How did you save your first deposit(s)

Hiya knightm,

I bought my 1st unit before my 40th...Motivation was i was booted by the ex(her mid life crisis) and despite me having anxiety attacks there after(didn't know it at the time) in hindsight,it was the best thing ever,being booted that is.

The relationship was to and throw,she had 3 boys,aged 4,12,16 at the time i met her,the youngest had cerebral palsy,though slightly but he was a gem!The 12yr old was a right pain in the ***.

Anyhow,i thought well,i'll show her.

So got a good job to which i'm still in and went without,gave up smoking though i still enjoyed my cheap wine and a 3 day growth ha ha.

I had a 5k CC at the time(btw i swore i'd never get a CC) as i left my previous job and made some decent coin off ebad via laptop repairs.

Anyhow on the 1st day on the job,i was involved in a 3 car pile up,which i wrote off my noice VT supercharge,it was debadged and a sleeper to which i spent a more than a few k updating.

Airbags went off,i was aok.Funnily enough there was a ambo in the other lane.

So insurance payout,got rid of CC and downgraded to a VT exec.

Clean slate!

Anyhow was on sub 40k pa and saved in 12 months.

Bought my unit which was cheaper than renting and got fhbg but there was 1 problem tenant in place,i bore the front for 2yrs for the sake of other tenants/owners,i won't go into detail.

But got rid of the bum eventually.

It put me off as i did upgrade the common area etc and wanted to do more.

So,i bought within my means and it was a kickstart.

Updated late last year to a 4 bedder home on 1/4 acre,took in a mate who lost his partner to cancer and he's now moved out the other week to be with his father,as his mother passed away.

I don't want to sound cruel but my mate moving out has me in a happy place atm.IE:My own space etc and again i won't go into detail.

All done before i found SS and managed to get a loan on a casual contract to which i later found out,last week in fact,the unit is below 50sqm's.

Anyhow i won't go into detail why i purchased before i was 40 but just a product of growing up in druitt,addiction,no family,father died,when i was young and some get cards dealt better than others.

Such is life and no regrets.

Life for me started @ age 35,moving to vic for a new lease.

Life is good :)
 
went and worked in the mines, back when there was none of this 8/5 or whatever rosters. you flew there, you threw your bag on the bed and that was home till you got annual leave. If you missed your mates or your folks, write them a letter and wait for a reply a couple of weeks later. sounds like the dark ages but it was only 1990
 
How did you save for your first deposit

Had a PPOR. Received payout for a term life policy $5,000. Husband did not want the debt/responsibility of investing. Bought an IP jointly with another investor. Used leverage overtime to buy other Ip's.
 
I saved nearly $400K in cash before I bought my own place. And because it was only $250K (cheap for WA), it wasn't until I bought my second place that I actually had a net mortgage.

I didn't do anything special to save this - just saved hard and didn't buy anything that was unnecessary.
 
Saved my pennies from working at Subway whilst studying full-time.

It was a few years into my professional career before my first purchase, but my savings never grew from my subway days. My comfort level seems to be $40k in the bank.

When it goes over something happens and I spend it. Figure instead of spending it on crap, i'll start buying property.

*edit* I did leave a bit out, so I made a bit of money from shares and also had a property when I was 17 with my sister. Parents bought us out by paying us the interest saved over time and not the capital growth which the property had (which was negligible anyways).
 
Same as all the above posts - through hard work!

Worked a full-time job during the day and a casual job at night and on weekends. Save up enough for a deposit in about a year. Amazing what you can do when you're young.
 
How did I save for my first deposit?

It wasn't easy and not for everyone. On a low income I lived in shared accommodaton; no alcohol, no smokes; had no foxtel; no expensive mobile phone plan; no new car; no holidays; no take away; no movies; planned and cooked the following weeks lunch and dinner each weekend which reduced the grocery bill. No kids, the girlfriend was optional and did affect the budget slightly but not so much.

