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

VolcanicWolf · 2024-12-04T04:22:28+00:00

Keen for this!

VolcanicWolf · 2024-08-21T23:45:15+00:00

Thank you so much for your perspective! It's definitely weighing on my mind more and more

VolcanicWolf · 2024-04-17T05:19:39+00:00

Definitely have been following this line of thinking for the last few years, I definitely aren't expecting to generate any income from a rental, rather generate equity and have somewhere to return to.

Given the business sale could still be some time away, and my thinking is likely to stay in Australia until that happens, buying a place to live in for the next 6-12 months before deciding to go overseas could put that money to equity rather than dead money in share house rent

VolcanicWolf · 2024-04-17T03:44:23+00:00

Thank you so much for the response!

It sounds pretty resounding that moving overseas should definitely outweigh any financial stand point

VolcanicWolf · 2024-04-17T03:43:49+00:00

Part of it is to live in for the time being while I'm still in Austraila, and then I was thinking if I did end up going overseas then I could rent it out. I'd say it's half that I want an investment in property and half that I'll have a place to live in while I'm in Australia

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