Originally Posted by johnknight001 (Post 9829806)

how do you know their circumstances, i havnt saved a deposit due to spending all funds setting up, this includes all spare income up untill now, they could be the same,

Originally Posted by verystormy (Post 9830287)

We are looking at the same thing (if we decide to stay in Australia). We did have savings but a sudden death in the family wiped them out, but at the same time we have found our dream house after 2 years of looking so wouldnt want to lose it in the year it will take to resave a deposit. We will decide end of the month if its here on a 100% mortgage or back to the UK where we will rent while we save a deposit there as 100% mortgages are effectivly dead there.

There are lenders that do no deposit loans. You will pay a higher rate of interest, but a couple of years down the track you can swap lenders.

Some actually offer over 100% in order to include the legal fees and things in the loan.

Google no deposit mortgage and you will se a range. If you can scrape together 5% deposit then Comm bank have a mortgage thats very reasonable.

Originally Posted by verystormy (Post 9830287)

we have found our dream house after 2 years of looking so wouldnt want to lose it in the year it will take to resave a deposit. We will decide end of the month if its here on a 100% mortgage or back to the UK where we will rent while we save a deposit there as 100% mortgages are effectivly dead there.

.

Originally Posted by Bermudashorts (Post 9831724)

Why would you look for your dream home when you don't have the deposit to be able to do anything about it if you do find it? Sounds like torturing yourself.

We don't have a deposit either and our focus is to pay off the UK mortgage so we won't be getting one any time soon. Thus I will save looking for houses until I have saved my deposit. :)

Originally Posted by newlife_downunder (Post 9831492)

Thanks will take a look - as with us we have an 'emergency fund' should we need to get back to the UK, hopefully that won't be for sometime, but who knows what is around the corner.

We like the rental we are in - there is no problem along with our property managers they are fantastic, just we have the neighbours from hell and kids that just don't care, and there is no talking to them :frown:

I hope you get things sorted out - going back to the UK IMO would be a mistake, but each to their own :)

Originally Posted by bingobob777 (Post 9831819)

So you don't like the rental you're in :lol:

It could equally happen when you bought a house and with a near 100% mortgage in a falling market you could be stuck for a lot longer than when renting.

why not just get another rental and save a deposit, it would be a lot better in the short, medium and long term.

Originally Posted by Beoz (Post 9831832)

or just continue to rent indefinately. When there is such a difference between mortgage repayments and rent as there is in Oz, renting can be a far more attractive proposition.

Originally Posted by bingobob777 (Post 9831853)

Only reasons are choice and security.

Some people see it as dead money, but only because they aren't responsible enough to invest the money saved so that they can buy a house in the future.

Originally Posted by bingobob777 (Post 9831853)

Only reasons are choice and security.

Some people see it as dead money, but only because they aren't responsible enough to invest the money saved so that they can buy a house in the future.

Originally Posted by Turban Explorer (Post 9831940)

Agree. Sling it in the bank on term deposit - in a year's time when the market's taken a dump and Gillard's chucking 'stimulus' home buyer grants around that's the time to pounce.

Originally Posted by newlife_downunder (Post 9831492)

Thanks will take a look - as with us we have an 'emergency fund' should we need to get back to the UK, hopefully that won't be for sometime, but who knows what is around the corner.

We like the rental we are in - there is no problem along with our property managers they are fantastic, just we have the neighbours from hell and kids that just don't care, and there is no talking to them :frown:

I hope you get things sorted out - going back to the UK IMO would be a mistake, but each to their own :)

Originally Posted by Bermudashorts (Post 9831724)

Why would you look for your dream home when you don't have the deposit to be able to do anything about it if you do find it? Sounds like torturing yourself.

We don't have a deposit either and our focus is to pay off the UK mortgage so we won't be getting one any time soon. Thus I will save looking for houses until I have saved my deposit. :)

Originally Posted by newlife_downunder (Post 9829405)

I know this has probably been done time and time again but here it goes...

Currently renting and have been for last 16 months (in the same place).
Thinking about purchasing own home, however, we came to QLD with only little funds, which has soon diminished. So have no deposit to put down. We both work full time, with minimal outgoings (car loan, general living expenses).

Has anyone been able to get a mortgage, with first time buyer grant only being used as a deposit?

Thanks

Originally Posted by NELBHOY (Post 9835328)

Have a look at the Devine.com.au website. They're offering new homes with no deposit for first home buyers in various locations in SE Queensland. Good luck:fingerscrossed: