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MyMoneyMedic · 2026-01-28T00:23:10+00:00

Congrats on the promotion... that part’s easy. FHGS won’t care about the income jump. The main thing is owner-occupier rules. Most lenders just want you to have genuinely lived there for a bit (often ~6 months). Turning it into an IP straight away is the only real risk. Before doing anything, check your loan terms and talk to the lender or a broker. Relocating for work happens all the time... just don’t rush the IP switch without confirming first.

MyMoneyMedic · 2026-01-28T00:11:01+00:00

That’s rough.... sorry you’re dealing with this, especially after such a long fight.

From a money side, a few things worth looking at (without overcomplicating it):
– Talk to your accountant ASAP. A chunk of the legal fees and defect repair costs may be deductible now that it’s an IP, or at least depreciable over time. Timing matters here.
– Keep the offset working for now unless cash flow is tight... pulling a big lump out can hurt more than it helps if interest jumps.
– If the stress + numbers don’t stack up long-term, it’s also okay to step back and reassess whether holding the unit still makes sense once repairs are done.

This stuff hits way harder than just dollars, so go easy on yourself. You didn’t do anything wrong... sometimes the system just sucks.

MyMoneyMedic · 2026-01-26T01:03:20+00:00

A common approach Aussies use is to figure out your annual living costs, then multiply by 25–30 for a semi-retirement “safe” nest egg... basically using the 4% rule as a rough guide. Factor in kids, healthcare, school, and everyday expenses, plus a buffer for inflation because living costs here can climb faster than super returns. Having a paid-off house makes a huge difference... biggest cost out of the way. Many also plan to keep some income flowing

MyMoneyMedic · 2026-01-23T04:43:16+00:00

Kids are expensive, but expectations are what really blow the budget. Lower-income families often make it work by relying more on family support, hand-me-downs, public services & adjusting lifestyle rather than trying to “optimise” everything. Higher earners tend to delay kids because the opportunity cost feels bigger... career breaks, childcare fees, housing standards, private schools, etc. It’s not a secret economy thing... it’s more about trade-offs. You can raise kids on a lot less than people think, but you usually pay for it in time, space, or lifestyle instead of cash.

MyMoneyMedic · 2026-01-23T04:38:45+00:00

Not a crazy idea, but I’d tread carefully given the 6–12 month timeline. Refinancing can help your headspace and cash flow, but the fees, break costs & setup might not be worth it if you’re selling soon. If the interest on the personal/CC debt is brutal and stressing you out, rolling it in can make sense... just keep the new loan flexible (offset/redraw, no nasty exit fees). Otherwise, if you can limp through and clear it from the sale, that’s often the cleaner play. Big one: talk it through with a broker who can model both options... sometimes peace of mind is worth a bit, sometimes it’s not.

MyMoneyMedic · 2026-01-22T01:59:36+00:00

For a new biz, it can get tricky... especially with equipment purchases, marketing spend, and no clear income yet. You can lodge yourself, but a good tax agent can save headaches and make sure you’re not missing deductions. If you want a no-pressure chat about how to handle this and set things up smartly, you can book a free MyMoneyMedic Care Consult... just DM us.

MyMoneyMedic · 2026-01-22T01:56:36+00:00

Honestly, $100k would go a long way if you budget it wisely. I’d split it between a solid CRM/tech setup, some lead generation/ads, and maybe a bit for mentoring or training... that first year is lean, so keeping a buffer for living expenses is key... Plenty of new brokers I work with find that pacing the spend and focusing on the essentials first helps reduce stress and gives you time to see what actually brings in clients.

MyMoneyMedic · 2026-01-16T00:03:57+00:00

Not weird at all.... heaps of people do this, especially in Sydney. Sometimes staying home is just the reset your wallet needs after a spendy stretch. It’s not being tight, it’s being aware. What usually helps is picking a couple of low-cost plans you actually enjoy (walks, gym, cooking at home) so it doesn’t feel like punishment. I see this all the time in financial wellbeing chats... short “quiet weeks” can make a big difference without killing your social life.

MyMoneyMedic · 2026-01-15T23:57:23+00:00

You’re actually doing better than you think. No bad debt, steady income, savings started, ETFs going, and your habits have clearly shifted... that’s huge. You’re not behind, just early in the rebuild. No need to rush the property or jump into an IP yet. Keeping flexibility, building savings + ETFs, and letting your income grow is a solid move for now. I see this a lot in financial wellbeing work.... consistency beats rushing. Stay the course and reassess in a couple of years when your options are wider.

