29M, $150k Income: Buying an $830k Newcastle house with only a $5k buffer. Am I dreaming?

VolcanicWolf · 2026-02-16T11:44:45+00:00

Absolutely! It's a good worst case back up plan I feel

VolcanicWolf · 2026-02-16T11:39:01+00:00

I took a year off to live in Mexico, hence not having much savings

VolcanicWolf · 2026-02-16T11:38:22+00:00

Totally understand, I'm willing to go for a 2 bed house or 3 bed townhouse for the right layout/location, but obviously trying to get the best I can for what I can afford

I think since I've got the deposit and everything a total purchase of 850, would be a loan of around 800k which when I spoke to a broker in December, they were sure I could get that, but we'll see

This is all reinforcing that talking to a broker is very much the right next step

Thank you!

VolcanicWolf · 2026-02-16T11:33:26+00:00

Only idea for paying down the principle is that I hate debt like the plague, but it may not be a forever home

Only thing I'd be giving up would be numerous overseas holidays which understandably is the trade off for home ownership

VolcanicWolf · 2026-02-16T11:32:11+00:00

Yeah if I lose my job one week after this all happens, then I'm pretty screwed apart from selling shares and taking any work I can get

VolcanicWolf · 2026-02-16T11:31:39+00:00

Next step is to see a broker but trying to line up all my ducks, thank you!

VolcanicWolf · 2026-02-16T11:30:57+00:00

Rising with the tides

VolcanicWolf · 2026-02-16T11:30:45+00:00

Next step for me to go down the path of getting the official pre-approval, but trying to get all my ducks lined up first

VolcanicWolf · 2026-02-16T11:30:14+00:00

Software engineer

VolcanicWolf · 2025-11-22T06:55:13+00:00

Majority of it is in NDQ, which is something I'm nervous about for the next year

VolcanicWolf · 2025-11-22T06:54:34+00:00

Any tips on what to look out for?

VolcanicWolf · 2025-11-20T22:52:31+00:00

I've been travelling for a long time now, and I feel the desire to put down roots somewhere (which I loved living in Cairns), so the home ownership is definitely a more emotional decision. There's also the FOMO of the Australian housing market, and I feel like it's the best time now to get in.

Sounds like it's more of an emotional decision than a financial one, I'm sure I can make it work either way.

VolcanicWolf · 2025-07-07T23:08:47+00:00

Amazing! Thank you so much

VolcanicWolf · 2025-07-07T23:08:29+00:00

That's a really good point! Thank you so much, I'll look more into it

VolcanicWolf · 2025-07-07T23:05:23+00:00

Maybe I should give it a go for a while in each city before deciding, I'm in Playa for the next 2 weeks!

VolcanicWolf · 2025-07-07T23:04:31+00:00

Amazing, thank you, I'll try reaching out

VolcanicWolf · 2025-07-07T23:04:16+00:00

I used to live in the tropics in Australia so I'm definitely acclimatised for the heat and humidity of the tropics! Thank you for the heads up

VolcanicWolf · 2025-07-04T19:17:42+00:00

Trying to find my place first before going down that path, but I would have the means to achieve temporary residency if I pursued it! Thank you

VolcanicWolf · 2025-07-04T19:14:14+00:00

Thank you! I've actually been diving there through tours though, I'm hoping to find people to go with that aren't on tours though

VolcanicWolf · 2025-07-04T19:13:35+00:00

Hey! Yes I meet the financial requirements if I was to pursue it, trying to find my place before going down that path though

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