Reddit ausfinance house. TLDR: buy a house if you can possibly afford it.

Reddit ausfinance house Wages will eventually rise again, but house prices might not. My loan term was 30 years so I have 25 years And I’m willing to bet those non-shitty apartments are going to cost the same as comparable houses anyway. IP a designed to have little to no gardens, built out of brick (no exterior painting) no pool (no maintance) no solar hot water or pannels (no benefit to owner) still not so many houses built as IP now are being designed specifically for House prices in Adelaide are set to climb between 2 per cent and 5 per cent which means the median house price will increase to between $837,000 and $861,000. Stay way wayyyyy clear of metricon, Simonds, and mimosa ( lots of VCAT claims against them and bad reviews) These are Vic builders. Also would you rather a lesser mortgage of say 400k in a house you love with enough room for what you need. Suncorp confirmed the lightning strike with BOM somehow and within a week or two I was given a dollar figure to go and spend at the Good Guys to replace the lot. The house tv antennae was hit by lightning which blew out and ruined every single electrical appliance. edit subscriptions. My partner and I are looking to buy a first house to live in around the $900k-$1m price range. The 6 years is cumulative between periods you live in the house, but it can reset when you move in for 3 plus months and pauses for an indefinite length of time if the house is vacant and not earning income. I would only buy an apartment if it was due to lifestyle reasons or you're unable to afford a house. TLDR: buy a house if you can possibly afford it. We still needed cash for Stamps, legals, and other costs. I couldn't insure the house for less than $900k simply due to suburb and house size - and that value was more than it cost to buy the thing in the first place! We scored a pretty good deal. I was 39 and on 190K and hubby 46 on 240K Bought our house for 1. Definitely recommend an older house especially if it’s brick veneer/tiled roof they’re built to a really high standard compared to some modern builds these days. Note if rates keep rising, your b pay the hecs down immediately. Houses are off the plan, key turn ready. Would it be better spend this money right now to buy a house? The mob I knew sadly it only got worse. Beginning of this year we bought a regional house as a 2nd investment property. With the rate rises and insane house prices, I'm curious what people are paying per month for a recent house purchase. However, it was way more important for us to get onto the property ladder than to buy a massive house. They want a cladding compliance certificate - the strata does not have this. And there are multiple phases in life. Or should we leverage our remaining year of low interest to buy an investment property almost outright with the cash. 450 left over cash. Tldr: got back from holidays and bought a house a week after, with just one house inspection which happened on the day of the auction. But the structure is also very expensive. So say I had 1m in cash, are you saying I’d generally be better off buying shares rather than buying a 1m house without any debt? If I understand correctly, leverage on property is getting a loan to buy a more expensive house than you have cash for, and this is good because you are (hopefully) making capital gain on “more” asset than you could afford. We can move a couple of suburbs away (further from beach), and buy cheaper for similar size but older house. Laying the blame of high house prices solely on the feet of restrictive planning and lack of supply is a way for federal governments to shift blame to the states and do nothing about high house prices, because they know they'll lose a lot of votes by increasing housing affordability, and it gives state governments the mandate to "reduce red A house that costs $2. It's still a shitty situation, and for many people, they gap will always be too big. Backyard might be less important when the kids are teenagers - maybe you buy the townhouse which sacrifices backyard but has more rooms and living area… and when the kids are young rent a house close to a park or with a big backyard (whilst paying the mortgage on the townhouse) I guess the advantage would be buying the house (which I love) at far below market price having paid down the mortgage quite a bit. I got it for 730k and no house in my entire suburb has sold for under 800k since. 2% fixed May 26) the rent we get is 2,730 per month, have a car loan 670 per month and our living expenses are around 1,100 per week (incl. 8 mil and the one next to that 1. 