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  1. #1
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    Default Wdyt??? Wwyd???

    Hi Everyone!

    I was hoping for some general life advice from all the very knowledgable ppl here on the hub!

    DP and I recently very NEARLY brought a house! We put in an offer which was accepted and then got ourselves a great independent broker (needed one with the nature of my employment) who was very certain we could get the finance we needed!

    But when push came to shove I got cold feet!

    It was such a HUGE commitment and I hadnt even recieved my first paycheck! DP was also not earning as much as he had been previously so we wernt as sure!

    Anyway a month down the track and I have recieved paychecks...DP finds out about a new job on Mon which would be more money and NO weekend work! He would also get a car and a phone.

    So we are thinking again about buying...

    My question is... If you were in our shoes...Would you buy now? I know interest rates have just dropped again so think thats a great thing...

    But are their other factors that would steer you away from buying if you were me!

    TIA!!!

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    Hi Amy,

    You are on the Coast right? My advice is to sit tight for another month (interest rates are meant to drop again April they have predicted)

    Your list of places are going to be endless. 4 bedroom properties, 2 bath, 2 car garages for under $400K! Most properties under 5 yrs old, That is so so so rare, the market has fallen flat here on the Coast and it's definately a buyers market, but not a seller's (damn it LOL - I wanna bigger house LOL) there are HEAPS of these properties listed everyday, HUGE HUGE HUGE bargining power to buyers in a competitive selling market.

    What area's are you looking at?

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    if i was in your position.....absolutely

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    Now's a great time to buy....the absolute only thing I can think of (other than the fact that chances are you'll need to wait for 4-8 weeks worth of paychecks...while interest rates are lower and economy is poorer, banks tend to lean towards wanting more security for their money in terms of higher deposits or more 'solid' borrowers which leads to the paper trail of payslips etc) is where you'd buy....just in terms of you being contract in the middle of nowhere I would assume it may be where your DP is...(while I imagine places are cheap where you are, there needs to be a resale market when you want out) - unless either of you have owned before (and are not therefore entitled to the first home owners grant) you do need to be living in it within the first 12 months (primary place of residence) otherwise you will have to pay any grants back

    oh and thought of one more thing - but it's not a 'nice' one to think about - a bit more wet blanket hence the small writing ....just make sure that you and your DP are solid. I've had 2 very close friends in long term relationships (ie 5 years+) have brought a place with their partners and then within 6 months, both relationships were caput...I know this can happen to absolutely anyone (ie marriage doesn't necessarily make it any better) but just one of those not so nice things to keep in mind, cause once there's sizable assets involved any split is a lot more involved

    Enjoy the house hunting

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    Default Go for it

    Yes its a big commitment but its worth it not to have to live with 'rent stress'
    What if we can't renew the lease? etc

    I bought nearly 3 years ago and I think the interest rate at the time was a bit higher too. NO REGRETS AND NO WORRIES AT ALL. Even with the rates going up so much for a while. Just make sure you do as we did and pick something in your price range.

  6. #6
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    Quote Originally Posted by Wy & Deeky View Post
    Hi Amy,

    You are on the Coast right? My advice is to sit tight for another month (interest rates are meant to drop again April they have predicted)

    Your list of places are going to be endless. 4 bedroom properties, 2 bath, 2 car garages for under $400K! Most properties under 5 yrs old, That is so so so rare, the market has fallen flat here on the Coast and it's definately a buyers market, but not a seller's (damn it LOL - I wanna bigger house LOL) there are HEAPS of these properties listed everyday, HUGE HUGE HUGE bargining power to buyers in a competitive selling market.

    What area's are you looking at?
    Oh how I wish I was on the Coast! We are in Toowoomba! Well I am actually teaching 3hrs west of Toowoomba as there is NO way I would have gotten a job any closer to the sea as a Grad Teacher! But one day we hope to be on the coast!

    DP is in Toowoomba and I hope to get back there ASAP. Not sure of my chances tho...I have been told that its easier to get Brisbane than Toowoomba as an EQ teacher. Anyway...off topic...Our plan is to buy a 3bd, 2bth unit/duplex in Toowoomba and eventually rent it out...when we have a family that need a bigger home!

    Hopefully by then we can buy at the coast!

    Quote Originally Posted by pinkgingham View Post
    if i was in your position.....absolutely
    Thanks Pinkingham! I guess Im not quite in adult mode in terms of financial things after being a Uni student for 4 yrs! It scares the begeebas outa me when I think about having a mortgage!

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    Quote Originally Posted by amandaw View Post
    Now's a great time to buy....the absolute only thing I can think of (other than the fact that chances are you'll need to wait for 4-8 weeks worth of paychecks...while interest rates are lower and economy is poorer, banks tend to lean towards wanting more security for their money in terms of higher deposits or more 'solid' borrowers which leads to the paper trail of payslips etc) is where you'd buy....just in terms of you being contract in the middle of nowhere I would assume it may be where your DP is...(while I imagine places are cheap where you are, there needs to be a resale market when you want out) - unless either of you have owned before (and are not therefore entitled to the first home owners grant) you do need to be living in it within the first 12 months (primary place of residence) otherwise you will have to pay any grants back

    oh and thought of one more thing - but it's not a 'nice' one to think about - a bit more wet blanket hence the small writing ...just make sure that you and your DP are solid. I've had 2 very close friends in long term relationships (ie 5 years+) have brought a place with their partners and then within 6 months, both relationships were caput...I know this can happen to absolutely anyone (ie marriage doesn't necessarily make it any better) but just one of those not so nice things to keep in mind, cause once there's sizable assets involved any split is a lot more involved

    Enjoy the house hunting
    Thanks Amanda! You've always got great advice for me! We are looking at buying in Toowoomba where DP is! We figure with the Uni there, there will always be a market to rent it out later on or to sell it.

    I did look at the properties out here where I am teaching as Xstrata is developing the biggest coal mine in QLD here over the next few yrs and so there is predictions that the town will boom! But its too much of a what if for me! Plus theres nothing nice out here!

    Oh and I completely understand bout the relationship thing...I think its only a sensible thing to think about and it has crossed my mind but in all honesty I do feel that he is the one and I know he feels the same.

    (Which is even more of a reason that it sucks I have to be teaching out here in the middle of nowhere! )

    Quote Originally Posted by LadyInWaiting View Post
    Yes its a big commitment but its worth it not to have to live with 'rent stress'
    What if we can't renew the lease? etc

    I bought nearly 3 years ago and I think the interest rate at the time was a bit higher too. NO REGRETS AND NO WORRIES AT ALL. Even with the rates going up so much for a while. Just make sure you do as we did and pick something in your price range.
    Thanks LadyinWaiting! I know you are right! We would be paying almost the same on the mortgage each week as DP would pay by himself in rent! So I think its SO worth it to have that investment and asset instead of throwing rent money away!

    We will have to be very careful with our budget. The last offer we made was almost 20k over our initial budget. We could have afforded the repayments tho...so maybe our initial budget wasnt realistic in terms of what we wanted for our money!


 

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