How long did it take you to save for your first property?
- Thread starter moyjos
- Start date
Lets say house for $500K so we need $100K.
On 75K take home is ca 60K.
Live on half MAX and save half ...so $30K per year saved.
3.3 years max.
If two people then 1.7 years MAX. So easy.
If living at home (no rent) even faster.
And that's only working one job. TOO EASY !!!
LL
Never said I was, mate. Infact, if you read my earlier post in this thread I was being honest about my seemingly lagging skills in money management, and asked for advice.
While we're at it... What makes you so certain it's easy to get a job, and by not being continuously employed for the past few years it was all due to my own fault?
Let's say take home income is 60k. As a couple it is 120k. That is 10k per month. 3k per month is enough for a simple lifestyle. 7k per month left.
There are decent houses in Australia for 350k. As the first home, you may not pay stamp duty etc. So need 70k deposit. 10 months should be enough.
If you want a 500k house, pay 12% deposit. Just 60k needed. Just 9 months.
For people with 75k wages, it is EASY. Very very easy.
Let's deal with the money management first. Cut up your cc;s now. Always spend MUCH less than you earn. Don't smoke. Only EVER take on debt to buy an appreciating asset. Job done. Next ?
Employment. Well for quite some time Oz has had employment around the 6% levels. I forget how many years of consecutive economic growth, but (I think ) it's a record for developed countries. Full employment is considered 5% . So at 6% if you were unemployed ( and sincerely wanted a job
) you'd be part of the 1%. Good odds mate !! Times in Oz have been generally pretty good. Evidence is people pushing up property prices as we speak. So I state with some confidence that jobs are clearly there if you want them. LL
Let's deal with the money management first. Cut up your cc;s now. Always spend MUCH less than you earn. Don't smoke. Only EVER take on debt to buy an appreciating asset. Job done. Next ?
Employment. Well for quite some time Oz has had employment around the 6% levels. I forget how many years of consecutive economic growth, but (I think ) it's a record for developed countries. Full employment is considered 5% . So at 6% if you were unemployed ( and sincerely wanted a job
I agree with you LL. For those that want to buy a house the opportunities are there, even on low incomes. It annoys me aswell that the people hyping the media with 'housing prices being too unaffordable' are usually the ones that eat out 2 or 3 times a week or spend that extra bit of money on the nicer car they don't really need.
Certainly one of the factors these days is more "distractions" for us all to spend our money on. Phones, big TVs, new cars, fashion, travel, IT 'stuff' ...etc etc. But one of my favourite sayings is " If you don't have a plan, then you're destined to be part of somebody elses. " The guy selling you the $5 coffee ..now he has a plan !! LL
first time buyers would need to save for 21.5 years to save the $769,000
The area it took the longest was Peppermint Grove in Western Australian were first time buyers would need to save for 21.5 years to save the $769,000 required based on the median value in the area.
http://www.news.com.au/finance/real-estate/it-is-taking-first-home-buyers-longer-than-ever-to-save-for-a-deposit/story-fncq3era-1227161449920
The area it took the longest was Peppermint Grove in Western Australian were first time buyers would need to save for 21.5 years to save the $769,000 required based on the median value in the area.
http://www.news.com.au/finance/real-estate/it-is-taking-first-home-buyers-longer-than-ever-to-save-for-a-deposit/story-fncq3era-1227161449920
Quality reporting from News Corp.
About 6 months to save $3000. My mum put in another $3000 and I got the $7k FHOG. Can't remember if my loan was 95% or 97%. House was $120k. Bought in 2004. Rest went to stamp and legals.
Three years. But I became a serious saver and decided to save! save! save! only on the third year - before that I was only happy renting.
2-3 years
I arrived in Australia in February 1998 from Zimbabwe with less than $1000. (I'll confess I immediately spent $320 of that on three days diving and an Advanced Padi course on the reef!) In December of 2000 I moved into my own home.
Yes **** happens along the way, I haven't had full time employment since March 2012 when I was made redundant - haven't been able to afford to live in my own house which is why it is rented out.
What I see in this thread though is that most people are able to save a deposit within five years with discipline, and I don't think that has changed really. I agree that a four bedroom house with a media room, office, DLUG, pool may not be affordable for FHBs who have a car loan, iPhone 6, clothing accounts...
I arrived in Australia in February 1998 from Zimbabwe with less than $1000. (I'll confess I immediately spent $320 of that on three days diving and an Advanced Padi course on the reef!) In December of 2000 I moved into my own home.
Yes **** happens along the way, I haven't had full time employment since March 2012 when I was made redundant - haven't been able to afford to live in my own house which is why it is rented out.
What I see in this thread though is that most people are able to save a deposit within five years with discipline, and I don't think that has changed really. I agree that a four bedroom house with a media room, office, DLUG, pool may not be affordable for FHBs who have a car loan, iPhone 6, clothing accounts...