03 house with 400 down and the rest plus our savings into the offset as we were going to renovate to bathroom and also planned on buying 2. You'll be able to borrow in the realm of 850 - 950K and have 1. Plus the added benefit of house price increases meaning you may make a profit off the property when you sell. Yeah. When I had to pay the remainder of my deposit on settlement, I called my other bank where the deposit money was and asked for an increased limit. Would be cheaper if you were plonking I'm saving for a house deposit, I am confused as to how much to save up though, I've tried looking everything up, get advice but get like 8 different answers. However, I'm a bit confused on what I should do in this current financial climate (inflation, rising interest rates, rising/falling house prices, etc). As long as you could afford that 10m house when you moved in, and you planned to live in it long term, then it doesn’t really matter. I think both my first unit and my first house (which we bought together) had ~100% LVR - the lenders were happy to roll the LMI into the loan, so on the house for example we paid $360,000 and borrowed $370,000. The other option is that the value of the dollar falls (Inflation), and house prices with it. Put 210K on a house. bought 2. We currently have approx. $150k that we could put down as a deposit. Sharing what worked for me and what I learned along the way in case it’s helpful for others in the shambles of our current housing market. I'm still unsure why this is better than using equity. Avoid large complexes with lifts, resort amenities as the strata will be huge. new generation entrepreneurs in the 20-30s like me, are already thinking of how to automate and outsource from day 1. How people even manage to pay millions to buy a property without doing proper inspections? Buy a 2-3 bedroom house for 450k including most fees etc in Brisbane and get First Home Buyers Grant. personally bought my house in my mid 20s but I haven’t travelled really and seen the world. Between now and the end of FY24, Adelaide’s median house price are poised to exceed $800,000 for the first time. Do you plan on living long term in that house? Install solar (excessively large solar), install batteries. Complaints were the painting was shit (had to repaint the whole house) and they didn’t vent the range (required) My next house will be a kingsbridge or a Sherridon homes house. It takes time to get your house ready for sale and staging properly. Rough figures; House value $1. If using savings then it would be around $9825 towards my house. If your looking to build I’d highly recommend to find a house you would like to build then find a block to suit, house and land packages are over rated. Although with your income and housemates you can probably afford a house within a few km of the beach. Didn't want to be pressured to sell our house with deadline and for less - ended up getting a very high price. If we didn’t buy the apartment we would have found it really hard to buy the house. It seems if we throw it all into our current mortgage we would have 90k savings and a fully paid off house. Should I put all the savings to some etfs instead of hisa? If so, is there any etf 101 I can learn about how to Currently building at the moment base price for the house was $300k with upgrades we are at 410k that’s without landscaping, driveway, concreting etc. House prices had to fall, but we let quality of life fall instead. 2m cookie cutter build so far on the border it's basically NSW. Stud walls with plasterboard and insulation is very much part of AS1684. Broker also mentioned this. On the GC see if you can afford a duplex or townhouse in a small complex. Say I want a $500k house, and a 10% deposit would be 50k right? I also saw something about 25k for 100k deposit, which really sparked my confusion. Apr 14, 2024 · House prices are bring driven by super funds and cashed up boomers who aren't reliant on interest rates. Ideally it should all be cash, unless you’re ok with that 7 years being 11 years instead of the market turns. So the value would remain constant in nominal terms but fall in real terms. Post your questions and discussion topics. At the moment with Brisbane's current market, is it better to go with a house a slightly further from the city with limited rooms to rent and likely a poorer quality house; sit on the house for a few years and overtime increase the value of the house through upgrades; or go with a townhouse option in a more desirable location (close to city I have been rent-vesting for many years and am now in a fortunate position to be able to buy a house in Sydney using cash. I don't understand why it took so much scrolling to see term deposits even mentioned. 