Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Don't Let Your Dreams Turn to Nightmares

Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Don't Let Your Dreams Turn to Nightmares

Article excerpt

GROWING up, we think life will stay pretty much the same. The family home, playing sport or going to the beach of a weekend.

Those hazy days of youth. Then you got a job, saved for a car and the world opened up.

Elder brothers of our mates who were going steady with girls started saving to get married. They would get a second job, have dinner with her mother and father ... and go to the drive-in movies. All ways of saving to buy a house.

When it came time to build, everyone would pitch in and help out. Bare timber floors until they could afford carpet, blankets or sheets hung on the windows until they could afford blinds or curtains. The driveway was usually just sand or gravel until they could afford concrete. The garage came later.

Instead of looking forward to a triple-fronted brick veneer, a mate and I took off overseas. We went through the same ritual: A second job to save up for the fare.

Working in London during winter I remember saving for eight weeks to afford a 10-day trip to Ireland. Ahh, the things we do.

It seems things have not changed all that much today. Saving to get a deposit for a house or unit but also wanting to travel.

Yet we are a lot more innovative in the way we head into making one of the biggest decisions we will face. Couples, housemates, brothers and sisters are saving together to get a foot on the home ownership ladder.

The importance of being prepared for such a move can be swept aside by emotion rather than the cold hard facts. A proper deposit, perhaps having parents to go guarantor to save on mortgage insurance, not having that big a loan so as not to be exposed to rising costs and interest rates.

First home buyers looking to purchase existing property in Queensland in the immediate future need to give proper consideration to their options before entering the market following changes to the state's first home buyer grant, cautions mortgage broker, Mortgage Choice.

In the budget handed down on September 11, 2012, the message to first home buyers was to buy new if they wanted to benefit from government incentives.

The state's $7000 First Home Owner Grant has been replaced by a $15,000 First Home Owner Construction Grant, which applies only to newly-built or off-the-plan property purchases valued up to $750,000. …

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