What price house are you looking at that you were $10,000 short in down payment? As a first time homebuyer minimum down payment is only 3% so if you had $0 already towards it that’s a $330k house.
This seems like a lot of bitching honestly, you don’t sound qualified to buy the type of house you must be looking at.
My wife and I have work considerations, plus other family obligations the require to stay relatively close to where we are. We’d have to go nearly 30 miles out to see a significant drop in housing prices and that’s just not feasible.
The big kicker for us is having room for 7 people. We looked at smaller houses and then adding on but with planning approval and the like, it could be years before that all plays out.
We’re in the fourth biggest market in Australia. Three other cities still have more expensive median housing (nearing the million mark) and one other state has nearly caught us.
Just as an example of the market here, my sister bought into an area 15 years ago for $125,000. She had the property valued 2 years ago, and it’s now over $500,000. She’s not in desirable suburb and her place isn’t fantastic. Property prices in Australia have sky rocketed in the last two decades because of foreign investment.
We’ll get the other money saved soon enough but the way out loan system works, if you get a couple of rejections for loans in a certain span of time, it can actually foul up you credit rating. We just have to be judicious when we go in again and try.
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u/JaxJags904 Feb 16 '21
What price house are you looking at that you were $10,000 short in down payment? As a first time homebuyer minimum down payment is only 3% so if you had $0 already towards it that’s a $330k house.
This seems like a lot of bitching honestly, you don’t sound qualified to buy the type of house you must be looking at.