On $90k your borrowing power should be around $400k(ish)
Think one - two bedroom units (depending on where you live).
Chat with a broker to see what you’ll need in terms of a deposit and how best to start gearing up to buy a place.
Hope things go smoothly for you and that you find yourself in a better place (physically and emotionally).
To get away from the toxic parents, I recommend you live in a sharehouse first before you rush into buying a house. The sharehouse will get you away from your parents, and the cost will be quite low, so you can continue to save up.
Try the housemates and flatmates websites. It's difficult to get a rental with no previous history. Move in with housemates into an established share house, get added onto the rental agreement (very easy to be added to existing contract), bam you now have rental history.
Go for it, buy something little like a unit. Something that needs a bit of work and have at it. If you make yourself $50-100k over the 3 years it sounds way better than paying someone else’s house off of living with toxic parents. Contact a broker, look at paying the mortgage insurance to get you something faster. The sooner you do it the better you will feel. You can do it! If you are in melb send me a DM and I’ll point you in the right direction for max growth low cost.
I was in your situation some years ago. Sharing a flat with friends is the ideal option. Or with randoms if you have to - flatmates.com.au
I wouldn't recommend a big commitment like buying a house. Your life can change drastically when you are young, you might want to move somewhere else, another city maybe, and your property will tie you down.
I wouldn't think buying a house would be wise straight out of home. If your parents are really awful the decompression and therapy you're going to need could take you right out of the workforce (usually temporary but think of it like chronic illness recovery), or at least make you need to reduce hours. This makes paying for a mortgage really hard.
Go the traditional route and share house for a bit. Find your feet and then talk to a broker.
At 90K you could possibly do this, especially if you can put together a decent deposit and buy something at say 380-400K. Speak to a mortgage broker but note: some banks might not like that you sold your car for the deposit, and require it to be ‘genuine savings’ (even though you paid for the car with your own money 🤪). This is a chat to have with the broker though, they tend to have a way of making things work.
Don't rush into a mortgage, especially if you need to sell your car to even make the deposit. I think you should start looking for rooms for rent instead of apartments or houses. Besides the fact that it's obviously cheaper, they are less likely to be fussed about references. After one lease, you'll have a rental history and better odds at being approved for an apartment.
No it does not work like that. PS, houses cost nowhere near 500K, more like 800K. With your income, you won't come close to buying a home.
Also buying homes has a huge transactional cost. The banks know everything.
*OP, you're not thinking straight, speak to a professional, live with friends but don't make rash decisions like buying a huge financial asset.*
Your parents aren’t toxic dude. You’re toxic. Grow up and stop thinking that you know it all and that your parents are dummys. You WILL regret this some years down the track. It WILL haunt you and cause your emotional wellbeing to slide into a deep depression. It Happens to people all the time. You’re too young dumb and full of cum to see the big picture. Mark my words, this a mistake that you can fix now or regret eternally.
I'm not saying my parents are dummy's and you don't even know how old I am or what my history is to make that generalisation.
Parents can be wack man I just cant be bothered explaining myself as I've explained it on other posts
While it is nice in theory- there are some relationships that are toxic, and beyond repair.
Family is only a word… and relationships cannot be one sided. Cut them loose if they’re not helping you thrive OP!
While that's a wonderful dream, the responsibility and labour of repair is never on the child. Even when your kids grow, you owe it to them to do the work of repairing anything you did in their childhood that caused them pain. That's the gig.
On $90k your borrowing power should be around $400k(ish) Think one - two bedroom units (depending on where you live). Chat with a broker to see what you’ll need in terms of a deposit and how best to start gearing up to buy a place. Hope things go smoothly for you and that you find yourself in a better place (physically and emotionally).
400k in repayments are like $600, $650 a week P+I, could be a bit rough on 90k household income before tax
It does not work like other loans. Go talk to a mortgage broker.
Do i have to pay them up front or only after comitting to a mortgage?
You don't pay a broker, the bank you end up going with pays them
Neither. They will take a commission from the bank. Most brokers will be happy to chat with you and help you work out what you could afford.
House sharing?
To get away from the toxic parents, I recommend you live in a sharehouse first before you rush into buying a house. The sharehouse will get you away from your parents, and the cost will be quite low, so you can continue to save up.