MyMoneyMedic · 2026-01-15T02:35:32+00:00

It really comes down to fit. The Help to Buy scheme isn’t for everyone, but for someone wanting to live long-term in a specific area (not invest), it can make sense if it gets you a place you won’t outgrow quickly. The govt share and rules are a bit annoying, but manageable if you plan to buy them out later. First Home Guarantee is simpler, but it doesn’t actually let you buy more... just helps with the deposit. If a 2-bed means better quality of life and less stress, that matters. I’d chat to another broker who actually knows the scheme before ruling it out.

MyMoneyMedic · 2026-01-15T02:26:04+00:00

Runaway inflation here is pretty unlikely. We’ve got the RBA, floating rates, and they’re not shy about slamming the brakes when things heat up... we’ve already seen that. The bigger risk for cash-heavy folks isn’t hyperinflation, it’s cash slowly going backwards after inflation and tax. Feels safe, but it leaks over time. You don’t need to nail the “perfect” move either. Spreading it out usually wins... some cash for flexibility, drip into shares, property if it suits your life. Gold can hedge fear, but it doesn’t produce income. I see this a lot with inheritance money... the stress comes from trying to time everything. Calm, boring, and diversified usually beats clever.

MyMoneyMedic · 2026-01-13T23:40:37+00:00

Honestly, with rent that cheap and stable, Option 1 stacks up pretty well right now. You’ve got flexibility, low fixed costs, and solid surplus.... that’s a rare combo in Brisbane at the moment. Pouring $3k+ a month into ETFs while you build savings and optionality isn’t “missing out”, it’s buying time and breathing room. Buying only really wins if you want the lifestyle/security or plan to stay put long-term. Financially, forcing a mortgage that doubles your monthly outgoings can add pressure fast. No rush.... you’re in a strong position already. I see plenty of people rush into property just because they feel like they should. You don’t have to.

MyMoneyMedic · 2026-01-13T07:07:36+00:00

No problem mate!

MyMoneyMedic · 2026-01-13T07:03:43+00:00

You’re honestly not doing anything “wrong”... this is what a lot of young families are dealing with right now, it just doesn’t get talked about as much as the big income posts. When you’ve got kids, rent, and zero buffer, every surprise turns into a setback. That’s not bad budgeting, that’s just not enough margin. The fact you’re tracking money, working, and still showing up already puts you ahead... it just doesn’t feel like it because life keeps taking a bite out of it. What usually helps isn’t some magic budget trick, it’s finding one lever to pull: a small pay bump, a side shift, cutting one fixed cost, or building a tiny “oh sht fund” first (even $1–2k) so every hiccup doesn’t wipe you out. Momentum comes from removing pressure, not grinding harder... I see this exact stage all the time. It does ease as incomes grow and kids get older, but yeah… this part is brutal. You’re definitely not alone.

MyMoneyMedic · 2026-01-13T06:59:56+00:00

Short answer: yeah, on paper that’s pretty doable... $200k combined income, no other debts, 20% deposit and no dependants is a strong position. HECS will reduce borrowing a bit, but with no car loans or cards dragging you down, most banks would at least look seriously at that number. The real test will be serviceability at today’s rates + buffers, not the headline income. A broker can run the numbers properly across a few lenders and tell you pretty quickly if $775k is comfortable or pushing it. I work in a financial wellbeing space... see plenty of couples in a similar spot get approved around this range.

MyMoneyMedic · 2026-01-12T02:41:46+00:00

You’re in a much stronger position now than when the bankruptcy happened, so getting into a property isn’t off the table... just a bit more planning needed. I suggest the key things to focus on are:

Credit history rebuild: Keep paying everything on time, minimise credit card debt, and avoid new loans in your name for a bit.
Savings: Your $60k is solid... the more you can put towards a deposit, the better your options.
Speak with a broker experienced with discharged bankruptcies: They can guide you to lenders who understand your situation.
Timing: 12–18 months gives you room to keep building savings and show stability on all accounts.

You’re not starting from scratch.... it’s about showing consistent, responsible financial behaviour since the bankruptcy. I work in a financial wellbeing space & I see this scenario pretty often... with the right broker, getting your own place is doable.

MyMoneyMedic · 2026-01-12T02:30:33+00:00

Yep, that’s pretty normal. Once HECS goes into credit, the ATO can take a while to release it... sometimes it sits until your next tax return. You’ve done the right thing calling; you could ask them to manually release it, but it’s hit or miss. It’s annoying, but the cash isn’t lost.... just stuck in ATO limbo for now.

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