Guest FatBAt Guests Posted 18/01/08 01:42 AM Share Posted 18/01/08 01:42 AM (edited) Have a look seeIt's very rough but you can clearly see the 37k difference when you whack 20k onto your home loan.Do the same again only this time pay an extra $80 a week off the higher loan. The difference being the personal loan that isn't in play anymore if that senario was chosen. Big difference.Cheers Sorry. Couldn't do a screen print.PS: I do agree with you XRTPSI that not too many people could save a $60K deposit. I would seriously HATE to be a 1st home buyer now. Cheers Edited 18/01/08 01:49 AM by FatBAt Link to comment Share on other sites More sharing options...
Dillz Three pedals are better then two.. Donating Members 15,637 Member For: 17y 8m 25d Gender: Male Location: Melbourne Posted 18/01/08 01:56 AM Share Posted 18/01/08 01:56 AM Yeah it works both ways. As for first home buyers it's only going to get worse in the next five years. If you can get in now and stay afloat I would highly recomend it. Link to comment Share on other sites More sharing options...
XR06T Silver Donating Members 4,146 Member For: 19y 7m 28d Gender: Male Posted 18/01/08 02:45 AM Share Posted 18/01/08 02:45 AM I managed to save 14k in 6 months but jumped into the market at that point. im not saying dont have a deposit and mortgage yourself to the eyeballs; you have to have something to show but it doesn't need to be 60k.fatbat does have a very good point, I paid of my car out of equity and it costs me ~$50/week now. my personal loan was costing me $180+/week so there were substantial disposable income benefits for me. sure it would be paid off earlier but the time value of money (to me) meant I would rather have the $130/week in my hand now. plus I doubt I'll be keeping the house more than 10 years! Link to comment Share on other sites More sharing options...
Guest FatBAt Guests Posted 18/01/08 04:00 AM Share Posted 18/01/08 04:00 AM Like I said before. I really feel for people that are breaking into the housing market for the 1st time.I think the government should offer greater assistance for 1st home buyers. The FHOGS is good but it should be further extended to tax cuts as well. The FOHGS helps you to get into your home...but not with your payments once you're in.Perhaps too they could defer the 3% stamp duty (nsw) until the house is sold or a maximum of 5 years, which ever comes 1st. Albeit the Office of State Revenue would have to wait longer, but they would make more money.Cheers Link to comment Share on other sites More sharing options...
SCRIBR Yaris member Member 4,486 Member For: 18y 7m 30d Gender: Male Posted 18/01/08 04:14 AM Share Posted 18/01/08 04:14 AM (edited) you should see the stamp duty in VIC I have no intention of having a 60k deposit. 20k is more than enough.Problem is, if the FHOG is higher, that pushes the housing prices higher.EDIT: spelling Edited 18/01/08 04:14 AM by SCRIBR Link to comment Share on other sites More sharing options...
XR06T Silver Donating Members 4,146 Member For: 19y 7m 28d Gender: Male Posted 18/01/08 04:28 AM Share Posted 18/01/08 04:28 AM there is no stamp duty for approved FHOG applicants in wa for houses <$500k.. sounds tough in the east there! Link to comment Share on other sites More sharing options...
Guest FatBAt Guests Posted 18/01/08 04:28 AM Share Posted 18/01/08 04:28 AM you should see the stamp duty in VIC I have no intention of having a 60k deposit. 20k is more than enough.Problem is, if the FHOG is higher, that pushes the housing prices higher.EDIT: spellingOMFGThe stamp duty in VIC is horrendous.....I had no ideahttp://www.imortgage.com.au/Calc-SD.htmDearest in Aus.....QLD cheapest Link to comment Share on other sites More sharing options...
XR06T Silver Donating Members 4,146 Member For: 19y 7m 28d Gender: Male Posted 18/01/08 04:40 AM Share Posted 18/01/08 04:40 AM 21k on 400k is robbery!! Link to comment Share on other sites More sharing options...
Dillz Three pedals are better then two.. Donating Members 15,637 Member For: 17y 8m 25d Gender: Male Location: Melbourne Posted 18/01/08 05:04 AM Share Posted 18/01/08 05:04 AM (edited) They need to get rid of stamp duty for first home owners as well as putting a cap on buying a property of certain value with the grant. It's insane how millionaires kids buying 500k houses still are allowed to apply for the grant. Edited 18/01/08 05:05 AM by XRTPSI Link to comment Share on other sites More sharing options...
chikt Drift Queen Member 802 Member For: 17y 2m 2d Gender: Female Location: Perth Posted 18/01/08 05:56 AM Share Posted 18/01/08 05:56 AM (edited) My boyfriend and I are in the same situation only were in Perth and if we buy a house under 500k we skip stamp duty, plus we can get the 1st home buyers grant which is only 7k but its a start. I’m about to get a loan for my new car, Ryan just got finance for his car, but with both our incomes we clear 100k easy. Not going to start looking until the end of the year, hopefully going to save up at least 20k even if we don’t put it down as a deposit; if we ever get stuck its there to help us out. I started having second thoughts bout getting a loan for a new car, but spoke to one of the banks and they said its really hard even to get a loan for a car if u haven’t got a credit rating let alone getting a couple 100k of them, so that’s my excuse to put to mum and dad about getting this new car haha, I think it will work. Edited 18/01/08 07:59 AM by tab Link to comment Share on other sites More sharing options...
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