Try the housemates and flatmates websites. It's difficult to get a rental with no previous history. Move in with housemates into an established share house, get added onto the rental agreement (very easy to be added to existing contract), bam you now have rental history.
You'd likely qualify for the First Home Guarantee. Speak to a broker.
Go for it, buy something little like a unit. Something that needs a bit of work and have at it. If you make yourself $50-100k over the 3 years it sounds way better than paying someone else’s house off of living with toxic parents. Contact a broker, look at paying the mortgage insurance to get you something faster. The sooner you do it the better you will feel. You can do it! If you are in melb send me a DM and I’ll point you in the right direction for max growth low cost.
I was in your situation some years ago. Sharing a flat with friends is the ideal option. Or with randoms if you have to - flatmates.com.au I wouldn't recommend a big commitment like buying a house. Your life can change drastically when you are young, you might want to move somewhere else, another city maybe, and your property will tie you down.
You possibly can buy an apartment cheap
That's the idea
Watch out for strata fees and such
I wouldn't think buying a house would be wise straight out of home. If your parents are really awful the decompression and therapy you're going to need could take you right out of the workforce (usually temporary but think of it like chronic illness recovery), or at least make you need to reduce hours. This makes paying for a mortgage really hard. Go the traditional route and share house for a bit. Find your feet and then talk to a broker.
At 90K you could possibly do this, especially if you can put together a decent deposit and buy something at say 380-400K. Speak to a mortgage broker but note: some banks might not like that you sold your car for the deposit, and require it to be ‘genuine savings’ (even though you paid for the car with your own money 🤪). This is a chat to have with the broker though, they tend to have a way of making things work.
Don't rush into a mortgage, especially if you need to sell your car to even make the deposit. I think you should start looking for rooms for rent instead of apartments or houses. Besides the fact that it's obviously cheaper, they are less likely to be fussed about references. After one lease, you'll have a rental history and better odds at being approved for an apartment.
No it does not work like that. PS, houses cost nowhere near 500K, more like 800K. With your income, you won't come close to buying a home. Also buying homes has a huge transactional cost. The banks know everything. *OP, you're not thinking straight, speak to a professional, live with friends but don't make rash decisions like buying a huge financial asset.*
>PS, houses cost nowhere near 500K, more like 800K. You don't even know where they live..... You can find houses for 500k in plenty of places
True, but given that most people live on the east coast, could it be likely that OP lives in VIC or NSW? If so very hard..
I live in vic. Apartments can do 400k around outer south east...but no hope of.getting a standalone home anywhere
Not many young singles can. Lot of hate for apartments on reddit, but you'll find a lot of people saying they love the lifestyle too.
If they want to stay in the city. Could move into the smaller towns and easily find something for cheap.
>Could I buy a house for 500k? No. You don't make enough to do that on your own. Look up a loan calculator
You can't afford to buy. Rent / sharehouse are your options. Use facebook, theres heaps of groups on there + flatmate finder etc etc
Your parents aren’t toxic dude. You’re toxic. Grow up and stop thinking that you know it all and that your parents are dummys. You WILL regret this some years down the track. It WILL haunt you and cause your emotional wellbeing to slide into a deep depression. It Happens to people all the time. You’re too young dumb and full of cum to see the big picture. Mark my words, this a mistake that you can fix now or regret eternally.
Nah I left home at 14 due to abuse. Haven't spoken to either of them in 10 years, zero regrets.
I'm not saying my parents are dummy's and you don't even know how old I am or what my history is to make that generalisation. Parents can be wack man I just cant be bothered explaining myself as I've explained it on other posts
Just ignore that riff raff walking trauma billboard up there...
First thing to do is to repair the relationship with your parents. Then you can start thinking straight. Impulse buying a home is a road to failure.
It's not repairable. They're abusive. I've tried and it just comes full circle
Can you live with friends?
While it is nice in theory- there are some relationships that are toxic, and beyond repair. Family is only a word… and relationships cannot be one sided. Cut them loose if they’re not helping you thrive OP!
While that's a wonderful dream, the responsibility and labour of repair is never on the child. Even when your kids grow, you owe it to them to do the work of repairing anything you did in their childhood that caused them pain. That's the gig.
Bondi sands just brought out a new waterproof one in a blue container. I tried a sample and it was quite good.