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im 21 and im 310000 bux dwn lol..

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Better than being 40+ with the same situation. I wish I'd had the foresight and common sense at 21 to buy a block of land at least, but that was early 90's and it was hard to get a good job without a trade behind you (if you were lucky enough to get an apprenticeship that is). Sorry to sound a bit "Back in my day...", but if I've learen't one thing in life it is to recognise and take your opportunities when they present themselves. Make hay when the sun shines!

Cheers
Jamie

Just saw this thread, but glad everyone was on the same page. Congratulations on the new purchase though. I just sold my house and bought another one. Fun stuff. House prices always go up. I started looking for a house in the area I wanted at the start of this year when I put my house on the market. I was told by the estate agent we should get a good price and it should go quickly. So I started looking, found my dream house, held out till the auction on mine and got no bids! 9 months later, house finally sold for alot less than I wanted ( but still made a packet on it) and bought a house in another area. The first area I was looking at, house prices have gone up $50-80,000 in that time, so if my dream house was back on the market now I wouldn't be able to afford it!!

At least at 21 you have the forsight, guts and the money to do it and get your foot in the door in the property market. If you play your cards right, you can make a decent amount of money with property. Wish I had the money at your age and the guts to do what you've done. Good luck with the new investment.

Chippa

Being a builder in the trade. expect the market to slow down, and when they hit us with another rate rise early next year, expect house prices to lower 10-20g each 1/4%.
The market is now inflated with the first home owners grant, and if you work it out, we are paying more than when we were back in a banana republic.

Australia currently has the highest marginal rate in the world.
That's the difference between the rate the treasury charges the bank and what we all get charged.

Don't touch Bluestone mortgages. they are crooks.
Aussie and Rams are great to deal with.

Good luck with it.

My advice would be to sit down for an hour and fill out this Australian government budget planner.

http://www.understandingmoney.gov.au/documents/budgetplanner.pdf

If your repayments alone are $450pw, and you add living costs ontop of that it's gonna be struggle town brother.

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Originally posted by whoppa

im only 21 but would love to get ahead and buy early.. but i dont wanna live like a jew for eva...

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Better to live within your means than be bankrupt.

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Originally posted by teeg

Buy a house, one of my mates waited to save more of a deposit, the problem was is that house prices went up by a lot more than the extra deposit he saved.

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Teeg, you must be talking prior 2009 because prices in general have hardly increased in the last 18 months. Australia will not see growth like that for at least 8 years according to media reports.

In saying all that, I'm still in favour of you buying a house. Just buy one you know you can afford, in a half decent area ie: close to schools, shops, transport, cities.

And definitley take advantage of being able to live back home with your mum. It's a luxury some of us were never afforded.

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Originally posted by ratta tat tat

Teeg, you must be talking prior 2009 because prices in general have hardly increased in the last 18 months. Australia will not see growth like that for at least 8 years according to media reports.

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They're saying 20% by 2013 here..