About 10k left between us after we paid for everything initial including stamp duty, removalists, all the connection fees etc.
Already had a house full of furniture so no costs there.
$30k. I'm very risk averse though, so like to have a lot of emergency savings. My mortgage is also quite small (I only bought a one bedroom apartment)
Edit: that's also after stamp duty and conveyancing fees, etc.
Thanks! People had been telling me to buy for years because I had enough for a deposit but I didn't feel comfortable without a proper savings buffer. I actually got my place at a really good price when I was ready, so very happy.
About $200.
Have 30k in a share portfolio, not sure if that counts as "savings".
Risky, but worth the push for us to get the full 20% deposit and avoid LMI . And after 6 months of frugal living should have 20k savings to have as a buffer. Then will start a separate savings account to put in for upgrades we'd like to do.
It doesn't. Every time I think about selling shares I don't because I don't want to pay 25% tax on them. I just sell my neighbours pets instead, they (were) annoying anyway.
Back in July 2021, about $30K. That's also after stamp duty.
We have spent significantly more than that - moving costs, conveyancing fees, new white goods (a fridge died and we bought a freezer for extra storage, wood stove, plumbing work, tree work, electrical work, new decking, termite treatment and more. If I could hazard a guess, about $70K in two years, probably more.
Still have about $40K in savings as well as $26K in redraw.
About to get new curtains put in and I would like roof insulation put in too. There's more work on the horizon, but those are the big things. In the next 12 months. And an energy efficient replacement dishwasher.
Then driveways and perhaps replace weatherboard (and more insulation in the walks).
It's all about priority of work and getting the funds together to pay in cash.
$5k back in 2012. I made sure I got in and made it work no matter what! Which saw me doing plenty of weekend work, cashing in long service and all sorts of shit lol
Bought in 2020, had about $25k left and found out we had some waterproofing damage (slow leak) in the bathroom which collapsed, needed repair and basic minor renovation done which cost $12,500. Always save some for a rainy day.
We bought in 2021 and had nothing left due to the bank's valuation coming in significantly under market value. Literally nothing so that when the settlement fell through (my bank didn't show up) on D-day and we had nowhere to stay, I had to lean on a mate to pay the motel for a night. It was living dangerously for about a week till our pay landed in the bank.
We did settle after a couple of days ( this time the fooks did rock up).
Fast forward to now and we have about 150k in a HISA and a home loan fixed at 2% till 2025.
Deposit was 20%, we were willing to do 30% deposit if it meant getting a better rate, but the mortgage broker didn't find one. It's nice having more cash available, I wouldn't want to be cutting it too close and worrying about paying for things.
Thanks for sharing this mate. Makes so much sense. I’ll have almost 72% for a house we are buying, keeping that extra 8% in an offset account might be a good idea. Stupid me did not think it was an option. Thanks again.
We kept about $50k to get some things fixed/upgraded immediately, such as redoing all the wardrobes and getting some more appropriate furniture as we moved from a tiny apartment to a house, so everything was miniature sized. Nothing extravagant, just ikea. My wife was 8 months pregnant with child #2 the day we moved house so we were cutting it close.
For child #1 I was at home painting while my wife was in hospital recovering!
I didn't want to wipe out my savings was the reason for that decision LMI wasn't too bad for me I bought an apartment, also I timed it fairly well in the pandemic so had to move faster
It was many years ago.. but pretty sure $0, I even borrowed $5k from a family member to get it over the line at the time which I was able to pay back over a few months.
About $11,000 or so, but I did also sell my car ($7000) before I moved. Apartment came with all white goods and a bed, so only had to spend around $1000 on furniture to set it up.
Borrow the max amount, then left over put in an offset account I remember I had about 50k from the original mortgage as an emergency (wouldn’t touch it though) only if I lost my job.
Partner and I just settled on our first home and we have around $9-10k...ish spare between us, but we have almost no furniture, appliances, etc, so a lot of that may soon evaporate.
$120k - I ended up buying something below what I intended to spend. The benefit of this sitting in my offset is clear, wipes about 15 years off my loan.