5. No bank will turn you away and you'll be able to easily pay it down in a couple of years. Im torn between enjoying my 20s like travelling around the If they think the house worths less, they’ll only lend you whatever they feel comfortable with. Buying the house cuts out the middle man. Long story short she got the house and cars because I had just had enough and consented to signing it all over. 99 Nov 24) we have an IP paying 4,100 per month (6. Oct 19, 2023 · Welcome to AusFinance Discussions relating to Australian Personal Finance, economics, banking, investments, superannuation, insurance, and tax. Pay off the house in max 12 years by putting 40k into it every year, not including flatmates paying rent. Great, but then you have a deposit problem. Australian Personal Finance: budgeting, saving, getting out of debt… Plenty of friends who have a house have that sort of crap, excess cars and stupid toys. That’s a saving of $2250 per financial year by using the FHSS? + however much it grows or falls within the super account. 5yrs later we bought a house. And the most important part is the "rent" money you pay into your mortgage means you either own a house, or get the money back after a sale. Had a chat to a salesperson and salesperson said "Oh, with your income, you can get two investment properties". We have around 140K in hisa and I feel like it is losing value against inflation and house prices' increase each year. Upgrade to an all electric house (cooktop, hws, cooling heating, etc). My motive has always been BUY AS SOON AS YOU CAN no matter what because it will never get better. Bought a rent-vest apartment. So even if the REA'S mandate included house prices, it wouldn't matter, interest rates aren't affecting house prices (yet). She wants to sell and cash in on the equity to have either zero or very low mortgage. Find flatmates, cash in hand, have them help pay off the house, though not necessary to do this. The current arrangement with rent is very cheap for me, but costing the folks a little in rates/insurance/repairs. 5% including the Medicare Levy). Please read the sidebar and observe sub rules when posting. YouTube or a broker. So other associates I knew of were a bit luckier and still got a house but took them almost 10yrs. Rent all the houses out. 1 per cent this calendar year respectively. I'm sure there's a happy medium where you are paying off your house a couple of years longer and still pumping super up, a mixed approach will be more tax effective than paying off the house ASAP then being limited to 27kpa when you've got no debt and money to burn. 40yrs old, 3 kids in school. (Noting your deposit has to recover not just to its original level, but also keep pace with house prices). Buy a house / unit (be smart and get a good one) Then for the next year Payout your hec and keep paying down your mortgage (Consider house share in your unit if you can / partner) Then year 2 see if you can buy another house! Rinse and repeat this till your 35 refinance the portfolio with a 25 year loan. Remove all the tax benefits (except for owner occupiers, limited to 1-2 houses per family), ban foreign ownership of houses, ban corporations from owning houses, limit severely short term rentals (and tax the hell out of Airbnb and the likes), push for the government to find directly the construction of housing for renting Bought a 1986 house 3 years ago for $625k - sunk $90k into it (new kitchen, bathroom, laundry, stumps, heating, hot water, painting), now it’s worth $820k. Hi , i am recently divorced and with that came 3 years of court and neither of us paying the house loan. Notes from buying a house (Sydney) : r/AusFinance. Apr 19, 2023 · Notes from buying a house (Sydney) : r/AusFinance. e. Their partners divorced them once they lost the house's and car then couch surfed for a while but now are renting and still have debts to pay off. Flat/house mates are uncommon in Australia? WTF it's basically a right of passage as a young person to share house, pool all your money together, and to buy alcohol while using any left overs to feed yourself with 2 minute noodles. You could rent it for 3 years, leave it vacant for 12 and rent it for another 3 and be completely exempt from CGT. There’s only a few main steps but a lot of variability in the process, for example if you need grants or auction vs private, cooling of vs same day settlement. A house doesn't have to have internal brick walls to be compliant with the standards or Australian building codes, but the brick manufacturers have very impressively convinced gormless morons that double brick is the only 'proper' way to build a house. The problem with estimating might be you're looking at a rebuild with a new set of council and building regulations which didn't exist when your house was originally built, i. Also family and friends but I found a lot of people forget the process pretty quickly. Because all that does is decrease your pool of buyers. Interest only loans: depending on the goals, you could look at getting an interest only loan for a few years to reduce negative gearing. My marginal tax