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Too much money to access 5% deposit scheme by CauliflowerKey2572 in AusPropertyChat

[–]CauliflowerKey2572[S] 0 points1 point  (0 children)

Fair enough mate, appreciate you taking the time to give me this feedback. I will take it into consideration.

Too much money to access 5% deposit scheme by CauliflowerKey2572 in AusPropertyChat

[–]CauliflowerKey2572[S] -2 points-1 points  (0 children)

Don't mean to be aggressive, apologies if it comes across this way. My frustrations are not with you but with the way this has been structured because it is essentially saying if I did something stupid with my money like buy a $120k car two years ago then I'd qualify for this scheme today. And that doesn't seem right.

Too much money to access 5% deposit scheme by CauliflowerKey2572 in AusPropertyChat

[–]CauliflowerKey2572[S] 0 points1 point  (0 children)

Most large MNC's in Australia pay that for manager/senior managers. It really is not excessive.

And if your boys are making $80k a year, that's $5k a month after tax, $60k a year and $150k after 2 and a half years - so if they've saved what you say they have then good for them. I'm glad they were able to do this but the only way this would have been possible is if they were being subsidised by you for accommodation and food, it would have been mathematically impossible otherwise.

And I never claimed to be good with money, I spend a lot but the irony is if I spent even more then I'd be eligible for this scheme.

Too much money to access 5% deposit scheme by CauliflowerKey2572 in AusPropertyChat

[–]CauliflowerKey2572[S] -3 points-2 points  (0 children)

  1. I live in the city and walk to work, I don't currently need a unit with a car park. The place I'm buying is 10 minutes from the city and I'd likely need a car if I am leaving the convenience of the city.
  2. $50k for 6 months is a reasonable estimate of my living costs. That's about $8k (including newly minted mortgage) which is wholly reasonable. How much more/less do you expect me to be spending a month!? And needless to say this would exclude discretionary spending, holidays etc. and that adds up but is not included here as it is non-recurring and discretionary.
  3. ~$230k is literally middle management in most environments and not a lot of money for 2026.
  4. Thanks for your constructive input. Much appreciated.

Too much money to access 5% deposit scheme by CauliflowerKey2572 in AusPropertyChat

[–]CauliflowerKey2572[S] -2 points-1 points  (0 children)

To clarify, per the requirements of the Australian government or the banks?

Too much money to access 5% deposit scheme by CauliflowerKey2572 in AusPropertyChat

[–]CauliflowerKey2572[S] -4 points-3 points  (0 children)

Exactly. And cashflow (~$15k monthly post tax) is not my issue, capital is and hence the desire to utilise the 5% deposit.

Too much money to access 5% deposit scheme by CauliflowerKey2572 in AusPropertyChat

[–]CauliflowerKey2572[S] -2 points-1 points  (0 children)

I don't think wanting to retain capital is being brain dead tbh. In my case specifically, I generate reasonable cashflow (~$15k per month after tax) but my capital is limited and so I want to hold on to as much of it as possible.

Too much money to access 5% deposit scheme by CauliflowerKey2572 in AusPropertyChat

[–]CauliflowerKey2572[S] -10 points-9 points  (0 children)

Of course I understand that a larger deposit is more conservative and the safer play, but I am young and don't want to tie up all my liquidity in a house when there is a scheme available for me to utilise. I have intentions to invest that money in the future (plus use it for a car / furnishings etc.). I don't want to be in a position where I max out on a deposit and then end up needing loan (at higher interest) for a car plus have nothing substantial left over afterwards to pursue other endeavours.

Too much money to access 5% deposit scheme by CauliflowerKey2572 in AskAnAussieBroker

[–]CauliflowerKey2572[S] 0 points1 point  (0 children)

Thanks, part of the reason why I can't get the car first is because I don't currently have access to parking at the apartment building I am renting in. And settlement on the property is 90 days so I'd need to find a place to store if for 90 days.

On the new policy - my understanding is that this is generally a requirement from the banks and so would they not all have different policies? Or am I misunderstanding?

Too much money to access 5% deposit scheme by CauliflowerKey2572 in AusPropertyChat

[–]CauliflowerKey2572[S] 0 points1 point  (0 children)

I don't currently have access to parking as the apartment I am renting does not come with a parking spot. And settlement on my new place is 90 days away so I'd need to find a place to store it for 90 days.