It was hard for Kishore Mishra and his family to migrate from Dubai. It was even harder for them to get a home in Brisbane, with just a $50,000 deposit.
The Mishra family from right to left: Anamika, Abhyudaya, Arradhyra and Kishore. The four are moving out from their Clayfield apartment to a house in Wavell Heights. Picture: Nigel Hallett
Now a first homeowner, Mr Mishra said moving from their Clayfield apartment to a larger house in Wavell Heights was an important step for him and his family.
“We are currently in a rented accommodation, and there are too many restrictions,” he said. “Children cannot play outside, because there are some communities who complain. So we thought, ‘No: we should have our own home where we can live freely.’”
As a project manager in the energy sector, Mr Mishra was able to migrate with a global talent visa, moving to Australia to give his children a better education. When he arrived, he was surprised to find Australia’s housing market was rougher than he expected.
“When I came here, all my thinking was blown away,” he said. “It’s really tough, because we have participated in many auctions, and everywhere it was way out of budget … in Dubai, you will not find that culture of auctions.”
Dubai is an expensive place to live – but the Mishra family were still surprised at Australia’s housing prices when they migrated.
After months of searching, Mr Mishra and his family were finally able to buy a house with a deposit of a little under $50,000. There were caveats: it was only a 5 per cent deposit, and he needed to show his family had an additional 4 per cent (around $40,000) in their bank account, along with covering stamp duty rates.
Mr Mishra said the dual income provided by himself and his wife was the main reason the family could afford these expenses, so soon after migrating.
“Saving around $100,000 is not an easy job,” he said. “Luckily, me and my wife both are engineers.”
It’s tough to find homes for sale with smaller loans in Brisbane, but there are a few suburbs you can look out for.
Some areas in Brisbane still have homes you can afford for a 10 per cent deposit of $50,000, according to an analysis by Canstar.
While the Canstar analysis includes apartment units, LJ Hooker St Lucia agent Eddie Singh said finding houses for smaller deposits is still achievable if you plan ahead.
“First home buyers can benefit from Queensland government schemes that allow for deposits as low as 2 per cent,” he said; adding some lenders offer loans with 5-10 per cent deposits, and may waive premiums such as Lenders Mortgage Insurance.
“To get started, focus on your finances by creating a budget, saving regularly, and taking advantage of government schemes,” he said.
“If your deposit is limited but you have a good income, consider a guarantor loan. It’s also wise to work with a mortgage broker to explore the best loan options.”
The Mishra family are happy to be moving to a place that gives them a little more freedom. Picture: Nigel Hallett
It’ll be a long road to pay off the mortgage for the home, but the Mishra family isn’t looking to move again.
“Australia has much better education than the UAE, and [my] children are growing,” he said. “When [our] kids start living there, they will have their friends – we will have our own society. We’ll know each other, our neighbours. And after maybe one year, or two years, you don’t want to leave.”
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