Can I buy a 2-bed Brisbane apartment with $50k deposit on $1340/week?

S

serimghost42

New Member
Afternoon, gents.

Just divorced. Starting from zero.

Income after tax: $1340. No OT, but it happens occasionally. Work vehicle and phone are paid for.

Current debts: $5.5k on a credit card, aiming for payoff by late November. $6.5k in HEX debt. No other debts.

Starting January 1st, I can save $500 weekly for a first home. I have one dependent 50/50. Child support is $220 per week.

Realistically, how difficult is my market position? Is $50k a suitable deposit? Or should I keep saving toward $100k for a two-bedroom apartment in Brisbane? I've never owned property—thankfully.

For savings: Should I use a 5.5% savings account weekly? Or is it worthwhile to use a micro-investing app like Raiz?

I'm in Brisbane. I work as an on-call tech in the CBD and surrounding areas.

Many questions. I appreciate any help.
 
Let's get you on track!

Here are some practical steps:

  • Pay off debt. This is a top priority. The less you owe, the more you save.
  • Control your spending. Save on groceries by choosing budget friendly meals.
  • Earn extra cash. Driving for a delivery service can boost your income.
  • Use government help. Look into first home buyer perks to help with your deposit.
  • Make your money work. Keep your savings in a high interest account to grow it.

You've got this!
 
Hey there! If you're a first time home buyer, you might be able to put down just 5% without paying LMI or stamp duty. Pretty cool, right? It's a smart move to chat with a broker their help won't cost you a thing!
 
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