@jesusismyfirstlove Who only puts down 20% these days? Nobody can pay the repayments with that low a deposit. Many would-be first-home-buyers from as far back as the start of the boom in 2008 have very high savings after being locked out all this time but finally, finally scraping in.
Edit: To be clear, if you can afford it, you should (eg if you have two incomes): I'm sure the earlier you get in the better; but many singles have been suffering this situation a long time. The fact that it's in the news a lot now doesn't mean it's new.
@loo So I can’t really help much with your questions but was curious how you managed to pull off such a great outcome?
You bought in 2018, I assume with 20%ish, and have managed to pay off 500k in 5 years with only an income for 125k. That’s legitimately very impressive!
@emari Yeh, I bought with a 20% deposit. I've saved very judiciously. I also had about 120k of shares from pre-2018 but sold them to put the funds into the offset.
@loo Hold up? On $125k a year your taxable income is under $100k… and buying for $700k plus stamps and chucking 20% down , say circa $500k… so every dollar of your salary was put on the home loan?
@jesusismyfirstlove He just said he sold his shares for $120k and put in offset (which assumes is not part of the deposit). So he accumulated 380k in 5 years which is more doable
@sinaloapaisa Yeah fair enough, I mean 700k minus 20% plus stamps, minus $120k in shares, pays off $400k in 5 years which is almost OP’s full taxable salary
@jesusismyfirstlove You pay a lot less interest if you dump money into the loan quickly. They'll charge you the same amount every fortnight, but every payment less of it is interest and more of what you pay pays off the principal, and it's compounding.
Mum & Dad or a huge inheritance gave me most of what I got but I'll claim I did it on 110k type, they're around a lot here. Like to pretend they didn't get the extra help to add plaudits to their ego.
