Browse Forums Home Finance 1 Nov 24, 2013 6:32 pm Bit of a personal question but what did other first home buyers have for their first mortgage? We are in our early twenties and looking to build our first home, after putting in our $90k savings our loan will be about $395K and we are wondering if this is low, high, or standard for a first home buyer mortgage? Thanks in advance Our build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=70984 Re: First home buyers in here 2Nov 24, 2013 7:09 pm My partner and I were in our mid-20's when we built for the first time. We had $20k deposit and our total mortgage in the end came to $330k. Our land size was 543m2 and our house is a 4x2 (250m2 living space). Hope that's a comparison for you and hopefully other people will feedback too. Re: First home buyers in here 4Nov 25, 2013 6:04 pm Great thanks so much for the answers so far hopefully some more will add also. We are 22 & 25 and both first home buyers/builders. The block is 650 sqm and the house will be 2 story (due to the views available), got to buy the land first of course but want to make sure we aren't getting way in over our heads as a first mortgage but so far it's sounding alright? Our build thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=70984 Re: First home buyers in here 5Nov 26, 2013 10:27 am Yep so far its sounding okay. Its a huge plunge to take but I honestly think it will be worth it. We are worried that if we don't jump into the market now that we will never afford it. Researching a build in South Australia from Sydney. Re: First home buyers in here 6Nov 30, 2013 4:21 pm archetto We are 22 & 25 and both first home buyers/builders. The block is 650 sqm and the house will be 2 story (due to the views available), got to buy the land first of course but want to make sure we aren't getting way in over our heads as a first mortgage but so far it's sounding alright? As long as you can both comfortably pay off the mortgage and you are happy to borrow that amount, then yeah I don't see a problem with it. My husband and I first home buyers 26 & 28, we ended up with a great starter deal (one year fixed, it's an in-house deal) and only had to go in with 5%. We originally had a price for house and land going over 400k. Thankfully stuff started to fall through and we weren't set on the location. We've since moved further out, and saved 80k on the land alone. We can now comfortably pay back the mortgage, put extra ontop to get ahead and save. Hope this helps A quick update, we didn't have site start before Easter. Summit can't seem to give me a day when they are scheduled to begin, so I'm left with a vague "within 10-20… 4 26719 We already paid for somfy motors for the blinds. The quote above was purely for “pre-wiring” so the blinds company can install the motors and blinds. That’s why we… 5 16082 11 40632 |