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  1. #1
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    Default Selling and buying wwyd?

    Ok I am feeling totally deflated today. Please bare with me as this could be a long post

    So dh and I have decided after weighing up all options we want to move away from our current suburb to another one about 25 minutes away. The suburb we want to move to is where his family is and where we both grew up. It's a bit closer to the city too.

    I did the figures a few months ago and was certain that one of those online calculators worked out we could borrow exactly what we need just on dh's income as I am on maternity leave for a other 18 months. So today I decided to go through the pre approval part just to double check everything and we can't borrow the amount I first thought. Not even close. When I go back to work in 18 months we can. But not on dh's sold income. It's not the repayments that would be an issue, we can make them, it's the actual loan amount from the bank.

    In the meantime I have completed enrollment forms for the private school in the suburb we want to move to. They haven't begun processing or interviewing yet. But dd1 starts school next year.

    I am so stressed. I worry about everything. I don't want to chop and change schools and it's not viable to start sending her to the chosen school and drive each day while I'm still on leave.

    And then the other thing is I am not even sure dd1 is ready for school. She only just makes it for next year. Had she be born a day later we would be waiting a whole New Year. Her Kindy teacher told me that she is having trouble recognizing her name, the first letter of her name and isn't interested in learning at the moment. she said that she will keep monitoring her and try to find new ways to help her learn. I don't know if I should be holding her back from starting school next year. she should be starting prep in Qld.

    Anyway, back to the house issue. Do we stay where we are until I return to work? Do we sell our house and rent in the chosen suburb until I return to work?

    I think prices are on the rise around are area in particular with a major extension to the local shopping centre and another few big developments.

    Could we keep our house and rent it out and then rent in our chosen suburb and then sell towards the end of the year and hope we make a few extra dollars?

    Are there any more obvious options that I'm not considering? What would you do?

    As you can tell I have a few issues that are separate but then all intertwine and I guess I want the perfect solution that ticks all the boxes but I just can't work it out right now.

    Dh says we'll talk tonight.

    I feel like we need to decide something soon especially if dd is starting school next year...where ever that may be?

  2. #2
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    Does your DD need to start school next year? If not why not stay where you are and think about it all in another year.

    I understand and worrying and I'm slowly realising that trying to control everything means I'm controlling nothing. Let go and see how it feels if everything doesn't go according to plan and then see if you come up with any alternatives.

  3. #3
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    Subbing - I would be interested in the replies. We are planning on moving (from suburbs to country) and can't decide whether to rent out current house and rent in new area/ sell and rent in new area/ sell and buy in new area straight away.

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    Regarding your DD. If she only makes the cut off by 1 day and cannot recognise her name or spell her name, I would be inclined to hold her back. That extra 12 months may be all she needs to get enthusiastic about learning, and in the long run holding her back will do her no harm. For a slight comparison (I know you didn't ask for it), my DD will start school next year, she missed cut off for this year, but can write all her letters and spell about 30 words herself. That's about where most in her Kindy are at. However, it's only April and your DD may pick all that up this year. Will she be ready socially as that would be my main concern?

    Regarding the house, unless you think you will be squeezed out of the market in the suburb you want to move to in the next 12 months, I would be inclined to stay where you are. I can't see house prices changing that drastically, unless you are in a not so popular suburb now where it may take longer to sell.

    Best of luck, I'm a stressed person too when it comes to these things, so I feel your pain.

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    I would hold your DD back and stay put for another year or so.

    Its unusual for the bank to say no to a loan amount if you can make the repayments (along with all other outgoings of course). Usually they throw too much money at people! Not asking for details, but just be sure you are not taking on too much mortgage stress if you buy in this other suburb. Would you be able to pay for private school fees you mentioned if you had that mortgage amount? Would you be able to make any other savings? All things to consider.

  6. #6
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    Thanks for the advice ladies, I really do appreciate it. We have a lot to think about. Certainly not making any decisions tonight....

    In regards to dd and her schooling. Is anyone in Qld and know what's involved and how I would go about holding her back? I haven't made any decisions but would like I know how easy/hard it is and how I go about it. Might need to start a new thread if no one here knows...

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    It's quite normal for banks not to lend as much while your on maternity leave

    with your home - how is the market? Get an agent out to give you an appraisal so you can see if your figures are the same ( it may be worth more !) also see what prices are doing where you want to go , the market here in Sydney is booming so buying/selling in the same market works out the same but the prices can't keep going up so we are thinking it may cool down next year so selling now and renting may be an option for you , just sus out the market !

  8. #8
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    Quote Originally Posted by kw123 View Post
    I would hold your DD back and stay put for another year or so.

    Its unusual for the bank to say no to a loan amount if you can make the repayments (along with all other outgoings of course). Usually they throw too much money at people! Not asking for details, but just be sure you are not taking on too much mortgage stress if you buy in this other suburb. Would you be able to pay for private school fees you mentioned if you had that mortgage amount? Would you be able to make any other savings? All things to consider.
    Thanks. Yeah I really don't understand what's going on. Dh is going to call the bank to be sure. It's amazing how we can borrow very little on his wage and as soon as we add something for me, the borrowing power goes up very quickly. I don't believe we'll be under too much pressure and we were going to go into it interest only just until I return go work to take the pressure off. The private schooling fees aren't an issue at this stage.

  9. #9
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    Quote Originally Posted by Elijahs Mum View Post
    It's quite normal for banks not to lend as much while your on maternity leave

    with your home - how is the market? Get an agent out to give you an appraisal so you can see if your figures are the same ( it may be worth more !) also see what prices are doing where you want to go , the market here in Sydney is booming so buying/selling in the same market works out the same but the prices can't keep going up so we are thinking it may cool down next year so selling now and renting may be an option for you , just sus out the market !
    Thank you - yes the whole maternity leave thing has really put a spanner in the works. They won't take into account any maternity leave payments that I will earn between now and returning so then it all lies soley on dh.

    Very good points in regards to real estate. Our current suburb recently got a rail line and some other major infrastructure will be happening this year. The agent we had out a couple of months back have us an appraisal and I am basing everything off that amount. I'm thinking the value might go up a bit more around the current suburb and can't see much happening around the prospective suburb (it's a much older area).

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    Id definitely get them to re appraise and go check out prices in your preferred suburb , with the private school , they usually interview the child ( and you!) around July/August to see if they will be ready for next year - maybe confirm with the school and wait until they asses her before you do anything?


 

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