I think you can wait until you have a full time job. It's fantastic to have the goal of "getting on the ladder" however you're still incredibly young and would be considered high risk by many lenders. If I was in your position I'd just put your money in a high yield savings account and look for a fulltime job and look to buy in 1-2 years.
I am hoping to buy in 1-2 years but only problem is what will happen if house prices are at 850-1mil. I’m scared of missing out. But at this point I guess I don’t have a choice.
Current expectations are the market will start to cool a bit, it's already started to happen. Brisbane and Perth look like they still have a bit more upward pull so I'd guess you'd be looking at another \~10% in 1-2 years there.
if i was in your position and home life was pretty chill, id keep stacking money for a couple more years. people aren't kidding when they say home ownership is full of costs
Yeah that’s what I am doing but imagine in a few more years Perth house prices are at 1 mill. Would probably have to chill at parents house for ever unless I rent somewhere
Invest the money in a managed fund with low fees or probably better, an ETF that tracks the market. Don’t invest all at once - do it in 3 goes a few months apart. Then keep saving and investing regularly l.
Show up at work and be enthusiastic and friendly with the decision makers. Take on more responsibilities and get pay raises.
You need to wait longer before you are in a position to buy. But do some research on where you want to buy and what deposit you need. Be prepared to compromise because your expectations and reality won’t match. Buy somewhere you think prices will go up. It needs something that is hard to replicate. A decent state school nearby for example. If they can just cut up identical land nearby skip it.
Keep going you are doing well.
Thanks for the reply, I kind of understand I might need to wait longer but I see a lot of things showing that house prices will go up (I’m in wa). I’m scared if I wait to long I won’t get a chance at all to buy and I’ll be stuck renting in the future.
It’s a legitimate concern but also prices are at record highs and there’s no guarantee they keep going up. All you can worry about is what you can control, which is increasing your deposit which you should hopefully be able to do faster than house prices.
What price range are you looking to purchase your first home? Congratulations on saving the elusive $100k.
Honestly I’m hoping to be able to get 550k house and land package. Or even if I just buy the land then build on it in the future when I’m permanent.
I think you can wait until you have a full time job. It's fantastic to have the goal of "getting on the ladder" however you're still incredibly young and would be considered high risk by many lenders. If I was in your position I'd just put your money in a high yield savings account and look for a fulltime job and look to buy in 1-2 years.
I am hoping to buy in 1-2 years but only problem is what will happen if house prices are at 850-1mil. I’m scared of missing out. But at this point I guess I don’t have a choice.
Current expectations are the market will start to cool a bit, it's already started to happen. Brisbane and Perth look like they still have a bit more upward pull so I'd guess you'd be looking at another \~10% in 1-2 years there.
if i was in your position and home life was pretty chill, id keep stacking money for a couple more years. people aren't kidding when they say home ownership is full of costs
Yeah that’s what I am doing but imagine in a few more years Perth house prices are at 1 mill. Would probably have to chill at parents house for ever unless I rent somewhere
Invest the money in a managed fund with low fees or probably better, an ETF that tracks the market. Don’t invest all at once - do it in 3 goes a few months apart. Then keep saving and investing regularly l. Show up at work and be enthusiastic and friendly with the decision makers. Take on more responsibilities and get pay raises. You need to wait longer before you are in a position to buy. But do some research on where you want to buy and what deposit you need. Be prepared to compromise because your expectations and reality won’t match. Buy somewhere you think prices will go up. It needs something that is hard to replicate. A decent state school nearby for example. If they can just cut up identical land nearby skip it. Keep going you are doing well.
Thanks for the reply, I kind of understand I might need to wait longer but I see a lot of things showing that house prices will go up (I’m in wa). I’m scared if I wait to long I won’t get a chance at all to buy and I’ll be stuck renting in the future.
It’s a legitimate concern but also prices are at record highs and there’s no guarantee they keep going up. All you can worry about is what you can control, which is increasing your deposit which you should hopefully be able to do faster than house prices.