Hey All
I'm a very new member and I was hoping for some advice on a direction Hubby and I are heading in.
Basically we decided that we'd really like to have a house of our own since kids aren't far away (2 years) and we want the security. We've both got decent wages however aren't great at saving. We've turned it around though and we can put away $4000 a month.
We've spoken to an Aussie Home Loans Mortgage broker and he's suggested that we could go for a 5% deposit with Commonwealth (the only bank that offers %5 loans... ). They will need to see us save the 5% however over at minimum a 3 month period. We would need to pay mortgage insurance however which the commonwealth will add it to the loan.
The amount we'd like to spend on a house is $400,000.
Our current savings is $10,000
With Shares and a bike to be sold we have $11,000.
My parents are willing to give us a gift of $20,000.
I believe the current first homeowners grant is $7000.
So the current plan is to save for the remaining 2 months and scrap together the %5 of savings. Use the additional money to pay the additional costs involved in buying a house e.g stamp duty etc.
If you were in our position what would you do? Are we going in the right direction or could we be smarter.
Any advice would be useful
Regards
Janet