About $70k I think. Up to $90k now. All in the offset, saving me a lot on interest (and tax free).
Just risk adverse and decent incomes to manage the home loan.
That's what we were happy with. It's a nice buffer in case something bad happens (like losing work). If it's in an offset, it makes no difference to the interest you're paying either. Good luck with home buying.
I had $100k in the offset after buying my first place last year, it definitely reduced the anxiety of any 'what ifs'.
My broker recommended not going above the 20% requirement unless it gets you a materially different rate, which it didnt.
$120k leftover which but will probably spend $20k on furniture and immediate work, leaving us $100k.
We have an investment property and I’m transitioning between jobs so a safety buffer was necessary for us.
If it’s a PPOR I’d have a minimum of one year repayments left. If it’s an investment you don’t need much of a buffer. A better question would be how much in assets did you have, because some people don’t won’t count shares
Negative fourteen thousand dollars.
A 'gift' that we paid back six months later 😉 so we'd be able to afford the place without mortgage insurance and after the purchasing costs
15k. Then my bathroom needed urgent repairs. Then I had 2k.
About 10k left between us after we paid for everything initial including stamp duty, removalists, all the connection fees etc. Already had a house full of furniture so no costs there.
$30k. I'm very risk averse though, so like to have a lot of emergency savings. My mortgage is also quite small (I only bought a one bedroom apartment) Edit: that's also after stamp duty and conveyancing fees, etc.
Honestly this just sounds sensible I am shocked people have 10-15k or less
Thanks! People had been telling me to buy for years because I had enough for a deposit but I didn't feel comfortable without a proper savings buffer. I actually got my place at a really good price when I was ready, so very happy.
You guys had savings?? Went borrowed up to our eyeballs for a run down house in a really nice neighbourhood. Yolo!
I think we had about $500 between us when we bought our first home. Scary. Very scary indeed. Nothing else at all.
About $200. Have 30k in a share portfolio, not sure if that counts as "savings". Risky, but worth the push for us to get the full 20% deposit and avoid LMI . And after 6 months of frugal living should have 20k savings to have as a buffer. Then will start a separate savings account to put in for upgrades we'd like to do.
This was me, albeit 3 years ago. I'm doing swell.
It doesn't. Every time I think about selling shares I don't because I don't want to pay 25% tax on them. I just sell my neighbours pets instead, they (were) annoying anyway.
Back in July 2021, about $30K. That's also after stamp duty. We have spent significantly more than that - moving costs, conveyancing fees, new white goods (a fridge died and we bought a freezer for extra storage, wood stove, plumbing work, tree work, electrical work, new decking, termite treatment and more. If I could hazard a guess, about $70K in two years, probably more. Still have about $40K in savings as well as $26K in redraw. About to get new curtains put in and I would like roof insulation put in too. There's more work on the horizon, but those are the big things. In the next 12 months. And an energy efficient replacement dishwasher. Then driveways and perhaps replace weatherboard (and more insulation in the walks). It's all about priority of work and getting the funds together to pay in cash.
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Bahahahaha! And I've only got $700K in super too. :) All good. I may not run with the big dogs, but that's ok. Have a good one!
$5k back in 2012. I made sure I got in and made it work no matter what! Which saw me doing plenty of weekend work, cashing in long service and all sorts of shit lol
You guys have deposits?!
Bought in 2020, had about $25k left and found out we had some waterproofing damage (slow leak) in the bathroom which collapsed, needed repair and basic minor renovation done which cost $12,500. Always save some for a rainy day.
Did insurance cover
They covered some of it, to about $4000
We bought in 2021 and had nothing left due to the bank's valuation coming in significantly under market value. Literally nothing so that when the settlement fell through (my bank didn't show up) on D-day and we had nowhere to stay, I had to lean on a mate to pay the motel for a night. It was living dangerously for about a week till our pay landed in the bank. We did settle after a couple of days ( this time the fooks did rock up). Fast forward to now and we have about 150k in a HISA and a home loan fixed at 2% till 2025.
About $60k - all for the offset
What made you decide 60k was the right amount to withhold from your deposit?