I purchased the 1st property well under market value which allowed me to draw equity to purchase the 2nd IP several months later and so forth without having to sacrifice too much. Looking back it was worth it but it's definately something you want to do when you are young and single with no dependants. Areas I didn't budget were my health, fresh fruit and veges, good cuts of meat.
 
C1989.The days you made a appointment to see the Bank manager and put your case forward to get a loan.We had a cash deposit for a $80,000 home in Melrose Park SA,saved through working in general.Early in 1990 rates went to 17.5% which put the brakes on literally.
 
Moved back home for a year while my parents went and did the grey nomad thing.

Also had a bonus when the hail storm in Perth wiped out my car. Was insured for $23 500, purchased at auction for $15k cash. Bought it back off the insurer as a repairable write off for $6k, and took the $17 500 remaining payout figure and didn't spend a dime on repairs as not even my windscreen smashed. Just dented like a golf ball.

Net result, free car and $2500. Sold the car for $10k 6 months later.
 
Went to see John Burley (7 steps to wealth) who said to save 10% of your income. I worked as a chef, 32ky.

Walked $60pw physically down to the bank on my day off each week. After I saw the first $1,000 I started depositing more. I used the savings history to get my first loan, but I only had to contribute $3,500 and the grant covered the rest. $77,000 purchase price.
 
rajnhets said:
Just to spare others from reading loooong story, above is the answer to the original question :)
Click to expand...

Thanks rajnhets :)

I did ramble a bit,i mean alot.Tmi.

Had a quiet night at work last night,home @ 10pm,i hit the sack @ 5am and awake @ 9:30am.

Averaging 4-5hrs sleep a night/morning.

*Sigh* wish i could get 8hrs sleep :(

tobe said:
Walked $60pw physically down to the bank on my day off each week.
Click to expand...

:confused:
 
Started working illegally at the age of 13, and spent very little and saved every cent.
It was not a matter of choice at that time, but more about living.

Purchased my first PPOR as soon as I get my first real job after graduation, within the first 3 month of employment.

It was hard... Saving money was easy, but the ability to hold onto it and not spending it all is the difficult part, temptation was the devil.
I remember when I was 18, while all my mates were driving hotted up sports cars, it was embarrassing to be cruising in my second hand Toyota station wagon... let's say, it was not the "cool" thing to do in those days

But then again today, I am in a much comfortable position than most of those who felt "more cool" in those days, by far..
 
LoneWolf said:
Started working illegally at the age of 13, and spent very little and saved every cent.
It was not a matter of choice at that time, but more about living.
Click to expand...

Just curious, cause I was legally working (part time) at 13, what do you class as illegal work? Cash in hand or something?
 
simtr said:
Just curious, cause I was legally working (part time) at 13, what do you class as illegal work? Cash in hand or something?
Click to expand...

Yes, cash in hand.. Have always worked for cash for many years
In fact, if we all had a choice of cash system, why would you want to pay taxes?
 
LoneWolf said:
Yes, cash in hand.. Have always worked for cash for many years
In fact, if we all had a choice of cash system, why would you want to pay taxes?
Click to expand...

Because then you can't prove an income to the bank to borrow money.

I know a lot of guys with shoe boxes full of cash and they can't do jack.
 
Just got engaged and decided I had better think about where to live after the wedding. We both had full time jobs and both got part time jobs to boost savings.

Moved into a new 3 br home in the burbs when we got married 2 years later.

Oh so long ago.
 
You must log in or register to reply here.

Similar threads

W
I'm getting lost!
Replies
13
Views
3K
psylink
P
S
New Investor: Hi to the forum
Replies
6
Views
2K
Schpeet
S
albanga
Using Equity and Savings for a deposit?
Replies
5
Views
1K
Terry_w
Terry_w
T
Interest savings by using creditcard
Replies
11
Views
2K
tobe
tobe
R
My first property purchase plan!
Replies
13
Views
4K
Radicals
R
Back
Top