How long did it take you to save up a down payment for a home?

posted 4 months ago in Finances
Post # 17
Member
5707 posts
Bee Keeper
  • Wedding: July 2018

It took us about two years and an additional year to save for the initial renovation work.  We saved a 10% deposit while renting in London and it took a lot of motivation, we cut our discretionary money to a really low amount and were saving about 40% of our income.  

We were lucky and during our sale there were some tax changes which saved us over 7k on stamp duty so we were able to put that to the renovation. 

 

Post # 18
Member
977 posts
Busy bee
  • Wedding: August 2019 - City, State

We got a 1st time home buyers loan with 0 down. Since Fiance is the sole owner, we plan to do the same the next time we buy and just put it in my name unless something changes our minds. 

Post # 19
Member
270 posts
Helper bee

Fiances parents loaned him the money to buy the condo we just lived in for two years (10% down). He’s using that money for his half of the downpayment on our new house, and we are splitting the small profit we made on the condo. I haven’t specifically saved for a downpayment, but I’m withdrawing the rest from my investment account. We are putting 10% down. We live in Canada, you can put 5% down and need 20% to not need mortgage insurance. We calculated the premiums at 5, 10 and 20 percent. At 5%, you’d pay a ton in CMHC insurance, but the difference between 10-20% was negligible so we opted to do a lower downpayment and have more money for things we’ll inevitably need after moving into the house.

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