12 months jobless out of 3-4 years = ~3 years of producing income and being able to save a substantial amount, so that's not it.
How long did it take you to save for your first property?
- Thread starter moyjos
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12 months jobless out of 3-4 years = ~3 years of producing income and being able to save a substantial amount, so that's not it.
12 months jobless ?? in Australia ? Recently ? Unless you were in hospital in traction .... Get on ya bike mate. YOU are not a fairdinkum investor. LL
We were renting and had a mortgage broker through who laughed at our financial state, so we knuckled down, paid off our credit card debits, cleared our personal loans, had a frugal wedding (my mum is still upset that we didn't have a reception)
We then saw a bank who gave us a 97% mortgage with the FHOG as a deposit & zero stamp duty.
Once we were in we saved like crazy and paid a hefty amount off the mortgage & renovated our place and sold it for a tidy profit a couple of years later.
We then saw a bank who gave us a 97% mortgage with the FHOG as a deposit & zero stamp duty.
Once we were in we saved like crazy and paid a hefty amount off the mortgage & renovated our place and sold it for a tidy profit a couple of years later.
Hard for me to answer as I was saving (but not specifically for my first place) while I was a student.
I continued saving (at a much faster rate) when I commenced full time work and about a year and a half after I started full time, I bought (with the help of a loan of a bit over $10k from my old man).
Probably woulda taken me 2.5-3 years of saving from $0 if I began on my first day of full time work.
I continued saving (at a much faster rate) when I commenced full time work and about a year and a half after I started full time, I bought (with the help of a loan of a bit over $10k from my old man).
Probably woulda taken me 2.5-3 years of saving from $0 if I began on my first day of full time work.
bingo! wholeheartedly agree.
About 2 years. I was short of 5k but my parents lent me the money...I was 17 back then.
When my dad bought his first place it took him 6 long years of slogging on the streets to sell stuff. Bought his house for 115k, and funny enough the agent told him its too expensive not to buy it, this was in dover heights, Sydney. He bit the bullet and bought it. Thank god he did!!
Im sure you can imagine the value today... starts with the number 6
When my dad bought his first place it took him 6 long years of slogging on the streets to sell stuff. Bought his house for 115k, and funny enough the agent told him its too expensive not to buy it, this was in dover heights, Sydney. He bit the bullet and bought it. Thank god he did!!
Im sure you can imagine the value today... starts with the number 6 About 2 years. I was short of 5k but my parents lent me the money...I was 17 back then.
When my dad bought his first place it took him 6 long years of slogging on the streets to sell stuff. Bought his house for 115k, and funny enough the agent told him its too expensive not to buy it, this was in dover heights, Sydney. He bit the bullet and bought it. Thank god he did!!
You were off to a good start being ready to purchase before you were legally allowed to drink.
How long ago was that Dover Heights purchase?
Thanks Richard. I knew from a very early age I wanted to be different from most people (as I imagine most on this forum want as well). When I grew up my parents would have me listen to motivational people, successful people etc etc. I would do all sorts of jobs..house work, gardening for my grandma and save every cent. My parents really Indoctrinated my brain, day in day out.
I believe their Dover Heights purchase was more than...40 years ago. I only wish they had bought 2...haha being greedy I know..
My mum has a very macabre sense of humour. She sometimes says " now when we die, don't forget to claim your lottery ticket".
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Haha respect.
Awesome! Love hearing stories that this.
I know soooooo many people here all their lives.... and they STILL claim property is too expensive they will never be able to save the deposit.. LOL
Such jokers I tell you.
Never really saved for property. Had been working 11 years when I decided I needed a PPOR. Had been saving for the sake of saving and the pleasure of seeing bigger saving balances on the online bank statements. Almost got to seven figures in the bank. I had been searching for PPOR for over a year and one morning I attended an auction in an area that I liked and saw a house that I liked. I made a few offers and handed over most of my savings within minutes. Felt really depleted as the balance in the bank was reduced to four figures after settlement.
Awesome! Love hearing stories that this.
I know soooooo many people here all their lives.... and they STILL claim property is too expensive they will never be able to save the deposit.. LOL
Such jokers I tell you.
As many people here say it depends how much you want something. Those people probably prefer to spend their money on something else (holidays, cars, going out, etc.) rather than saving for their first property.
100% agree. Its not complicated to be successful in life. Just most ppl are not willing to pay the price.
