To all the Results program graduates thank you for your generous input.  You have all taken the leap of faith and had the courage to follow your dreams and the courage to grow and stretch yourself.

Thanks for the compliment Clare2008!  Though I can't take the credit for it – it was someone elses! .

There are a couple of options but the bottom line is that until your mum sells and releases the equity as can give you a gift of $60K cash, you will be, in effect, repaying a loan of about $196K (Stamp duty, conveyancing added less $14K first home loan grant).  Repayments on a $210K loan are around $322 per week plus rates of about $28 pw and strata fees of at least $20 per week.  This means that out of a $600 take home pay, you will have $230 to pay electricity, fuel, food, insurance etc.

If you were able to live with your mum for a 6 months and save $370 per week, you would be and extra $9620 in front and should still be able to buy a unit before 30 June 09 and get the $14K grant.  This would also give you a good idea of what it is really like to be committed to a loan of the size you are considering.

Personally, I would prefer to see if you could wait until she sells or live with her until she sells (whilst saving hard) as this will greatly lessen the amount you would need to borrow.  This is if you can live together harmoniously! 

Never under estimate the stress and hardship that comes from being financially over committed.  However, that said, a little bit of hardship builds character and will allow you to get into the market.

Back to you original question…  Your mum could get a line of credit for $60K which you could agree to repay as well as the repayments on your home loan.  This is a bit risky for your mum, should you default on your repayments.  Or, your mum could use her unit as security to allow you to borrow the full amount – again, very risky for your mother.  I am sure the financial gurus in here will respond with some other solutions or correct me if I am wrong.

So how is everyone enjoying the roller coaster ride???

How do these sales work exactly?  Anyone?

If it is possible, I would consider getting rid of the entrance on the left if that is the pokey one you mentioned. Either close it in or put a long window in there for extra light.  Then remove the steps and those other bricks.

I agree with Finni about opening up the verandah, and then paint the whole lot to make it look more 'together' and harmonious.  Not sure about that tree/shrub – would have to know what it was first.  Perhaps the shutters on the verandah could be removed from the verandah and placed over other windows if the location is hot.  If they also had a new coat of paint as well so they matched the rest of the house.

The front fence does look a bit daggy and the vine untidy although it may look glorious with a bit of a prune and fertiliser etc.  Put in some shrubs with garden edging of some kind and a nice layer of mulch or wood chips.