I need to know....

[The Bedge]

Whose got time to work two jobs?

[bennymacca]

on a personal note, another thing you should factor in is the possibility of kids - my wife is currently on maternity leave, and we have gone from being very comfortable (i.e i never looked at the bank account) to still being able to afford it, but having to watch our money.

so if you are on a pretty tight budget already, it will just be something you will need to take into account

Move somewhere smaller and cheaper for the next two years. Get second jobs. Save every ******* cent. Build a 20% deposit to a $300-350K home.

this is pretty good advice imo.

depending on where you move to, 300-350 will get you a nice house still. especially the further away from the city you are (ie gawler)

[Q.]

Whose got time to work two jobs?

There's 24 hours in a day and most people piss their spare time against a wall.

If you want something bad enough, you make the sacrifices to succeed.

[The Bedge]

Whose got time to work two jobs?

There's 24 hours in a day and most people piss their spare time against a wall.

If you want something bad enough, you make the sacrifices to succeed.

Lol this is true, but also need to work out if working a 2nd job is worthwhile after tax etc and the strain it potentially could put on the relationship.

Stuff it move back in with your parents and live rent free for a year lol, that'll work

[HH3]

Move somewhere smaller and cheaper for the next two years. Get second jobs. Save every ******* cent. Build a 20% deposit to a $300-350K home.

This is definitely an option as well. Just need to weigh it up. If we move somewhere cheaper, its usually further out in the metro area, so we have to factor moving costs, extra spend on petrol, etc.

It's a lot to work through, and I appreciate everyones opinion.

[The Bedge]

If you can be really strict with a budget, and cut back unnecessary expenses, you'll be able to save substantial money quickly - especially with the right savings account.

Even something as small as downsizing your phone plans, or cutting back on take away/alcohol etc. creates large savings.

Good luck kiddo!

[HH3]

Whose got time to work two jobs?

There's 24 hours in a day and most people piss their spare time against a wall.

If you want something bad enough, you make the sacrifices to succeed.

Lol this is true, but also need to work out if working a 2nd job is worthwhile after tax etc and the strain it potentially could put on the relationship.

Stuff it move back in with your parents and live rent free for a year lol, that'll work

My in-laws did the move home thing and thats f**ked them. They didnt factor in the extra petrol between living in Findon and working in town, and living in Mt Compass and working in town. They both drive Commodores and dont car pool. They're not too bright.

They're actually crippled by debt and they dont even pay rent.

But thats another story.

[HH3]

Move somewhere smaller and cheaper for the next two years. Get second jobs. Save every ******* cent. Build a 20% deposit to a $300-350K home.

this is pretty good advice imo.

depending on where you move to, 300-350 will get you a nice house still. especially the further away from the city you are (ie gawler)

We'll save $75 on rent and spend an extra $100 on petrol.

[The Bedge]

We'll save $75 on rent and spend an extra $100 on petrol.

Catch a bus..
I get the bus to work, costs me $120 for a 28 day pass. Don't have to pay for petrol or parking, and takes same length of time.

[HH3]

Dont worry guys, Im pretty cluey. Just looking into all the options.

It seems like it has a mostly negative response.

[bennymacca]

I guess there is a pretty good reason why lenders only let you borrow 80-90% or whatever it is.

[The Bedge]

I guess there is a pretty good reason why lenders only let you borrow 80-90% or whatever it is.

Yeah - so the bank can make money on you if you default

[HH3]

Thats what i think about going the guarantor way.

The banks hoping you cant pay it so they get two houses.

Id rather be rejected or go down by myself than take my family members with me.

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[Alaska]

The Banks are becoming even more conservative regarding deposit.
Saving for the deposit is the only way if you do not want to involve the family.
Put a time limit on it so you have a goal.
Ref/Umpire, whatever, to put away extra money, eat out less each week save the money you would have spent.

[Alaska]

PS.. Celebrate the end of the 2016 State games like there is no tomorrow, tomorrow night. (Then start saving)

Go the Sharks!

[Brodlach]

Thought I would add my 2 cents

I would be amazed if any bank allowed a personal loan to be used as a deposit on any sized home loan let alone one at $400,000. Those fortnightly payments would be very large and the amount of extra interest you would lay would defeat any purpose in what you are doing. A $400,000 loan over 30 years is about $580 a week.

If you want a 100% home loan go to Homestart to get the loan but after say 18 months refinance with a better lender, it will save you plenty.

Kids will be off the table for a longtime

Remember any second job you get that the tax rate is very high so almost half earnings will go to the ATO but a second job is a great idea as that means you have less time to go out and spend money rather than save.

[mighty_tiger_79]

We did the whole guarantor loan and everything worked out fine.
We also looked at the homestart option but my parents suggested being guarantors

[bennymacca]

Not trying to sound harsh, but if you cant save, and dont trust yourself with some of your parent's money, why do you think buying a 400k house is a better idea than renting?

Q is spot on, I think setting a savings goal and sticking to it for some period of time is the way to go. An advantage of that is when money is really tight 6 months in, and you have an urge to dip into your savings, you will really get an indication of how much you really want it

[mighty_tiger_79]

Agreed.
I would look at starting smaller and cheaper and getting into the ownership and then look at upgrading later on.

[Q.]

If you're lucky, while you're saving the next couple of years, house prices take a big dip