my mother and I and we're living in a 12 bedroom house which is too big for us so we're leasing it off to local businesses on a minimum 3 year contract, and just going to use that to rent a 3 bedroom Vicky terrace. no point buying and getting a mortgage, don't think we could handle it in the long run.

It's funny though because i've been doing all the work, meetings with the banks, estate agents, going to auctions, doing my own research for quotes because some of these agents are useless. Makes me wonder why i didn't do business studies or economics for hsc, probably would've gotten a better ATAR.

 

[philphie]

Sorry I didn't make myself very clear. They are forcing me to buy a house FOR them so they can take advantage of the first home owner grant. Basically my parents wants to move into a new bigger home but are forcing me to buy the house using the first home owner grant that's mine. So under law the house will be under my name but my parents will be paying the mortgage and living in it... with me.

your parents are really rushing this seeing how you have like 2 weeks left while the grant is still existing. Where are they moving from and to?

 

[MonkEE]

Should have some leeway, especially for big project/endeavor/whateve. Don't push yourself too hard cause "shit happens".

 

[kahlanei]

I'm looking at buying a house, having a talk to the banks about a loan on Friday. But I'm not buying in the city so I *might* have things a little easier...

I'm doing a full time uni load, with full time work making $790/week before tax... So it's not impossible!

 

[Omnidragon]

It makes no difference whether you're buying in the city...

 

[kahlanei]

... Uhh, houses are a hell of a lot cheaper OUT of the city, actually. So it does make quite a difference.

 

[Omnidragon]

Misinterpreted what you said. Thought you meant the bank will be more willing to lend if you buy in the country.

Good luck house hunting. Here's a tip though, buy near the city even if you have to downsize. If you're going outer suburb, consider it discretionary spending rather than investment.

 

[8039]

At this point buying a house is a great investment.

Dunno if I could for a while tho, they don't give loans to high-school students who are only capable of working part-time at Hungry Jacks or something

 

[RDX]

I want to aim for my first by around 22-23. Hopefully by then I'll have finished uni and have a full time job with a decent income, at the moment don't have enough saved for a deposit

 

[SpoonSamba]

If you just put a deposit on a place and rent it

wont the income from the rent be less than the mortgage repayments anyway?

so you'll still be paying to own a property you don't use?

If you can buy it outright or with a huge deposit (like 50%) then it'd be a really good idea but there's no way a uni student can have that kinda money

I understand once you sell you get more than you originally paid for but what about all the repayments you've paid since then?'

seems kinda impossible to me

 

[Omnidragon]

Lots of people's properties make money for them on a rental basis (after interest rates). If you're not making money, you shouldn't buy. You'll be ok at the end, but it's clearly a mediocre investment for mediocre investors.