asparagusmum
11-03-2008, 15:18
Hi
We just moved to Gold Coast recently and renting at the moment. But we are looking at moving out and getting our own home soon as the landlord had been really unkind and the place is not so kid-friendly (we have 2 infants and expecting the third soon so we are probably too noisy for our neighbours who are mostly retired in the complex)
The homes here are quite expensive, we need a 4 room (split the kids in 2 rooms and my husband works from home) which are going at over 450k in the market. We don’t have any other loans or debts, except for my HECS, but my husband is working freelance (foreign income) and doesn’t have a steady income, he is also still on a visitor visa and hasn’t gained residency (I am Australian citizen though, but have been living overseas for the past years). I heard there is a first home owners grant for 7000 dollars, but that will only cover the fees. The interest rates are looking like over 9 % and we wonder how we can afford to pay the mortgage? Are banks the best to go for loans? I have seen other loan companies but are they safe? Will we be able to borrow much when my husband doesn’t have a steady income?
My parents who live nearby are willing to help with either lending us some money for the down payment or using their house as equity. Which will be better? I know the homes further out are cheaper, but we prefer to be close to my parents, the suburb they stay in is abit cheaper already, but homes are still over 450 k for 4 rooms. We can’t even imagine buying anything more central for 5 – 600 k!
We are not sure where to start, should we just go to the bank first and ask? We are worried that the house will not appreciate in value after we buy it especially now that hardly anyone can afford a home, or should we just find another place to rent?
Any suggestions will be greatly appreciated!
We just moved to Gold Coast recently and renting at the moment. But we are looking at moving out and getting our own home soon as the landlord had been really unkind and the place is not so kid-friendly (we have 2 infants and expecting the third soon so we are probably too noisy for our neighbours who are mostly retired in the complex)
The homes here are quite expensive, we need a 4 room (split the kids in 2 rooms and my husband works from home) which are going at over 450k in the market. We don’t have any other loans or debts, except for my HECS, but my husband is working freelance (foreign income) and doesn’t have a steady income, he is also still on a visitor visa and hasn’t gained residency (I am Australian citizen though, but have been living overseas for the past years). I heard there is a first home owners grant for 7000 dollars, but that will only cover the fees. The interest rates are looking like over 9 % and we wonder how we can afford to pay the mortgage? Are banks the best to go for loans? I have seen other loan companies but are they safe? Will we be able to borrow much when my husband doesn’t have a steady income?
My parents who live nearby are willing to help with either lending us some money for the down payment or using their house as equity. Which will be better? I know the homes further out are cheaper, but we prefer to be close to my parents, the suburb they stay in is abit cheaper already, but homes are still over 450 k for 4 rooms. We can’t even imagine buying anything more central for 5 – 600 k!
We are not sure where to start, should we just go to the bank first and ask? We are worried that the house will not appreciate in value after we buy it especially now that hardly anyone can afford a home, or should we just find another place to rent?
Any suggestions will be greatly appreciated!