Based on our max. amount we want to borrow ($350k) which is probably not how much we will eventually borrow, so these are generous amounts.
Deposit:
$3200 +
$4000 +
$10500 +
$4000 +
$14000
= $35700
Expenses:
$17500 + (5% deposit)
$7200 + (Mortgage Insurance)
$1200 + (Conveyancing & Legal Fees)
$600 + (Setup Fee)
$622 + (Transfer Fee)
$0 + (Stamp Duty is free for us)
= $27122
Excess: $8578
In the end we have much more than we though we would have.
Some notes:
The first home owners grant is given to everyone who applies, on their first purchase of a house. You can both be earning $100k a year and still get the FHOG. The reason it is doubled until June is because of the economical crisis, it was Rudd's way of trying to get people to buy homes. In our case it works out well because we were already planning on buying a home.
BF's mum has given us $4000 for some work BF did at her home. The majority of work is worth much MORE than $4000 (floor sanding and sealing, carpentry work, labour), but initially BF was doing it for free, as you do for your mum! BF's mum offered it as a help incase we needed it in the final stages of buying a home.
Please don't attack me for not getting married, anymore. I don't want to get married right now. Neither of us want to. Why is that such a big fucking deal to some people? Just because some people think it's a good idea, doesn't mean EVERYONE has to go and get married. Some people seem to think I'm a complete moron. I do REALISE what happens in this big bad adult world. I do THINK about the risks. I appreciate the CONCERN, (the honest concern - where people will mention it and then let it go) but not the JUDGEMENT and CRITICISM.
I have wanted my own home since I was about 14 and started working. BF has wanted a house since he was about 18. This was all years before we were together. When we had been together for a year and a half we touched the subject a few times, and we have steadily grown from there. For those of you who seem to think I don't want to buy a house, I don't really know where you're getting these ideas from. Has there been an entry where I have expressed regret in the way my life is turning out? Have I mentioned I think this is all a big mistake? Hmmm. I don't think so. You know WHY I haven't written entries about those issues? Because I don't think those things. The only reason I am addressing this now is because I want to make it perfectly clear that I know what I'm doing. Just incase ANYONE was wondering.
I'm not writing this because I have some deep psychological issues. I'm just writing this to address previous comments (some deleted) and any future comments.
housebuying, estimations & notes
January 6th, 2009 at 09:20 pm
January 6th, 2009 at 09:26 pm 1231277205
Here we also have to pay to have our utilities transferred as well, so that may be another cost to figure in.
January 6th, 2009 at 09:30 pm 1231277423
$3200 +
$4000 +
$10500 +
$4000 +
$14000
= $35700
(I get that it adds up to $35,700..but why was it broken up into various deposits?)
Second- no criticism here about buying a house without being married. They say its complicated to break up a house after a break up, but I'm guessing you will make preparations for that and I look forward to reading about all the options available to you to purchase a house together unmarried.
January 6th, 2009 at 09:36 pm 1231277813
gamecock: $3200 (me) $4000 (BF's mums payment) $10500 (BF) $4000 is what we have saved over the holidays but haven't deposited into our savings accounts yet (I know, terrible!) and $14000 is the FHOG.
January 6th, 2009 at 10:03 pm 1231279390
January 6th, 2009 at 10:15 pm 1231280155
January 6th, 2009 at 10:17 pm 1231280222
then i decided to address it in this entry.
i really don't mind all the other people who only mention it out of concern (merch, disneysteve - what they say is perfectly fine) but i DO NOT like it when people put me down because they think their way is better. maybe some people are just better at writing than other people and have a better idea of choice and individuality, and some people just don't know how to say something without sticking their foot in their mouth and down their throat.
and debbie, i'm not really stressed out, i just wanted to say something so i don't have to keep saying it over and over again. otherwise then it might just start stressing me out!
January 6th, 2009 at 10:30 pm 1231281006
Where I live, unmarried couples who lived together more than two years is considered common law marriage(this various amount different states here), if a break-up is to happen, it is possible the house must be split up like one would in a divorce case. To ensure this house is your own home, check into see if there are documents you can sign to support that and to protect yourself.
January 6th, 2009 at 10:35 pm 1231281308
January 6th, 2009 at 10:59 pm 1231282761
January 6th, 2009 at 11:36 pm 1231285010
-i'm a very silly person
-i don't listen to those that are 'older than me' (you're a year older than me. big freaking woop)
-i have self esteem issues (?)
-apparently the above self esteem issues, lilmsmissy being a psychologist and everything, come from a comment i made where i said i was happy with myself... LOL
-i should not be buying a house
-apparently i don't want to buy a house (?)
-i am asking for a handout from the government
-oh, and mummy and daddy
-we should make a committment on paper in marriage, because we are making a commitment to a bank.
-BF should be putting a ring on my finger because we've been together 6 years.
yes, i agree. you are opinionated.
but you are not the only person on this site.
'I'm just writing this to address previous comments (some deleted) AND ANY FUTURE COMMENTS.'
January 7th, 2009 at 12:18 am 1231287500
CHOP IT!!!!!!!!!!
January 7th, 2009 at 12:36 am 1231288560
Quoting yoou"
"I tend to be quite opinionated if you can't handle it than oh fucking well. "
Seems to me you are being opinionated and immature, swearing at the author here. If you don't like someones post or situation, don't comment on it. But drop the attitude. We are all friends here and we support each other and your attitude and rudeness will not be tolerated.
Whitestripe, I say go for your dreams and don't let anyone get in the way. I'm almost 31, have been w/my BF over 2 years, lived with him over 2 years, and am in no way looking for marriage right now! Nothing at all wrong with that! Do what makes you happy and step on the people who make you feel bad for that.
January 7th, 2009 at 12:38 am 1231288692
January 7th, 2009 at 12:40 am 1231288810
January 7th, 2009 at 12:41 am 1231288912
January 7th, 2009 at 02:07 am 1231294029
A couple other expenses that pop in to my mind to allow for are:
- Homeowner's Insurance (perhaps the first 6 months upfront? depends on your insurance company)
- Homeowner's Associaton fee (if there is one)
- Plain old moving costs (truck rental, boxes, etc.)
- Stuff like cable hookup ... Plus time off work to pay for the doggone cable guy to show up.
We've been through the homebuying process twice, and the bottom line is that little things pop up here and there the further along you get in the process ... and a little here and a little there can start to add up to quite a bit. Maybe you could add a "buffer" (say 5-10%) to whatever you estimate your costs to be, just to be safe?
January 7th, 2009 at 02:19 am 1231294742
January 11th, 2009 at 09:23 pm 1231708992
This is the 21st century for crying out loud and it irks me that people can be so judgmental and close-minded. If you had bought a home with a sibling or a girlfriend, would they have cared or commented? IMO, the ones with the issues are those whose comments are so negative you have to delete them, and I'm glad you did.
January 12th, 2009 at 07:10 am 1231744239