Browse Forums Home Finance 1 Mar 26, 2013 10:37 am Hi people, Need advice from forum members as to what they would do in our situation. Our background: Me(early 30's) & Spouse (mid 30's) Single income family (I am struggling to find a job) Annual income- 100k Currently renting a unit in victoria-Monthly rent 1280 We have managed to save around 65k in the last 2.5 years (we came to Australia 2.5years back on husbands work transfer). We are looking at houses which we want to buy. There are two houses which we have shortlisted both in the range of 399k to 425k. We are hoping to spend around 400k + stamp duty.We plan to use 50k out the 65K for deposit and stamp duty payments and rest (around 370k) we plan to borrow.We have worked the calculations and it comes around monthly payment of 2300-2400pm. Which will leave us with saving of 1000pm. This is what scares us. Having our saving reduced to less than half of our current savings and if we have children sometime in the next year will we be able to cope with the expenses with these savings..Do you feel we are going overboard with our budget. Should we wait some more till the end of the year and then buy a house.With interest rates at their all time low we want to make use of that opportunity. Any thoughts input. Re: Are we going overboard with our budget 2Mar 26, 2013 11:39 am If you can comfortably save $1k/month on top of living expenses you would be in a more comfortable position that a lot of people! You could put the savings in a mortgage offset account which would help with your mortgage as well. From the figures above you are looking at $27-$28k/year on mortgage + $12k/year savings-you are the only people who know what sort of lifestyle you have and what you are prepared to sacrifice/give up to make YOUR budget work the way you want. Good luck with your decision Deemaree Kyndylan Capers: viewtopic.php?f=36&t=46852 My blog: http://www.sufficientlysufficient.blogspot.com/ Re: Are we going overboard with our budget 3Mar 27, 2013 11:06 pm As Deemaree mentioned, only you and your husband can make the decision on whether the lifestyle you lead will be largely impacted by taking out a loan. The good news is that you have a reasonable sized deposit saved which a lot of people struggle with. Just a few notes on your figures. If you have permanent residency, then you are entitled to the First Home Owners Grant of $7,000 which can be put towards the deposit, and there is also a saving on stamp duty here in Victoria. On todays rates, a $370K loan will be around the $2,150 per month mark in repayments, which when compared with your current rent means about $900 more. On your husbands stated income that will leave about $4K per month for living expenses. Which part of town are you looking at buying? Cheers Tom Re: Are we going overboard with our budget 4Apr 02, 2013 2:06 pm If thats your financial status now without you working then saving $1000 a month - with you still not working (being home with bub) and owning your own home based on the figures above seems like a no brainer to me..... Building with 101 Residential in Falcon. I would never build with Fowler homes. I built with them in 2021 and till date maintenance issues are pending. All their existing trades and businesses don't work with… 14 105587 Hi I am wanting some opinions about the build of a steel shed I am going to get one about 4.5 x 2.5 m steel shed and the height will be about 2.3-2.4m high The one I am… 0 14448 Coming back to your old stomping grounds, huh? Renovations on a budget can be quite the journey. It's like giving your house a new lease on life. The twist of not knowing… 1 3480 |