We have the same regrets about our first house! The RE agent held a silent auction with another couple who didn't even have finance in the end and wasn't putting the figure to the owners each time like he should have. It was also the peak of the market in retrospect.
We know that we definitely can't do the $40k. Another $10k at the most is about it with proviso of an extended settlement to try and cut down on bridging loan fees. ie. can go higher if saving in fees on our end.
Our approval for a higher loan amount is currently in the system. Will know in a couple of days.
On the other side of it all - we don't want to kick ourselves if it only goes $5k above what we have set our limit as!
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07-10-2014 20:34 #11
07-10-2014 20:34 #12
I wouldn't go any higher than 30%. The cost of living is only ever going to increase, rates can really only stay steady or increase. I wouldn't be offering too much above what you can comfortably afford - other places will come up. We got our place for $30k under asking price - they kept telling us they had an offer $30k higher than ours but we didn't budge. In the end, we got the place - not sure what happened to that 'other offer'. There are a lot of games in real estate. Good luck.
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07-10-2014 20:41 #13
07-10-2014 20:47 #14
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07-10-2014 20:56 #15
We bought a new house 6 months ago and are now paying just a hair under 40% of our combined salaries to the mortgage; we fixed for 2 years with Aussie because the rate was very attractive (5 year at the time was over 5%) and there's every likelihood we can re-fix at a similarly low rate for another 2-3 once that expires.
The nearly 40% we pay is totally our maximum, and we have no vehicle finance or any other personal loans. We negotiated up to our maximum and said "final offer" and set a deadline for their acceptance of it, putting the pressure on worked.
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07-10-2014 20:58 #16
There is always another house. Call their bluff and walk away. I hate paying too much and learnt the lesson the hard way as it seems most of us did and payed too much for a previous house
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07-10-2014 21:00 #17
07-10-2014 21:06 #18
We have no other loans but will definitely need to replace one of our cars in about 5 years.
07-10-2014 21:07 #19
07-10-2014 21:10 #20Senior Member
- Join Date
- Nov 2009
Our mortgage repayments are around 15% of DHs income, I'm a sahm with 2 children. I'd definitely factor in a higher percentage of interest rates as you'll need to make sure you can afford them when they go back up.
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