|Quote, originally posted by Super 180s »|
|Even in 'lesser' suburbs, a flat is ~$500k, which means $100k cash upfront. $100k!! Where the **** are people meant to find that kind of money unless you're dealing drugs?!|
Work out how much your mortgage repayments are going to be - say $3.5k/month. You obviously need to be able to afford the repayments, so you should be able to save $2500/month while paying rent on somewhere to live. So it'll take you 40 months to save up your $100k, which is just over 3 years. But f*ck saving for the whole thing, just invest wisely your 2.5k/month, and you should be able to do it in 2.5 years.
Or just go for a 10% deposit, save slightly less & have your deposit in two years - then get hit with mortgage insurance, higher repayments, etc.
Saving for an apartment - you're doing it wrong...
(I took 2.5 years to get my deposit and was saving less than I should have, but had help at the end with a great return from an IPO - otherwise it would have been 3.5 years)