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House deposit - how did you do yours? Rss

Hi there,

My partner and I are both entitled to the first home owners grant (assuming its still around when we come to buying!) and are currently paying off our debt so that we can start saving for our own home!

Anyways, I was just wondering with all the new schemes that are constantly advertised I was just wondering how you went about it and how much you had for your deposit?
I hope you are not in nsw, because that's going to be axed.I dont remember how much we had saved because it was too long ago 10% maybe

mum of 3 boys aged 11, 13 and 14

We were lucky in that my DH grandfather left him $25,000 in his will, that was only allowed to be used as a house deposit. We were also fortunate that when we bought, the first home owners grant was double. We built so got another $25,000 from the government so in total we had $50,000. Overall we contributed 10% plus fees and left some money over to finish the home.

I work as a home finance manager. I'm pretty sure that no lenders do 100% lending anymore, unless you have a parent guarantor, so the minimum deposit is 5% plus fees and charges. Your deposit needs to be genuinely saved over generally 3 months and has to realistic to your income. So lump sums from tax returns wont count, unless it is held for 3 months. The fees and charges you'll come across are government fees, ie stamp duty (not applicable in every state, I believe first home buyers buying in NSW, QLD and WA are exempt from stamp duty) and registration and transfer fees. You will also have lenders mortgage insurance to pay as well.

The first home buyers grant can be used towards your deposit, but you still need to show 5% genuine savings. Some banks allow (the one I work for allows this) rental payments to be used to verify genuine savings. So if you rent through a property manager and have been there for at least a year, that rent can be your genuine savings and you can then just use you first home grant as deposit.

I hope you are not in nsw, because that's going to be axed.I dont remember how much we had saved because it was too long ago 10% maybe


Im in WA - so hopefully they dont cut it!



We were lucky in that my DH grandfather left him $25,000 in his will, that was only allowed to be used as a house deposit. We were also fortunate that when we bought, the first home owners grant was double. We built so got another $25,000 from the government so in total we had $50,000. Overall we contributed 10% plus fees and left some money over to finish the home.

I work as a home finance manager. I'm pretty sure that no lenders do 100% lending anymore, unless you have a parent guarantor, so the minimum deposit is 5% plus fees and charges. Your deposit needs to be genuinely saved over generally 3 months and has to realistic to your income. So lump sums from tax returns wont count, unless it is held for 3 months. The fees and charges you'll come across are government fees, ie stamp duty (not applicable in every state, I believe first home buyers buying in NSW, QLD and WA are exempt from stamp duty) and registration and transfer fees. You will also have lenders mortgage insurance to pay as well.

The first home buyers grant can be used towards your deposit, but you still need to show 5% genuine savings. Some banks allow (the one I work for allows this) rental payments to be used to verify genuine savings. So if you rent through a property manager and have been there for at least a year, that rent can be your genuine savings and you can then just use you first home grant as deposit.


Thanks heaps for the info! Was very helpful!
We dont plan to buy for atleast another 3 years probably but all the info is helpful in getting an idea of savings goals smile My partner has a personal loan from before we were together and an almost maxed credit card gasp that we plan to pay off in the next 12 months (both of them) and then the money that we would normally be putting towards these debts we plan to then save. Along with any lump sums we gain such as tax returns etc.

One thing we were thinking about doing was not claiming the family tax benefit in installments but instead claiming it as a lump sum to be put into savings (Im not sure how much it would even be to be honest - Im not great with working out centrelink stuff!) The way we see it is we woudnt normally have this money so what we dont know we wont miss!

Our bubba #1 will be arriving soon and I am entitled to the governments paid maternity leave so we will be using much of this to pay off debts and get on top of our finances.

Ive been learning to be quite thrifty in regards to meal planning and trying to cut costs where we can so hopefully this can continue after bubs arrives! I also plan on using cloth to save money on disposables and hopefully breastfeeding for as long as possible to not have to fork out money for formula.

So hopefully we can get ontop of things and begin saving for our little families first home - its a big goal of both of ours smile We're both sooo tired of throwing money into someone elses pocket (rent) and just want to know that this money is actually being used to pay off our own home! smile
Just bear in mind that when you own your own house you are paying more than just the repayments. You have rates [around $370+ p/qtr] and then water usuage [around $250+ p/qtr] then if something should go wrong, which is quite likely, then its your responsibility to fix it. Unless you get a brand new spanking home with EVERYTHING you desire then you will also be paying out for things like a new deck, painting, plumbing, tiling etc. Granted these things can be done over time but from experience you will want it done NOW. lol.

Your house repayments will also be quite a bit more than your rent.

