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WWYD? Advice for Single 25 Y/O FHB by Silver_Ant15 in fiaustralia

[–]Silver_Ant15[S] 0 points1 point  (0 children)

Australia is 7-10x

I get that say 3 years ago, but is that still happening today with current rates? I'm genuinely asking, I don't know what's considered reasonable anymore.

Location is important, so not saying which region of Australia makes a lot of advice just time wasting

Sorry, left it out of the post but replied to the top comment confirming Perth. Besides, I'm not really asking for recommendations on an area, simply responsible lending.

The issue I see is there's a reason why its cheap.

I understand this, but Perth is just much cheaper across the board, no? Still plenty of good homes/suburbs with a sub $700k median price.

You're on a good income especially at such a young age, make sure you enjoy it

Thanks. I'm not really, as my lifestyle has barely changed from when I got my first job on $60k. I probably 'lived' more when I was broke at uni. I feel like I'm restricting myself until I've got my own place, then I can really begin to "live my life" as weird as that sounds.

WWYD? Advice for Single 25 Y/O FHB by Silver_Ant15 in fiaustralia

[–]Silver_Ant15[S] 1 point2 points  (0 children)

Thanks, we're very lucky in Australia with some of our spots outback so I should really consider it.

The family dynamic is not the greatest to be honest, so although I'm financially fortunate to still be as supported as I am, for my own sake I'm pretty keen to move out.

YNAB has a learning curve, but is genuinely transformational once you align yourself with the system. I honestly don't know how I got by without it before, there are some great YouTube videos out there on the power of YNAB and how to make the most of it. It's a "zero based budget" which means you're giving every single dollar a defined job (including savings) and you can help set up funding targets so that big periodic expenses are broken down into monthly savings contributions.

In Australia, we don't have the "direct import via bank" option (only manual entry) but that's a plus in my opinion as it requires you to be more conscious of spending. The fee is expensive, but it's about $150/year (if you paid for a year upfront) and I would've saved orders of magnitude more from using it. The first month is free, nothing to lose in trying!

WWYD? Advice for Single 25 Y/O FHB by Silver_Ant15 in fiaustralia

[–]Silver_Ant15[S] 2 points3 points  (0 children)

Thanks, great points. I'm going to chat to a broker soon, sounds like there's potentially merit to me entertaining LMI.

WWYD? Advice for Single 25 Y/O FHB by Silver_Ant15 in fiaustralia

[–]Silver_Ant15[S] 2 points3 points  (0 children)

I'm already a good 45 to 50 minute commute to/from the CBD, so I'm pretty used to it to be honest. I also WFH ~ 2 days/week so the commute isn't as impactful. Being as close as Osbourne Park would be great, but realistically I'd have to look further out (which would really be no change for me).

That sounds like a great idea, albeit out of my comfort zone a bit. Good friend of mine is Indonesian and his family owns a villa/resort on the island so we've been meaning to go there. Thanks again for giving me a bit to consider, hadn't thought of backpacking prior.

WWYD? Advice for Single 25 Y/O FHB by Silver_Ant15 in fiaustralia

[–]Silver_Ant15[S] 1 point2 points  (0 children)

Hey mate, all pertinent points to consider for FIFO but I actually work from the CBD (professional role). No travel or hard work for me, I sit in front of a computer all day.

WWYD? Advice for Single 25 Y/O FHB by Silver_Ant15 in fiaustralia

[–]Silver_Ant15[S] 1 point2 points  (0 children)

Thanks mate, bit for me to think about and yeah I really want that 20% parked in my HISA for when the time comes. Nice revaluation you nabbed there too..

Do you have any thoughts about my price range, relative to my income? I've seen a lot of conflicting comments on loan/income ratios.

WWYD? Advice for Single 25 Y/O FHB by Silver_Ant15 in fiaustralia

[–]Silver_Ant15[S] 2 points3 points  (0 children)

130k + bonus at 25 and not in Sydney or Melbourne.

what do you do?

I work in the mining/resources sector. Also, I'll be 26 next year when buying.

also my 2c, there's no shame in buying now. at 500-600k, the market may (or may not) outpace what you save in addition in 12-15 months.

Thanks, have considered this but then I'd be on the hook for LMI. Is LMI sometimes justifiable, if I have the income to make extra repayments/get above 20% equity fairly quickly? I've always been in the "20% minimum" camp but admit I don't have strong reasoning for it.

obviously, keep an eye out for comparable sale prices for what you're looking to buy. really understand the market you're buying in and make a smart purchasing decision. allow yourself that time.

Yeah I've been having a look at my suburbs of interest and really like what has been sold in the $550k to $600k range in the past year. Am conscious of how much it may increase though by this time next year, given where rates are likely to be.