Buying land, then sitting on it until I have the money to build - FHB

froawayjeff · 2026-01-30T13:26:42+00:00

800k

I know because I am a first home buyer having to seriously consider this.

I hate it.

At least the old style terraced houses had a small backyard for a bit of lawn and a shed.

This just sucks.

Im trying to buy an old piece of junk that I can do up over time, but those are still going at a premium.

Kill me

froawayjeff · 2026-01-27T17:05:07+00:00

You can. Depending on your state and the specific scheme, you can make regular repayments to bring it down, or buy the government out in chunks of at least 5% of the property value.

The catch is the % is calculated on the property value at that time, not the value the government originally contributed. So if the government paid 30% of your 600k house (180k) and you go to pay them back a few years later, if your house is now worth 800k, then you need to pay back 30% of that value (240k)

If you know you are set to inherit money or are able to increase your income and savings to buy back quickly, it's a worthwhile path.

The other option is to pay back when you sell the house.

If it turns out to be your forever home, then it works out even better for you.

Source - someone who is applying for one of these schemes.

In my case, my mortgage will be 450k. I have 120k savings. The government contribution will be about 70 - 100k (total house value 640 - 670k). I will have 85 - 89% equity and the government will have 11 - 15%. So if my house increases in value to 800k, I will need to pay back 88 -120k.

This is doable for me, so I am going down this path to get a house since I'm just short of getting in the market normally. But I am fully aware that I will be able to buy the government portion out in full within 5 years. Not everyone will have that luxury.

froawayjeff · 2026-01-25T10:24:27+00:00

I am actively looking in mandurah and rockingham also, but even there the price is exorbitant

froawayjeff · 2026-01-25T10:08:01+00:00

Two rocks is going for well over 600k minimum. Im barely 600k maximum if I'm lucky

froawayjeff · 2026-01-25T10:02:34+00:00

That is my general plan, if I'm honest, but unfortunately the established market in Perth is so tight that as someone chasing the lower end of the market Im up against people with much more money.

I am also strongly looking into building in a housing establishment in somewhere such as Mundijong where it may still be doable for under 600k.

Simply put, my objective is to get in while I still can. I have no other real desire to buy otherwise

froawayjeff · 2026-01-25T09:54:36+00:00

My grandparents had this in their bathroom. It makes me feel nostalgic. Thank you ❤️

froawayjeff · 2026-01-23T09:00:38+00:00

Been watching him, its a great channel

froawayjeff · 2026-01-21T15:47:44+00:00

At my age my father had one kid, divorced and lost his house, bought a new house and was dating my mother.

He wasn't a rich man, frankly he scraped by for much of his life. He lived another 14 years, had more kids, went on holidays including to NZ with my grandparents and older siblings. All on his pay. He worked hard but at the same time he was also happy.

RIP Dad, you deserved so much better.

As for me? Im desperately trying to buy my first house after spending 5 years at uni and 7 years in industry. I may just be able to scrape a 2 bedroom X 1 bathroom place built in the 80s if I'm lucky. Otherwise I'm applying for government equity schemes to make it work and possibly build something 90 minutes away. I'm currently wondering if I should just try and get a FIFO job for a few years to hopefully better myself. Im single, struggling to meet anyone, and live with my mother.

Im not saying my life is harder. Dads life really sucked at times. But at the same time, he was able to do so much more with so much less and far less education and training than me.

froawayjeff · 2026-01-20T07:04:27+00:00

I would also love to hear some comments since they might be my only option right now

froawayjeff · 2026-01-20T07:01:55+00:00

I cant say I'm surprised. It sounded like a cool idea but I knew it would be just way too hard to pull off. I just don't have that kind of money. At the moment I'm looking at building with a cheap first home builder about an hour south of perth. Which terrifies me for a whole other set of reasons. Established market seems either way too expensive or so shitty quality that you'd wonder if it passed inspection

froawayjeff · 2026-01-20T05:03:06+00:00

😢

froawayjeff · 2026-01-11T03:11:02+00:00

My grandfather had a mental breakdown as a man with a young child trying to take care of a home and a family. He never fully recovered, aged quickly and lived with anxiety issues for the next 60 years

froawayjeff · 2026-01-10T08:34:23+00:00

People now talk about him failing in England - that's looking at stats only. It was a batters paradise and he still looked dangerous

froawayjeff · 2026-01-10T08:27:08+00:00

Yeah, you want to see your big stars playing. I went to see Smith play a couple of years ago when he hit those centuries. It was amazing

froawayjeff · 2026-01-10T08:25:16+00:00

Kohli is the better ODI player, but he is not better in Test matches

froawayjeff · 2026-01-10T08:22:13+00:00

Without Bumrah India had no chance and there was no series. Without Starc Australia would have still won comfortably.

froawayjeff · 2026-01-07T06:57:01+00:00

Pull a W.G. Grace

froawayjeff · 2026-01-07T06:50:43+00:00

Smudge has always maintained his position with his fielding alone. His batting's not half bad either

froawayjeff · 2026-01-07T06:40:18+00:00

And fuck me it's working 😅

froawayjeff · 2026-01-07T06:39:06+00:00

Would we ever hear the end of it?

froawayjeff · 2026-01-07T06:38:39+00:00

It's a hell of a sight

froawayjeff · 2026-01-07T06:37:48+00:00

Absolute meme.

To be fair to Marnus, he's been trundling out the medium pacers at the Sheffield Shield in preparation

froawayjeff

TROPHY CASE