Please Read Q

Maybe this should be pm'd but the others might also offer advice, Im saving for a deposit to buy a house, and I know Q's done it, what tips hints etc have you guys n girls got for me?? My mate suggested using some of the money from the RAAF (I get about $8,000 from them) when I buy my house to put a turbo in my car.. but I dunno. Oh and for a bit of info, Brad has told me his car is now going even QUICKER, eeeek!:eek:

Set up a savings accoutn without an ATMcard or chequebook.Make it so that if you want to withdraw money,you have to front up at the bank counter.Then arrange for a direct credit from your usual account to transfer a fixed sum every time you get paid.After the first couple of payments,you barely notice that the money is gone.To reduce the temptation to spend the money that accumulates,ask the bank not to send you statements.You'll be surprised how quickly it adds up if you make it a reasonable amount.:)

I have a savings account with my dad, I cant touch it, maybe I'll just pump more into that. Im only looking for a small place, like a townhouse, unit etc, because I can be gone for 6 weeks at a time, so cant really have a yard etc..

I have a savings account with my dad, I cant touch it, maybe I'll just pump more into that. Im only looking for a small place, like a townhouse, unit etc, because I can be gone for 6 weeks at a time, so cant really have a yard etc..

Originally posted by slave
Maybe this should be pm'd but the others might also offer advice, Im saving for a deposit to buy a house, and I know Q's done it, what tips hints etc have you guys n girls got for me?? My mate suggested using some of the money from the RAAF (I get about $8,000 from them) when I buy my house to put a turbo in my car.. but I dunno. Oh and for a bit of info, Brad has told me his car is now going even QUICKER, eeeek!:eek:

Went looking at houses today actually :)

once you've got the first one its pretty easy from there. What I do, is just put away a bit of each pay packet away in a bank account and don't touch it. It's only about 100 bucks, but it all adds up in the end.

I try not to buy anything that I really don't need - I guess I don't go spend crazy like most girls, but doesn't mean I don't treat myself to things.

My credit card bill is mostly for things such as petrol/groceries/m5 toll those sorts of things.

You'll just need to prioritize. Which one is more important....buying a place, or putting a turbo on your car....

I know mine would be buying a place... - you make more capital gains from it, and income...as opposed to spending it on your car, which you lose money on anyway.

Yeah I want this place, and as i said once I buy a house the RAAF gives me that housing grant, which I will use for decent furniture etc, I am also looking at another D-Series motor in Tweed, depends on cost, as it has a bucket load less km's than mine... But house wise yah, I have money going away, I havent checked it in a while as I haven't needed to, so I'll look at them tonight. I HAVE to get off base, its BLEAH, not to mention the fact I cant sleep due to the hornets having engine trials til 11:30 some nights!!!

1. First Home Owner's Grant (Another $8k methinks?)

2. Go halves in the first property with someone you trust. Then use the equity to either buy them out or buy another place.

first home owners grant is $7K however if you go halfs with someone who also hasn't owned property, you only get 7K, so its best to buy the first one by yourself if you can.

It's best to have 10 - 20 % deposit. Depends on the bank, but if you generally have less than that deposit you will need to pay mortgage insurance which can get expensive. Also if you get something around the 200K mark or less, than you don't have to pay stamp duty. Anything above that and you will pay stamp duty on. - You get benefits if its your first place.

eg. On a 265 property - stamp duty is 8K.

Plus you need to consider conveyancing costs, loan costs, landtitles, and other things, which just add up.