btcsoulfate24
New Member
I'm 26, making a really solid income—anywhere from 150k to 200k depending on overtime, which is awesome! No kids, no girlfriend, and zero debt, which feels amazing. I’ve managed to save up a nice chunk, around 140k, and I’m just not totally sure which direction to take next. I’ve been looking into buying a house because right now I’m renting with family.
At first, I was super eager to jump into the market before January, thinking I could get ahead of any changes to the first home owner grant scheme. But then, just five days after I got pre-approval, Albo moved it forward to October 1st! So now, I’m hitting up house inspections every weekend, hoping to spend around 800k to 850k. That would put my mortgage at about $3,300 to $3,600 a month—but if I move, two family members would come with me and pitch in $1,000 eac h month. So out of pocket, I’d only be covering $2,300 to $2,600 for the mortgage. Not too shabby!
My living expenses are pretty low—only about $1,000 a month, which covers all my bills, food, insurance, and even 10% of my paycheck for fun spending or saving up for something bigger. For rent, I cover $1,000, and the three others split the remaining $2,000. I’ve always paid a bit more since I’ve been earning well.
A couple of my coworkers, around my age or a bit older, are talking up rent vesting, and honestly, it sounds pretty tempting! But I don’t know much about how it actually works. Everyone makes it sound amazing, but hey, it could just be a way to look more successful than they really are—or maybe there’s a real risk of the property not performing.
I’ve also got $30k owed to me by family, which I should get back in the next year or two. That money could go into renovating an older place, especially if I go the owner-occupier route and avoid capital gains if I sell after 12 months. Plus, I can keep saving between now and then!
I’m really curious—what are people’s experiences with either path? What are the pros and cons? Using the first home owner grant for an owner-occupied place could save me some cash, and this would be my first huge purchase. The most expensive thing I’ve bought so far was a motorbike earlier this year—$8k plus all the gear, because my buddy nagged me for three years to get one! Beyond that, I’ve bought two cars for $15k total and taken a few holidays, but otherwise, I don’t spend a ton.
And then there are the younger guys at work talking about buying ETFs and stocks because they don’t see themselves buying a house anytime soon.
Oh, and this whole government-backed LMI thing for first home owners? It totally reminds me of The Big Short and how things can just crash and burn—but who knows if that’s likely to happen here!
At first, I was super eager to jump into the market before January, thinking I could get ahead of any changes to the first home owner grant scheme. But then, just five days after I got pre-approval, Albo moved it forward to October 1st! So now, I’m hitting up house inspections every weekend, hoping to spend around 800k to 850k. That would put my mortgage at about $3,300 to $3,600 a month—but if I move, two family members would come with me and pitch in $1,000 eac h month. So out of pocket, I’d only be covering $2,300 to $2,600 for the mortgage. Not too shabby!
My living expenses are pretty low—only about $1,000 a month, which covers all my bills, food, insurance, and even 10% of my paycheck for fun spending or saving up for something bigger. For rent, I cover $1,000, and the three others split the remaining $2,000. I’ve always paid a bit more since I’ve been earning well.
A couple of my coworkers, around my age or a bit older, are talking up rent vesting, and honestly, it sounds pretty tempting! But I don’t know much about how it actually works. Everyone makes it sound amazing, but hey, it could just be a way to look more successful than they really are—or maybe there’s a real risk of the property not performing.
I’ve also got $30k owed to me by family, which I should get back in the next year or two. That money could go into renovating an older place, especially if I go the owner-occupier route and avoid capital gains if I sell after 12 months. Plus, I can keep saving between now and then!
I’m really curious—what are people’s experiences with either path? What are the pros and cons? Using the first home owner grant for an owner-occupied place could save me some cash, and this would be my first huge purchase. The most expensive thing I’ve bought so far was a motorbike earlier this year—$8k plus all the gear, because my buddy nagged me for three years to get one! Beyond that, I’ve bought two cars for $15k total and taken a few holidays, but otherwise, I don’t spend a ton.
And then there are the younger guys at work talking about buying ETFs and stocks because they don’t see themselves buying a house anytime soon.
Oh, and this whole government-backed LMI thing for first home owners? It totally reminds me of The Big Short and how things can just crash and burn—but who knows if that’s likely to happen here!