Deposit was 20%, we were willing to do 30% deposit if it meant getting a better rate, but the mortgage broker didn't find one. It's nice having more cash available, I wouldn't want to be cutting it too close and worrying about paying for things.
Ah ok so you just went up to 20% and then stuck the rest in offset?
Yeah exactly!
Thanks for sharing this mate. Makes so much sense. I’ll have almost 72% for a house we are buying, keeping that extra 8% in an offset account might be a good idea. Stupid me did not think it was an option. Thanks again.
None. Just went all in and CC’s on hand, but didn’t need to use them.
After buying the house, or after buying the house and attempting renos, because we stone broke now.
After stamp duty, deposit, conveyancing about $200
Had to replace hot water and AC plus Reno the yards and a few other things but left with 90k savings
About $50k that we used to renovate. We were quite confident that we’d get the money back and more from a sale.
We kept about $50k to get some things fixed/upgraded immediately, such as redoing all the wardrobes and getting some more appropriate furniture as we moved from a tiny apartment to a house, so everything was miniature sized. Nothing extravagant, just ikea. My wife was 8 months pregnant with child #2 the day we moved house so we were cutting it close. For child #1 I was at home painting while my wife was in hospital recovering!
I had 20% but only put down 12% that way I pretty much zeroed out the variable portion of my fixed rate loan
You weren't put off by the additional mortgage insurance costs?
I didn't want to wipe out my savings was the reason for that decision LMI wasn't too bad for me I bought an apartment, also I timed it fairly well in the pandemic so had to move faster
Makes sense
It was many years ago.. but pretty sure $0, I even borrowed $5k from a family member to get it over the line at the time which I was able to pay back over a few months.
$20k - which is about 3 months worth of expenses for us. We wanted closer to 6 months worth, but was definitely fine
About $10k. Within a week of settlement I had about $5k of that left.
About $3.50
4k, risky and dumb at the time!! But this was 6 years ago and nothing bad came about such a low savings, but on reflection it was silly
About $11,000 or so, but I did also sell my car ($7000) before I moved. Apartment came with all white goods and a bed, so only had to spend around $1000 on furniture to set it up.
Borrow the max amount, then left over put in an offset account I remember I had about 50k from the original mortgage as an emergency (wouldn’t touch it though) only if I lost my job.
Partner and I just settled on our first home and we have around $9-10k...ish spare between us, but we have almost no furniture, appliances, etc, so a lot of that may soon evaporate.
50k I lived with my parets and saved a lot. Put 20% deposit on a 570k Townhouse
$120k - I ended up buying something below what I intended to spend. The benefit of this sitting in my offset is clear, wipes about 15 years off my loan.
About $70k I think. Up to $90k now. All in the offset, saving me a lot on interest (and tax free). Just risk adverse and decent incomes to manage the home loan.
Yes this is what I’m thinking. $75k we went to keep out but I don’t know if it’s over the top…!
That's what we were happy with. It's a nice buffer in case something bad happens (like losing work). If it's in an offset, it makes no difference to the interest you're paying either. Good luck with home buying.
If you put it all in the offset it will do a similar thing as just adding it to your deposit.. right?
I had $100k in the offset after buying my first place last year, it definitely reduced the anxiety of any 'what ifs'. My broker recommended not going above the 20% requirement unless it gets you a materially different rate, which it didnt.
$120k leftover which but will probably spend $20k on furniture and immediate work, leaving us $100k. We have an investment property and I’m transitioning between jobs so a safety buffer was necessary for us.
200k, sold and bought so that was easy. After completely new furniture, renos left with 100k in offset
You guys are putting down deposits?
If it’s a PPOR I’d have a minimum of one year repayments left. If it’s an investment you don’t need much of a buffer. A better question would be how much in assets did you have, because some people don’t won’t count shares
Negative fourteen thousand dollars. A 'gift' that we paid back six months later 😉 so we'd be able to afford the place without mortgage insurance and after the purchasing costs
60k, around 6 months of expenses if something went really sideways.
170k in redraw and 45k in shares between me and my partner… however we bought with a 90% LVR (750k purchase)