Sep
we live in Adelaide Australia. looking at houses around the $200 000 mark. but it really depends how much we could borrow.
just wondering how much we should have atleast saved up, and what the steps and ideal way to go about it all is?
we’re hoping to get out of debt by the end of december, start saving and hopefully purchase *fingers crossed* in february 2010…
tips? advice? personal experience?
Answer:
You'll need at least 10% of whatever you borrow and you shouldn't plan on paying any more than 25% of your guaranteed gross income in repayments.
You will probably qualify for the First Home Buyers Allow of $7000, so that's a very good begin. Beyond that, set yourselves a tight budget and arrange for a direct debit of as much as you can afford out of your salary/ies into an interest bearing account that's difficult (but not impossible) to get at except in an emergency.
Very importantly, don't waste any time. As soon as you can scrape up enough to get a loan, do it then. Don't wait until you’ve enough for something nicer - you can always trade up later once you've built up equity in your first home.
Even (and perhaps especially) in Adelaide, prices won't stay at $200k for very long. People in the rest of Australia dream of $200k houses and as many of them move there to take advantage of the prices, prices will rise very rapidly. Here in Brisbane, houses went from being inexpensive to being unaffordable by even quite well paid workers in under 3 years and it's bound to happen in Adelaide too. Another thing that’ll exert upward pressure on Adelaide prices is that the government is encouraging a lot of skilled migration there and people (especially from the UK) will be arriving with money from the sale of higher than 200k priced homes in their native countries.
Answer:
You need to save at least 10% of the expected cost of the house, so you can at least put down a cash deposit. It would also be useful to have enough cash to pay for conveyancing fees, stamp duty, and moving expenses, plus a bit in reserve for any unforeseen costs. That way the only debt you'll have is the mortgage.
Answer:
Hello Every One,
I’m Loveth Maxwell by name, i live in USA, just a few month ago i was in search for a loan of $ 30,000 Dollers, as my family was running out of money for feeding and my education. i was scammed about $4,500 Dollers and i decided not to involve my self in such business again , finally A colleague of my introduced me to a loan firm due to my appearance and doings. I made a trial and i am most grateful am i this day, i was given a loan amount of 40,000 Dollers by this great firm Scott Micro finace managed by Mr.Scott Spencer.
If you’re in need of a ganuine or legit loan or financial assistance and you can be reliable and trusted of capable of paying back at the due time of the funds i will advice you to, contact him via email.
scott_spencer55@yahoo.com
and you will be free from scams in the web.
Answer:
In regards to your question. My tiny advice is that you go to a bank in your area to request for the loan, that is if you’ve a collateral, but if you want a loan from those that give out unsecured loans without a collatera, l know of a loan firm that gives out unsecured loans, though he’s the only one i have tried for now so i don't really know if their interest rate is the lowest. Few months ago when i had a bad credit, a friend of mine introduced me to them, inspite of my bad credit they were able to loan me £20,000 of which i used to revive my business, I think you too can do the same as well. Here is their contact information if you wish to contact them. multiplecreditloan@yahoo.com
Regardless of your nationality, i am sure they have the ability to be of help to you.
Good Luck,
Anne Foster.
Answer:
I would want 20% down with at least 6 months of payments
40k down 8k in savings for payments. Not easy to do i know.
For most people i don't' think the question is how much should we have but more so how much can we get away with.
Answer:
Most of the time you want to have at least 10% of the cost of the home.