Currently in the process of purchasing our first apartment in Sydney, bank loan just got approved and contracts have been exchanged. Only the 0.25% deposit has been paid so far so still time to back out.
We are using the 5% scheme and first home buyers benefits.
Despite running through calculations countless times, I am still lowkey 💩ing myself. Particularly with all the rate hike talks (we are on variable).
Anyone on here that are already home owners have any tips on what to expect? Has anyone struggled to make ends meet with the recent changes?
My partner and I earn <100k a year each, and hearing all this talk that 100k is not enough anymore is Iike a kick in the gut for me who is on about 85k. But our apartment is a shoebox with a 700k loan
Going through the purchasing process was way different than what I expected. I feel like nobody teaches you what to do, and am terrified of the thought that we didn’t think things through.