How long did it take you to save for your first property?
- Thread starter moyjos
- Start date
One year put a 10k deposit on a block of land in sept last year then had to save until the land was registered. Currently building and have about 100k equity in one year so hoping this is the kick start that I need to purchase further properties
First one back in 2005 took 2 weeks - with a full FHOG and 100% loan. All it took was 2 payslips (though it is worth noting high salary and clean credit file, no CC debt etc).
These days am more conservative and wait until I pile up around 25% of whatever I am buying (20+costs). How quick - depends on how well business is doing. 1 per year for the last few years, 2 this year.
These days am more conservative and wait until I pile up around 25% of whatever I am buying (20+costs). How quick - depends on how well business is doing. 1 per year for the last few years, 2 this year.
Bought land as soon as I finished uni. Parents told me to save my scholarship money instead of spending it. I did and used that as my deposit.
Ended up building my Ppor on that land with $36500 from the government post GFC Fhog! Now it's all paid off and I'm using the equity to invest.
I know it's the 'wrong' order to do things but it gave me the freedom of not having to work post-babies if I didn't want to. Now working is my choice!
Ended up building my Ppor on that land with $36500 from the government post GFC Fhog! Now it's all paid off and I'm using the equity to invest.
I know it's the 'wrong' order to do things but it gave me the freedom of not having to work post-babies if I didn't want to. Now working is my choice!
Some of these short turn-around times for saving deposits are impressive and make me feel very inadequate!
I've been saving (and payoff off consumer debt at the same time) for over 3 years and I still don't have a sizeable deposit.
I certainly don't see myself as a whinger about the way things are, but this thread does make me question why it's taking me so bloody long to get my deposit together. What am I doing wrong?! I follow my budget, I don't spend excessively (feel like I'm constantly 'missing out' on things because I'm trying to siphon everything onto my debt to get rid of it) and yet it feels like I'm doing something wrong because everything is taking so long for me.
I guess I need to take being jobless for over 12months during this period into account...and also not having the opportunity to live rent-free with relatives, or move out of Sydney to a cheaper area. But still! How many books on shifting financial mindsets does one have to read before it really sinks in and you can become someone who can channel EVERY dollar into your investment goals to achieve what you want?!
(Would actually really appreciate some honest responses)
I've been saving (and payoff off consumer debt at the same time) for over 3 years and I still don't have a sizeable deposit.
I certainly don't see myself as a whinger about the way things are, but this thread does make me question why it's taking me so bloody long to get my deposit together. What am I doing wrong?! I follow my budget, I don't spend excessively (feel like I'm constantly 'missing out' on things because I'm trying to siphon everything onto my debt to get rid of it) and yet it feels like I'm doing something wrong because everything is taking so long for me.
I guess I need to take being jobless for over 12months during this period into account...and also not having the opportunity to live rent-free with relatives, or move out of Sydney to a cheaper area. But still! How many books on shifting financial mindsets does one have to read before it really sinks in and you can become someone who can channel EVERY dollar into your investment goals to achieve what you want?!
(Would actually really appreciate some honest responses)
about 10 years for me. but saved a large 144k deposit.
Well yeah if you're not working and having an income then theres not much to save.
5-6 years, no car, never been on holidays, living at home + working 1 part time and 1 causal job while studying.
Bought first one at 19 ( 12% deposit from 5 -6 years worth of saving ...mum and dad helped with the remaining +8% ). $720,000 purchased in 2004.
Edit: Just remembered, mum and dad took out an AMP "saving" policy when i was a baby and been putting in $2,000 every year into that saving plan, not sure what the plan or product was called - but i had to wait till i was 18 before i could cash it out ( that contributed to the stamp duty + 1-2% of the purchase price)
Sigh first one is never easy....
Bought first one at 19 ( 12% deposit from 5 -6 years worth of saving ...mum and dad helped with the remaining +8% ). $720,000 purchased in 2004.
Edit: Just remembered, mum and dad took out an AMP "saving" policy when i was a baby and been putting in $2,000 every year into that saving plan, not sure what the plan or product was called - but i had to wait till i was 18 before i could cash it out ( that contributed to the stamp duty + 1-2% of the purchase price)
Sigh first one is never easy....
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Especially if it costs $740k!
I don't envy FHB's in Syd - it's a very hard market to get into.
Cheers
Jamie
well starting in 1967 with 4 bucks
I probably started about 1967 when I pumped petrol in an Amoco petrol station for $4 max on a Saturday morning. That 4 bucks bought petrol for the FJ Holden that I bought for $15. It got me to work. I worked wherever I could and also went to college. Worked night-shift at Brownbuilt making steel filing cabinets and unloading trains other nights. I lived at home and stitched together $1,500 over 6 years which was the deposit on our first PPOR in Coopers Plains Qld. in ca 1973. Cost us $15,300 and needed painting. It was a huge amount. My Dad had to introduce us to the bank manager and vouch for our ability to repay the loan. Sold it in 1979 for ca $31,000 and then I knew I was an investing genius. Hahahaaaaa LL ...and they reckon it's hard today. Bullshoot !!!!
I probably started about 1967 when I pumped petrol in an Amoco petrol station for $4 max on a Saturday morning. That 4 bucks bought petrol for the FJ Holden that I bought for $15. It got me to work. I worked wherever I could and also went to college. Worked night-shift at Brownbuilt making steel filing cabinets and unloading trains other nights. I lived at home and stitched together $1,500 over 6 years which was the deposit on our first PPOR in Coopers Plains Qld. in ca 1973. Cost us $15,300 and needed painting. It was a huge amount. My Dad had to introduce us to the bank manager and vouch for our ability to repay the loan. Sold it in 1979 for ca $31,000 and then I knew I was an investing genius. Hahahaaaaa LL ...and they reckon it's hard today. Bullshoot !!!!
It was a big occasion .....
I also wore shoes. It was a big occasion. My wife (to be) was 'upset' because in those days the (Commercial) bank would not consider the woman's wage for servicing ...because she might get pregnant. True. So we bought the house, got married ...and then got 'servicing' proper like ...
LL
I also wore shoes. It was a big occasion. My wife (to be) was 'upset' because in those days the (Commercial) bank would not consider the woman's wage for servicing ...because she might get pregnant. True. So we bought the house, got married ...and then got 'servicing' proper like ...
LLIn 1980 we bought a house on the weekend but were a couple of hundred dollars short of the 10% deposit. The REagent arranged a loan appointment with a bank manager for the following Thursday as my pay would go into the bank on Wednesday, enough to make up the shortfall. We then saved like crazy for two months until settlement so we could fund the stamp duty and other fees which was the same amount again.
