First Home Couple,Sydney..

Discussion in 'Introductions' started by darryl11, 31st Oct, 2019.

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  1. darryl11

    darryl11 Member

    Joined:
    10th Aug, 2018
    Posts:
    8
    Location:
    sydney
    Love this Forum so informative,Partner and I want to purchase our first home,we have saved 70k so far.Do we move now yes I’m aware the Market is moving up/government grants driving FHB again? Or do we give it 6 more months save 100k then move risking prices have risen even more in this time?Or just keep stacking cash and wait for I’m not sure..Whats your guys advice knowing our situation?
    - both full time workers (140k) per year combined take home pay.
    -no debt
    -no children yet
    -moving to higher pay job next year also.
    Western Sydney is desired around our families and we don’t mind a roughie with some work we have free family labour to help with this..We really do not want to borrow over our heads if we can avoid it either..Any advice We would be greatful for..thanks community.
     
  2. Morgs

    Morgs Well-Known Member Business Member

    Joined:
    7th Dec, 2017
    Posts:
    1,398
    Location:
    Sydney NSW
    Welcome to the forum!

    Sounds like you guys are in a good position, lots of options. I'm always a big fan of buying something to add value!

    Depending on your intended purchase price you may be able to get in now with lenders morgage insurance (LMI). If you've got a parents/family with equity in their property then parental guarantor may be an option where you could get in now and avoid LMI.

    First home deposit scheme looking like it'll come online January 1st allowing 5% deposit without LMI. I suspect this will cause a bit of a flood of buyers but it is limited to the first 10,000 applicants.
    First Home Buyers: How to buy with just a 5 per cent deposit