Lets talk about housing and homelessness.

[lind9650]

There were 105,237 homeless in 2011 in Australia.

I believe the number has risen enormously since then. This is a disgrace to our country, and the politicians don't want to know about it.

With house sales and rentals at staggering unafordable prices the problem of homeless people will continue to grow..

Something will have to be done to change this. Federal and State Governments give permits for billionaire investments, but don't care that the average working person will never be able to own their own home. Low rental housing for low income families are being pulled down to make room for high rise, multymillion apartmrnts to be built.

I fear and feel for the younger generation, for the future of our grandchildren and their children. How can a young couple on average wages save AU$200,000.- for a deposit towards a housing loan when their rent is AU$450.- per week or more? Not everyone has well off parents to help or parents with whom they can live while saving.

What is the answer?

Erica

[imastawka]

To save for our deposit, we spent nothing,  and I mean nothing, unless it was

absolutely necessary, for a year.

Only when the kid needed clothing, when she grew out of something.

And even then it was from an op shop

It was a very hard year

Young ones today don't know how to go without.     Everything is a 'must have'

But I sympathise with the homeless who cannot help their plight.

[bushies.girl]

Can you still purchase a house on no deposit,?  News to me, am sure most banks want a min of 20% these days

Lurker I think you are in coastal NSW,  perhaps house prices are more expensive in your area    ..... I just checked RE.com for Hamilton SW Vic, there 37 houses for less than $200k, 30 of them are less than $150k   ... dont believe me, check for your self

[lurker172602]

I can remember, after we wrangled bought our first home, sitting huddled over a one bar heater (in Canberra in winter I might add!) agreeing to try to save $1 per day so we could buy a dishwasher LOL.  Luxury!

[lurker172602]

No I don't think you can these days bushie.  

One of our kids and his partner are trying to buy their first house atm and really struggling.  Their problem is, even though they have a tiny townhouse, the amount they would get for that now wouldn't cover what they owe on it.  They would have plenty of borrowing power without that.  

Trouble is there has been so much apartment development where they live, no one wants to buy what they have.  They are desperate to get into a bigger place and then increase their family. I don't know what they are going to be able to do.  I suspect we may be called on to help them out.

[imastawka]

You can get 95% from most places, but you can still get 100% if you have

a guarantor from some banks

https://www.finder.com.au/home-loans/no-deposit

[bushies.girl]

That makes it difficult Lurker  ...... banks seem to have really tightened up since the GFC  ..... I am sure there are many people in a similar situation, no deposit = no bank mortgage, these days

[lurker172602]

mmmmmm and that's where I think the bank of mumanddad may have to come in stawka

[imastawka]

Yeah, but I was brought up on the adage "You can't do for one, unless

you do for all"

If things go south, it hurts the others

Luckily,  I only have one

[bushies.girl]

In some cases you may be correct Stawka, in most cases with the big 4 banks min 20% deposit is required,  not everyone has someone who would be willing to guarantee a house mortgage, hell of a risk if the borrower defaults on the loan

[imastawka]

But our generation also had to pay 9-10% interest in the 70's

And way up to 18 1/2% in the 80's

The wussies kids these days are only paying 3.5 - 5%