Browse Forums Home Finance Re: Home Loans for First home Buyers 4Sep 04, 2009 8:53 am I voted for equity rich relatives. I've seen this happen with heaps of my friends to either get the place or get rid of LMI. I think its a good idea instead of parents just handing over a deposit as some of them do. Its a good way for uni graduates to get a house as they are earning good $$ but no savings. Re: Home Loans for First home Buyers 6Sep 04, 2009 10:59 am I wish I had equity rich relatives... If my construction loan doesn't go through before the end of the First Home Buyers grant extra stimulus... I will have to go back to saving again - it will take several months to make up the difference... Home Loans for First home Buyers 7Sep 04, 2009 1:03 pm Ooops, I forgot one other popular solution, that is; *Have your Parents hand over 10-20% deposit for your home? Re: Home Loans for First home Buyers 8Sep 04, 2009 1:10 pm I think they will wait but I also think there should be an element or option for setting realistic expectations. Renovation Thread: viewtopic.php?f=31&t=38489 Re: Home Loans for First home Buyers 9Sep 04, 2009 1:39 pm Quote: Ooops, I forgot one other popular solution, that is; *Have your Parents hand over 10-20% deposit for your home? Where does one obtain such parents from? Re: Home Loans for First home Buyers 11Sep 07, 2009 12:15 am Helyn Gee, I hope its not no 2 - I do love DD but she is so messy, not sure I want her to move home again Re: Home Loans for First home Buyers 12Sep 09, 2009 1:13 am There's not much chance of property prices dropping much... best to get a rich relative to help. By the way the First Home Owners grant will still have the boost payment of $3500 from end of September until end of December as well as the $7,000 for new home purchases. Home Loans for First home Buyers 13Sep 13, 2009 1:40 pm Yes as we covered in many threads before on the topic of First Home Owners Grant, the BOOST component of the Grant is only being halved after September 2009. After December 2009 BOOST will completely disappear. In 2010 FHOG will go back to the usual $7000. However there are additional grants and supplements in several states that add to the $7000. Re: Home Loans for First home Buyers 14Sep 14, 2009 3:55 pm I think the first home saver accounts will become more prominent. When I looked into these, I thought it would be good, but didn't want to wait the 4 years to be able to use the money!! Some people don't have time to do the job right the first time, but seem to have plenty of time to fix their mistakes. Build Thread Re: Home Loans for First home Buyers 15Sep 14, 2009 8:59 pm Richo I think the first home saver accounts will become more prominent. When I looked into these, I thought it would be good, but didn't want to wait the 4 years to be able to use the money!! Personally I think they are terrible, hence the extremely low take up - I expect that the legislation around these accounts will change. Probably the ultimate penalty part of it, that is if you do not buy a first home with the money in that account it all gets transferred to superannuation... life changes who knows what happens the last thing I would want is $20,000 of my hard earned savings transferred to superannuation. Re: Home Loans for First home Buyers 16Sep 14, 2009 10:16 pm My husband and I rented for 7 years before we finally had enough money to buy a house. We did not have the luxury like our friends that have parents that can afford to give us a few thousand here as a deposit or pay for our wedding or buy our first car so we did it all our own and it was tough. All of our friends had parents handing them money and going guarantor on their loans and all the time we were working our *** off to pay off someone else's crappy little unit. If we didnt have this grant and the deposits stayed at 10% like they are at the moment, I fear we would have been stuck renting for the rest of our lives. I think it is becoming harder and harder to get into this market and we were VERY VERY lucky to get in when we did. As a renter I honestly thought I would never get out of the trap - i'm still in it for at least a few months. Our rent rises each year and when we have had to move it has had to be to an even smaller place that is more expensive (although I don't think it can get much smaller than where we are now). I think those that are living at home with parents saving will be the ones that will still be OK but in the end I think it is the renters that will lose out Building Sandhurst 36 Porter Davis Currently Fixing Home Loans for First home Buyers 17Sep 16, 2009 11:19 pm chickad23 I think those that are living at home with parents saving will be the ones that will still be OK but in the end I think it is the renters that will lose out I agree, even rent on average house in the outer western Sydney suburbs are about $350 per week now. No wonder the Commonwealth Bank recently published a report on the large number of suburbs around Australia in which it is cheaper to buy a home and pay off the mortgage than pay rent. Re: Home Loans for First home Buyers 18Sep 23, 2009 2:46 pm Zerosignal Probably the ultimate penalty part of it, that is if you do not buy a first home with the money in that account it all gets transferred to superannuation... Most people I discussed this with have stated that they are not comfortable with locking away their savings until retirement age if they don't buy a home with the savings. So it looks like we finally have some movement on site! Definitely later than expected, but I'll take any progress at this point. I'll drop by over the weekend to get… 5 27738 11 41671 Thank you. Do I use timber floorboards for stairs or do people use timber treads? Or is both the same? 6 7306 |