House Hunting

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When trying to find the right loan make sure that you talk to at least 2 mortgage brokers to find out how much you can borrow and what lenders they recommend and why (each broker will have different preferred lenders).

Ask them if they know any lenders who will approve more than 80% without mortgage insurance.

The call a loans oficer at Westpac, CBA and NAB and ask how much they will approve without mortgage insurance and what conditions apply.

By the end of this time you should have found out which lender has the best deal. You can also do this over the telephone to save time before actually meeting wth any of them to complete the application.
 
Cheers Tookey.....a few traps for young players to avoid there.

I was wondering if anyone knew some good places to find things out like:
-median house prices for suburbs
-average rents and rental occupancy rates
-recent price growth rates for suburbs

You would think there would be a book on this put out by someone.....any ideas?
 
My brother in law topped the Westpac charts for home loans last year so he can look after me if I ever decide to commit to the madness of emasculation that is a mortgage.
 
If I was to rent my house right now , i would be paying about $50/week more in rent than a mortgage , so to me , its pretty clear cut which is the better option.
 
Cheers Tookey.....a few traps for young players to avoid there.

I was wondering if anyone knew some good places to find things out like:
-median house prices for suburbs
-average rents and rental occupancy rates
-recent price growth rates for suburbs

You would think there would be a book on this put out by someone.....any ideas?

Matt,

Residex is the go for all of that info but there is a fee applicable. As far as quality of information goes you cant beat it though.

http://www.residex.com.au/
 
some good info here

good on everyone

a good link is domina - it has properties for sale but will also show recently sold for any given postcode, most of which you can click the advert and see what the place was like from photos and the description, its exremely good especially in high auction areas.

www.domain.com.au
 
No Rhino but I have. I thought we might be out of the game as far as the grant goes but the guy I spoke to last night seems think we may still be able to get it. Would require me to put the house in the girl's name, which i dont really have a problem with.

Matt,

I am seeing Ross from St Kilda rd next Monday.
 
Not sure, but those guys arent brokers. They are salaried state employees who have no alliance with any one lender.

Thats the main reason I want to see them.
 
No Rhino but I have. I thought we might be out of the game as far as the grant goes but the guy I spoke to last night seems think we may still be able to get it. Would require me to put the house in the girl's name, which i dont really have a problem with.

If you put it in her name make sure that you get your solicitor to write up a seperate agreement regading ownership/what happens if you split up re:sale proceeds etc.

If you are going to put it in her name to received the first home owners grant then you cannot be in a de facto relationship. on the application form (you can check the form out on the office of state revenue website) spouses/de facto's also have to sign a declaration that they have not owned a property before.

Best bet is to contact the office of state revenue in your state and they will explain if you are eligible or not based on your individual circumstances.
 
Cheers for the chat Tookey, much appreciated.

I just called BOQ who I bank with and the bank manager is checking to see if he can do 90%.
 
Not sure, but those guys arent brokers. They are salaried state employees who have no alliance with any one lender.

Thats the main reason I want to see them.


are they ?

when I was there they seemed to be a small business-they had a couple of deals with some of the banks.....


They were recommended to us anyways and seemed pretty good.


We saw Howard Ferrier.
 
[quote author=clontaago]
Would require me to put the house in the girl's name, which i dont really have a problem with.
We arent in a relationship, we are just friends.

:doh: ........... :naughty: .............. :cop: ............. :wall:
[/quote]

Jatz I am a bit smarter than you give me credit for mate. I will have all bases covered.
 
[quote author=Jatz Crackers]
[quote author=clontaago]
Would require me to put the house in the girl's name, which i dont really have a problem with.
We arent in a relationship, we are just friends.

:doh: ........... :naughty: .............. :cop: ............. :wall:
[/quote]

Jatz I am a bit smarter than you give me credit for mate. I will have all bases covered.
[/quote]

Wasnt suggesting you wern't. Ive just seen plenty be done over in the same circumstances and there is little legally you can do to prevent that, IF, you find yourself in that predicament. Of course, we would all like to hope it never reaches that point.
 
Doug - here's my suggestions (not advice), just suggestions:-

01. Determine whether the first home grant is applicable through your solicitor first and foremost. Family Law rules have changed so that you can have the property in both names, yet still get the grant if one person hasn't bought before. De Facto relationships I'm not so sure about though mate, hence my recommendation to seek advise. Determining this then leads to point 2:-

02. If it (home grant) IS applicable - then all guns ablazing. Why? When you purchase a home, and the loan is under $500k (NSW speaking here), government transfer duty, as well as Mortgage Stamp Duty are both exempt. If it is more than that, then you are borrowing too much !!! Hehehehe...The costs savings is around 5% of the purchase price. Then you can utilise the 1st Home Grant as Lenders Mortgage Insurance. If this is the case, you can safely go with a major Bank. I personally would always go with a major, because they are the least likely to punish you in tough times (defered payment situations etc), and you would have peace of mind. PLUS you SHOULD get a Personal Banker who you would have personal contact with should a problem arise.

03. The only costs you should then have, would be solicitors costs (around $2k), and Registration costs (around $78 X 3). Your Bank may charge you Mortgage Stamp Duty to begin with, but it would get refunded under the 1st Hamoe Grant Scheme a few weeks later. Other Banks simply don't charge it (the correct way).

- On a loan of about $350k, and an LVR of around 90%, you are probably looking at $3k to $4k Lenders Mortgage Insurance - so your Grant covers all costs. In a market as volitile as it is today, property is now high risk, hence the Banks reasonning behind the Insurance.

In regards to your relationship etc, that is no-one's business but your own. Your mature enough to know what's right for you, so I think it unfair that people have commented on your personal situation.

04. As your living in the place (and must do for 12 months for the Grant), your covered by the uniform consumer credit code, so no matter who you eventually go with, you should realise that legally your rights are the same no matter where you go.

05. You'd probably make sure you don't have to pay an application fee. Introductory Rates are fantastic to start with, but in MY opinion - crap facilities. Go for a Package. Your a professional, so make the most of that fact. It MAY be in your interest (and for peace of mind) to Lock in for a longer term. A suggestion with this is then is to ask to Lock your rate in for three months (until your loan is drawn), otherwise if rates move from when you enquire about the loan, to when the loan actually draws down, you get the rate that it has MOVED to. You should look at around 0.15% of the facility limt in fees to do this, but the interest savings if the rates move 0.25%, over say a 3 year period would be substantial. It's little things like this that can make a very big difference mate.

Look - you know my number, so if you want to ask me anything, please fell free to give us a call (if you don't - grab it off Daniel). At least then you can have a professional, unbiased answer to your question (as I'm not trying to sell you anything). I can also peruse your deal, and make sure there are no fine print (which MOST financiers have) eg:- ecenomic costs if you payout within a certain timeframe - even if the loan is variable. Fixed loans will always attract some sort of break costs - so be wary of this too.

06. Nab doesn't do this mate, but another new option is the eloans. Like the Internet based Accounts, you can have a Home Loan the same. No Bankers, difficult to get problems sorted etc, but pricing is great. Personally, I'd rather pay a LITTLE more, and know I have someone to sort the crap out for me if I need it.

Anyways - this is all proibably best explained face to face, or ear to ear, so I'm available if you need more help.
 

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