Buying a sharehouse? (1 Viewer)

[Bundah Fatso]

Hi guys and girls,

I finish year 12 soon, and am going to take a year off before uni and work full time as a manager in a retail job (I don't really like travel). I have decided to live at home and save up all my money, so I would be able to afford a deposit on a 4-bedroom house, and share it, to pay for most of my mortgage when I study, as I would only be working part time.

Would it be possible to buy a house, given the theoretical situation that I would be in (full time uni student, part-time work)? Is it a good idea?

Thank you

 

[aussie-boy]

Income: ~$40k
Less: Tax = $6k
Add: FHOG = $10k
Less: mortgage insurance, legal fees (luckily you will be exempt from stamp duty) ~$2k

So you'll have about $42k for a deposit.

So max house price = $420k; where on Earth can you buy a 4br house for that, especially when you're trying to attract young ppl who don't wanna live in the middle of nowhere.

Weekly repayments (8%, 25yrs) = $672... meaning you'll need to charge $250+ a week to each of the other residents (which leaves a little extra for maintenance/utilities)

That's a ridiculous amount of money for a bedroom in a $420k house!

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If you do want to use your money for real estate, open a first home saver account with your bank. Deposit $5k a year and you'll get $850 from the Gov (as well as a competitive interest rate) - you have to keep it for 4yrs before buying a house however.