u/Same_North_7936

We put in an offer on a property that we knew would likely get rejected (560K). It was initially listed at $625K, reduced to $600K and now the agent is saying they will accept $580K. Our broker has told us we will likely get approval for up to 580K but we will be living on bread crumbs (roughly 50% of our income would go to mortgage and house bills). A bit more info is that we are on combined incomes of $120K before tax, we have 43K in the bank (15K of which our family has generously gifted towards the house). First home buyers so no stamp duty, no kids, we do have HECS but aren’t paying it yet. We also would be commuting quite a way in the first year or so until we are in the position to change jobs and work closer. The reason we are keen on this place is we believe it’s quite a good buy for where and what it is, it only requires cosmetic updates which we believe would add a decent amount of value (but who knows in this market) and the reason we are looking away from where we live is all we can afford here is flood zone or a unit. Do we bite the bullet and live on struggle street or do we keep saving and wait until one of us has get a pay rise, it’s just so hard because we don’t want to regret putting ourselves in a position of risking severe financial stress but we also don’t want to look back a year from now and think we should’ve bought when we could (if house prices have gone up). Would love others opinions on this.

We put in an offer on a property that we knew would likely get rejected (560K). It was initially listed at $625K, reduced to $600K and now the agent is saying they will accept $580K. Our broker has told us we will likely get approval for up to 580K but we will be living on bread crumbs (roughly 50% of our income would go to mortgage and house bills). A bit more info is that we are on combined incomes of $120K before tax, we have 43K in the bank (15K of which our family has generously gifted towards the house). First home buyers so no stamp duty, no kids, we do have HECS but aren’t paying it yet. We also would be commuting quite a way in the first year or so until we are in the position to change jobs and work closer. The reason we are keen on this place is we believe it’s quite a good buy for where and what it is, it only requires cosmetic updates which we believe would add a decent amount of value (but who knows in this market) and the reason we are looking away from where we live is all we can afford here is flood zone or a unit. Do we bite the bullet and live on struggle street or do we keep saving and wait until one of us has get a pay rise, it’s just so hard because we don’t want to regret putting ourselves in a position of risking severe financial stress but we also don’t want to look back a year from now and think we should’ve bought when we could (if house prices have gone up). Would love others opinions on this.

UPDATE: We have just put a best and final offer in of $570K - fingers crossed!

We put in an offer on a property that we knew would likely get rejected (560K). It was initially listed at $625K, reduced to $600K and now the agent is saying they will accept $580K. Our broker has told us we will likely get approval for up to 580K but we will be living on bread crumbs (roughly 50% of our income would go to mortgage and house bills). A bit more info is that we are on combined incomes of $120K before tax, we have 43K in the bank (15K of which our family has generously gifted towards the house). First home buyers so no stamp duty, no kids, we do have HECS but aren’t paying it yet. We also would be commuting quite a way in the first year or so until we are in the position to change jobs and work closer. The reason we are keen on this place is we believe it’s quite a good buy for where and what it is, it only requires cosmetic updates which we believe would add a decent amount of value (but who knows in this market) and the reason we are looking away from where we live is all we can afford here is flood zone or a unit. Do we bite the bullet and live on struggle street or do we keep saving and wait until one of us has get a pay rise, it’s just so hard because we don’t want to regret putting ourselves in a position of risking severe financial stress but we also don’t want to look back a year from now and think we should’ve bought when we could (if house prices have gone up). Would love others opinions on this.

We are thinking about buying this house due to where it is (first home buyers). Townsend NSW (just next to Maclean). 20 minutes to Yamba, a park across the road, a school down the road and accessible to Grafton as well. It needs work but as far as we can tell it’s mainly cosmetic and nothing too major, we haven’t put an offer in yet or done a building and pest. Most of the properties in this area are new and out of our budget. Is this a smart move/good buy or would it be a money pit getting it up to scratch? It’s so hard to find a decent home in our budget. We aren’t from the area but would look to move there once we have finished the renos if we bought it.

Any info and advice would be appreciated.

