Mortgage brokers or real estate agents in Rockingham have something in common with first home buyers: we were all first home buyers once. Everybody who has ever bought a home was a first home buyer when they bought their first home. One thing everyone agrees on: saving for that first deposit is difficult. Here’s what some insiders did to save for their first home deposits.
Property Transfer Specialist
After moving back to Australia, a property transfer expert and her partner decided they wanted to buy their first home. They had no money saved. So, what did they do? They moved in with her parents. Between her and her partner, they saved $12,000 in approximately ten months.
Real Estate Agent
A real estate agent from Victoria had bought 50,000 shares of stock in Oxiana, which is now called “Oz Minerals.” He had paid nine cents a share and they grew to ninety-eight cents a share. He bought a block of land and built a new home on it. Five years later, he sold the property to purchase a better home.
A landscape company owner did it the hard way: he saved his $30,000 over a period of two years. He also applied for and received a First Home Owner Grant (FHOG) of $7,000 and paid $180,000 for a small home. He performed basic renovations on the home in his spare time for four years and then sold for $380,000. The profit allowed him to purchase a better home closer to town.
A senior executive for a removalist firm got the money for her first deposit from her parents. Her parents realised that none of their daughters and their partners had the financial means to save for the deposit. So, the parents decided to fund their daughters’ deposits for their first homes.
So, what is your success story? Maybe it’s time to come in to Smartline Rockingham and apply for pre-approval. Call (08) 9527 1800.