Thanks to the above mentioned GFC I have bought myself my very first home, a gorgeous little 2 bedroom villa in a suburb of my home town that I've always wanted to live in, but never dreamed of being able to afford, short of winning the lottery. And it's only a street away from the Swan River where my dog Scully and I love going to walk and swim almost every day. Didn't think I'd ever be able to afford my own home anywhere and would be stuck renting and paying off someone else's mortgage for the rest of my life.
In order to stimulate the economy and hopefully prevent the country going into recession, the Australian federal govt increased a first home owner's grant to $14,000 which goes towards my deposit and legal/ settlement fees. But the best help came from my state government setting up a shared equity scheme, where I'd only have to borrow 80% of the property purchase price then buy the other 20% of the govt's share in the future.
The icing on the cake came this week with a 1% interest rate cut which increased my borrowing limit by $30,000, enabling me to put an offer on the Bassendean villa which was previously $3000 more than I could borrow before the interest rate cut.
Everything seems to be moving at light speed. Had only been house hunting for 1 weekend when I found the villa. Had a look through it after work on Wednesday, put in the offer on Friday and heard from the real estate agent just after lunch yesterday (Sat) that my offer had been accepted and the villa is now mine. Well almost mine. Have to wait for the govt to give final finance approval which could take 4-6 weeks. Crossing fingers and toes and every other body part that everything goes smoothly. If it does then I should be in my new home by the end of April.
A few piccies:
My new home, 'Moya'
A large grassed common area in the middle of the complex of 14 villas. My villa is on the end to the left of the tree.
The kitchen and dining areas looking towards the rear of the villa