3 Purcell Crescent, Townsend NSW 2463
https://www.realestate.com.au/property-house-nsw-townsend-151148224?campaignType=external&campaignChannel=other&campaignSource=share_link&campaignName=share_link

We are thinking about buying this house due to where it is (first home buyers). Townsend NSW (just next to Maclean). 20 minutes to Yamba, a park across the road, a school down the road and accessible to Grafton as well. It needs work but as far as we can tell it’s mainly cosmetic and nothing too major, we haven’t put an offer in yet or done a building and pest. Most of the properties in this area are new and out of our budget. Is this a smart move/good buy or would it be a money pit getting it up to scratch? It’s so hard to find a decent home in our budget. We aren’t from the area but would look to move there once we have finished the renos if we bought it.

Any info and advice would be appreciated.

3 Purcell Crescent, Townsend NSW 2463
https://www.realestate.com.au/property-house-nsw-townsend-151148224?campaignType=external&campaignChannel=other&campaignSource=share_link&campaignName=share_link

We are thinking about buying this house due to where it is (first home buyers). Townsend NSW (just next to Maclean). 20 minutes to Yamba, a park across the road, a school down the road and accessible to Grafton as well. It needs work but as far as we can tell it’s mainly cosmetic and nothing too major, we haven’t put an offer in yet or done a building and pest. Most of the properties in this area are new and out of our budget. Is this a smart move/good buy or would it be a money pit getting it up to scratch? It’s so hard to find a decent home in our budget. We aren’t from the area but would look to move there once we have finished the renos if we bought it.

Any info and advice would be appreciated.

3 Purcell Crescent, Townsend NSW 2463
https://www.realestate.com.au/property-house-nsw-townsend-151148224?campaignType=external&campaignChannel=other&campaignSource=share_link&campaignName=share_link

First home buyer scheme or rent it out?

Help! We need advice. My partner and I are looking to buy our first home but we are wanting it buy in a completely different area to where we currently live (mainly because of the crazy prices where we). We’ve also found our dream house which is a bit out of budget but the owner has said they will wait 6 months for us to buy it. However, as much as we would be open to moving, we can’t for the next 2 years or so due to work (my partner is finishing a qualification).

Our question is do we:

1. Forfeit our first home buyers scheme, pay the stamp duty (if we can save it up) and buy a property to rent out until we can move there

2. Buy using first home buyers and just make it work somehow for the first 12 months to satisfy the residency requirements

3. Buy a run down house in a bad area around where we live (because that’s all we would afford here)

4. Give up on the dream of home ownership

Is there a way we can make this work?

Help! We need advice. My partner and I are looking to buy our first home but we are wanting it buy in a completely different area to where we currently live (mainly because of the crazy prices where we). We’ve also found our dream house which is a bit out of budget but the owner has said they will wait 6 months for us to buy it. However, as much as we would be open to moving, we can’t for the next 2 years or so due to work (my partner is finishing a qualification).

Our question is do we:

1. Forfeit our first home buyers scheme, pay the stamp duty (if we can save it up) and buy a property to rent out until we can move there

2. Buy using first home buyers and just make it work somehow for the first 12 months to satisfy the residency requirements

3. Buy a run down house in a bad area around where we live (because that’s all we would afford here)

4. Give up on the dream of home ownership

Help! We need advice. My partner and I are looking to buy our first home but we are wanting it buy in a completely different area to where we currently live (mainly because of the crazy prices where we are). We’ve also found our dream house which is a bit out of budget but the owner has said they will wait 6 months for us to buy it. However, as much as we would be open to moving, we can’t for the next 2 years or so due to work (my partner is finishing a qualification).

Our question is do we:

1. Forfeit our first home buyers scheme, pay the stamp duty (if we can save it up) and buy a property to rent out until we can move there

2. Buy using first home buyers and just make it work somehow for the first 12 months to satisfy the residency requirements

3. Buy a run down house in a bad area around where we live (because that’s all we would afford here)

4. Give up on the dream of home ownership

Is there a way of making this happen?