Hello everybody
Myself and my partner have $20k saved up. We want to buy our first home in the outer suburbs of Sydney and have done some sussing out and believe we can purchase for under $270k, perhaps even $255k if we get lucky.
Im getting the impression that 20k is not enough for a 10% deposit, plus the first home owners grant which would bring it to $27k.
If we bought a house for $255k, would $27k not be enough for the 10% deposit + additional costs of buying a house? I know that fees will eat up the majority of the first home owners grant
Ideally I want to buy ASAP as my current living arrangements are not ideal.
I do not want to buy with the bare minimum in our savings account obviously, but we need the 10% as this will be a low doc loan due to self employment.
I would like some experienced opinions from people here - a $255k house, $20k in the bank - how far off am I from being able to buy?
Thank you all in advance.
Myself and my partner have $20k saved up. We want to buy our first home in the outer suburbs of Sydney and have done some sussing out and believe we can purchase for under $270k, perhaps even $255k if we get lucky.
Im getting the impression that 20k is not enough for a 10% deposit, plus the first home owners grant which would bring it to $27k.
If we bought a house for $255k, would $27k not be enough for the 10% deposit + additional costs of buying a house? I know that fees will eat up the majority of the first home owners grant
Ideally I want to buy ASAP as my current living arrangements are not ideal.
I do not want to buy with the bare minimum in our savings account obviously, but we need the 10% as this will be a low doc loan due to self employment.
I would like some experienced opinions from people here - a $255k house, $20k in the bank - how far off am I from being able to buy?
Thank you all in advance.