+ Reply to Thread
Results 1 to 8 of 8
  1. #1
    Join Date
    Jul 2012
    Posts
    136
    Thanks
    5
    Thanked
    22
    Reviews
    0

    Default Buying a house

    .
    Last edited by IndieBelle; 24-09-2014 at 19:26.

  2. #2
    LifeInShadesOfGrey's Avatar
    LifeInShadesOfGrey is offline Just a little bit silly :)
    Winner 2012 - Best Username
    Join Date
    Feb 2011
    Posts
    5,672
    Thanks
    2,052
    Thanked
    1,364
    Reviews
    35
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Subbing out of interest

  3. #3
    Join Date
    Aug 2010
    Posts
    2,654
    Thanks
    736
    Thanked
    423
    Reviews
    1
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    Okay a quick rundown:

    Yes grants can help with deposit but you still need savings. You need to prove to the bank you are disciplined enough to save / make loan repayments.

    Most lenders require a minimum of 5% of purchase price - but the more the better. And don't forget on top of that you need to cover fees - stamp duty (not sure of concessions available in QLD), conveyancing etc. Which can be 15-20k ++.

    Keep in mind when you do own a home it's not just the mortgage and normal bills you are paying. You also pay rates, water, building insurance and any maintenance

    Do you have other liabilities? (Credit card, store card, interest free purchase, personal or car loan)? Try to pay these down as well.

    Your best bet is to speak to a mortgage broker. Mortgage choice do not charge. You should do this soon and they'll give you a better understanding of where you are now vs where you need to be to buy.

  4. #4
    Join Date
    Jul 2012
    Posts
    136
    Thanks
    5
    Thanked
    22
    Reviews
    0
    Thanks for that. Seems like it will be out of reach for us for a while Just got to work on our savings

  5. #5
    Join Date
    Sep 2012
    Posts
    369
    Thanks
    70
    Thanked
    61
    Reviews
    0
    Indie belle I fully recommend going and seeing a mortgage broker! We thought we would be turned away at the door 3 months later we bought our first house! If anything they get you motivated to save for that house

    Sent from my HTC One XL using The Bub Hub mobile app

  6. #6
    Join Date
    Jul 2012
    Posts
    136
    Thanks
    5
    Thanked
    22
    Reviews
    0
    Thanks, I might look into that then. Worst week this week. Pay day finally came around and hubby says "Can you pay the electricity bill" (he gets paid next week) so BOOM! My entire pay gone in one bill :/ Not much savings happening at the moment :P

  7. #7
    Join Date
    Feb 2012
    Posts
    201
    Thanks
    22
    Thanked
    48
    Reviews
    0
    Congrats on your pregnancy indiebelle!!

    Buying a house is a huge commitment and huge debt. Most banks and brokers will lend more than you can afford, not leaving room for many surprises. Also you will have to pay mortgage insurance if you borrow over 80% without a parental guarantee (ie when your parents or someone uses there property to secure your loan)

    Also need to consider that interest rates are very low atm and can increase anytime 5 years ago before gfc they were up around 10%

    Not sure about other states but fhog is no longer available in qld it is now only for first home owners who build their own house or buy one that has never been lived in and built in last 12 months

    Don't get me wrong it is def doable but make sure you allow for the unforeseen unfortunately I see all too often how terrible things can go for ppl when unable to meet house repayments and the repercussions of a bad credit rating

    Good luck please don't think I'm trying to scare or talk you out of it but make sure you are fully informed

    Dh an I bought 5 years ago and it's great having your own home bit nervous as I'm expecting twins in oct and up until now have always worked full time so will be a huge adjustment

  8. #8
    Join Date
    Mar 2010
    Posts
    5,687
    Thanks
    1,089
    Thanked
    4,057
    Reviews
    3
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Definitely see a broker, let them know you're wanting to work out what you need to do to be in a position to buy.


 

Similar Threads

  1. Buying a house
    By Tutu & Lulu in forum General Chat
    Replies: 3
    Last Post: 02-08-2012, 18:48
  2. Buying a house
    By LivinOnAPrayer in forum General Chat
    Replies: 23
    Last Post: 04-07-2012, 10:44

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
free weekly newsletters | sign up now!
who are these people who write great posts? meet our hubbub authors!
Learn how you can contribute to the hubbub!

reviews
learn how you can become a reviewer!

competitions

forum - chatting now
christmas gift guidesee all Red Stocking
Fridge-To-Go Australasia
Xmas with a NEW Fridge-to-go Lunch Bag! Fridge-To-Go Australasia
Fridge-to-go 8 hour cooler bags are ideal under the Christmas tree! Now in modern lunch bag designs - fill them with toys and chocolate to make parents and kids happy! Stay super cool and eat healthy and fresh food all summer long!
sales & new stuffsee all
CarmelsBeautySecrets
Growing your own natural nails is easy. Years ago, I devised a simple and very effective technique which really helps boosts the nails' growth in as little as three days! And most importantly keeps them that way.
featured supporter
Heinz Baby Basics
Our BPA Free range offers you a choice for every stage of your baby’s feeding development. You’ll love our brilliant colours, inspired designs and innovative features. Heinz Baby Basics caters for your baby’s needs!
gotcha
X

Pregnant for the first-time?

Not sure where to start? We can help!

Our Insider Programs for pregnancy first-timers will lead you step-by-step through the 14 Pregnancy Must Dos!