Good luck though. Theres nothing like owning your own home. No more rental inspections. No more someone selling the house when they want to. The feeling of security and stability is great. You will probably find that you will buy something that you normally wouldnt rent [esp if the budget is tight].

We were lucky in that my DH grandfather left him $25,000 in his will, that was only allowed to be used as a house deposit. We were also fortunate that when we bought, the first home owners grant was double. We built so got another $25,000 from the government so in total we had $50,000. Overall we contributed 10% plus fees and left some money over to finish the home.

I work as a home finance manager. I'm pretty sure that no lenders do 100% lending anymore, unless you have a parent guarantor, so the minimum deposit is 5% plus fees and charges. Your deposit needs to be genuinely saved over generally 3 months and has to realistic to your income. So lump sums from tax returns wont count, unless it is held for 3 months. The fees and charges you'll come across are government fees, ie stamp duty (not applicable in every state, I believe first home buyers buying in NSW, QLD and WA are exempt from stamp duty) and registration and transfer fees. You will also have lenders mortgage insurance to pay as well.

The first home buyers grant can be used towards your deposit, but you still need to show 5% genuine savings. Some banks allow (the one I work for allows this) rental payments to be used to verify genuine savings. So if you rent through a property manager and have been there for at least a year, that rent can be your genuine savings and you can then just use you first home grant as deposit.


really??? about your rent? Cause we pay ALOT in rent....more then what a house payment would be for the amount we want to borrow!!! but due to this we are finding is difficult to save.

can i ask who you work for, so we can look more into this? we would be HUGELY interested!!!!!!!




really??? about your rent? Cause we pay ALOT in rent....more then what a house payment would be for the amount we want to borrow!!! but due to this we are finding is difficult to save.

can i ask who you work for, so we can look more into this? we would be HUGELY interested!!!!!!!


I work for Wesptac. I should also mention that you may still require some cash towards the purchase as the maximum loan amount is 97% of the property value, which will include some of the mortgage insurance fee. With the rent being paid shows your genuine savings, it doesnt matter where your deposit comes in. It can be a gift, first home grant, funds from a personal loan - although this will be counted as a liability and may impact your borrowing capacity.

With rent prices and cost of living it can be very difficult to live comfortably and save thousands for a deposit. Now seems to be a good time as there is so much competition out there between lenders, so it's easier to get better rates than it was a year ago. Also, although the lending criteria is still tough, it's things like being able to use rent as genuine savings that makes it that little bit easier
We paid $540 000 for our house about 15months ago and paid $140 000 deposit. So our loan was $400 000. Our Stamp duty was about $19 000.

We also our a house with DF's brother so we were not entitled to first home owners grant.

We actually pay the same amount for our mortgage as we did in rent. We bought in a less desirable suburb and rent around here would have been cheaper. Although not much!

We had to combine both the other house and this one on the same mortgage to get approval even though we paid $140 k deposit as DF is on a low income (but currently unemployed) and I am currently on maternity leave and don't plan on going back to work until our youngest is at school.

The only difference we pay in regards to mortgage to rent is the rates and water. Usual monthly payment are the same.



we didn't have a deposit at all. Basically I paid rent for 1.5 years when I moved out of home, decided that there was no way I was going to waste money doing that so went to the bank and asked how much we could borrow. we found a house pretty quick ($100,000 - which we thought was heaps, but it was 10 years ago... gasp ) the real estate agent asked us how much deposit we had. obviously we had never looked into it before, didn't know we needed one etc. He asked if we could scrape together $1000. So we just gave him all of our pays that week and ate porridge for a week! grin
We had my parents go guarantor as we had not a dollar to contribute!

Basically they just guarantee that if we default on our payments - that my parents would be responsible for 20% of the loan. That sounds risky.... but - we knew we would not be defaulting on our loan, we had planned it to be affordable for our income.

AND.... we were told that as soon as our house value increased by 30% we could take them off the loan as guarantors. 3 months after we moved in, our house was worth way more and we took them off the loan. Having said that.. we built our house, and used our 25k first home grant on things like rain water tanks, reverse cycle, curtains/blinds, a fireplace, built in robes and our yard, so automatically there was an increase in value. It's different buying a house that's already finished as it might take longer to go up in value.




I remember how scared we were when we had our first house. But now our little ones are having a fantastic time in our spacious and children-friendly kitchen (bought at http://thehomeexpert.uk/offer/kitchens/ if you wondered). It's gonna be all enjoyable for you.
I like to work with big and innovative companies, so they always have something new to offer to the client. For instance, in this question with a house I found one nice rental company, they have the modern app (https://webcase.studio/industry/real-estate/) and they took all my documents + working contract without any deposit.. I don't know why... maybe I'm lucky...
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