How much deposit required

[markyy27]

We are both on good money (50k & 52k), but find it hard to save for a deposit due to high rents. are there any banks doing 5% deposit or less

 

[Pope John 11]

Your on a combined salary of €102,000 per year & you can't save for a deposit on a house due to high rents. I would have thought without any further details from yourself that you both could have easily set aside approx. €10-15,000/year (€20-30,000 combined)

1. What is your net monthly pay less TAX & PRSI
2. What rent are you paying at present
3. Where is all your income been spent at present, perhaps do up a money make over on this site - Loans, kids creche, bills etc
4. Is the rent you are paying in line with the current market rates or can you find somewhere cheaper
5. Are you spending more than you should be on unwanted items etc.

 

[dmos87]

Don't kid yourself re the high rent - move to a lower rent!! I earn about 1900 per month and I save 1,000.

Perhaps doing the money makeover section will help to highlight where your money is really going. If the rent is that high and you want to buy a house you need to sacrifice.

 

[ciano6]

OP, you're definitely doing something wrong, I'm afraid. i earn 51,000. thursday i got my fortnightly cheque and it is exactly €1145.08 so that would be about €2350 a month. I'm paying extra into pension. My wife earns almost exactly the same. So were are in roughly the same boat as you. We have been saving €20-25K each year for the last 3.
You need to seriously look at your outgoings.

 

[Pope John 11]

OP, you're definitely doing something wrong, I'm afraid. i earn 51,000. thursday i got my fortnightly cheque and it is exactly €1145.08 so that would be about €2350 a month. I'm paying extra into pension. My wife earns almost exactly the same. So were are in roughly the same boat as you. We have been saving €20-25K each year for the last 3.
You need to seriously look at your outgoings.

Well said , thought so, very good ciano6