rate is 32. You're almost always better off buying house and land. 1m max to go down on a house. Renovated and sold our house we were renting (our only property) for 950K. My thoughts are the gap between a cheaper house and more expensive house is always slowly growing larger and buying and selling costs are expensive. What's the point of doing a pre-auction Build and Pest inspection if it can't accurately tell the extent of termite damage. The solution is stop allowing the treatment of houses as an investment. Thanks!! Welcome to the Reddit home of the 6-time Super Bowl Champion New England Patriots of the National Football League. . I was planning on using the equity in my other house to complete the purchase. Im thinking I just keep investing regularly and just ride the market movements until I'm in the green and then take out and buy a house, and then I'd continue to invest little bits into the market while paying the house off, so id be starting from scratch with stocks but I'd have an investment property. If you can borrow 786k you can buy up to 870k property with 10% (don’t suggest you push to the max). r/AusFinance Australian Personal Finance: budgeting, saving, getting out of debt, investing, and saving for retirement. 8m Mortgage $700k Equity $1. If there’s a dip in house prices probably also a dip in share prices, so means you can’t take advantage. Every time I look at houses the "mortgage estimate" on the listing says if you pay a 20% you'll be paying $5000+ per month but that seems impossibly high, even on decent wages. Agreed. Building costs vary significantly depending on site and finish expectations, but $4000/sqm is a good baseline cost in sydney. Because the shitty ones with a size similar to a house is already costing close to an actual free standing house. Taking away all the buying fees (~$40k stamp duty, plus other fees, let’s say ~$50k), this equates to a 10% deposit (roughly). 387 votes, 154 comments. 2M say in the Lower North Shore for example may continue to increase in price but only to a ceiling and will not be worth $20M in 20 years. Kept saving and accessing equity out of the apartment 3. We have just started looking for a new house after our house became under contract, and something close to my dream house with perfect location just got listed and we are suppose to go for inspection this weekend. Members Online Biggest thing for the Patriots about the new CBA is the removal of the 2020 "30% rule. 1 per cent and 2. Bought a house in arguably the most competitive market in Australia (Inner Sydney) after a year of looking. Installing the above immediately, with one of those "green" loans (0. Then a few years down the track moved out an Then after that upgrade to a house or stay in the unit and invest in ETF’s. I'm wanting to buy an investment house around 650k. Really cool. Just remember you have like 20-30 years left of your working life, you have plenty of time to earn lots of money, and if you live frugally you can easily retire with a paid house, a very healthy sum in your super and a solid portfolio of investments. Personally we started with $50k savings 6 years ago. Jul 22, 2024 · Saw an apartment, everything signed, holding deposit paid - valuation from bank came back - they noted cladding issues as stated here. A house will appreciate higher than an apartment so your strategy of selling an apartment in 5-10 years is likely to fail if your income isn't able to cover the difference in growth. The ones without a house aren't spending their money on extra cars and the friends who are saving for a house barely even go out to begin with let alone waste money on stupid toys and stuff Maybe look at which group is still spending and which group isn't. Compare the rates of a term deposit and various savings accounts, keep some $$ in a high interest savings for emergency then have a couple term deposits is the conservative approach without it just sitting in a bank. Im torn between enjoying my 20s like travelling around the A house that costs $2. Prices per square metre don’t really work in Australia. Sydney house prices are predicted to rise by 6. Jul 5, 2024 · Im 26, and feel pressure to save for a house but I just have no idea how anymore. Fair to say I’m not there yet, I like my house. 99% still I believe) gives you the benefits of using it all immediately. If they think the house worths less, they’ll only lend you whatever they feel comfortable with. At what point would you consider leaving Brisbane honestly? I can walk to almost everything, including shops, restaurants, cafes and my kids school. It's possible by the time you've saved enough, house prices go up so much that you no longer afford it and youd be stuck in an endless loop. Our house is currently under contract and settlement is end of June. We only saw this house for the first time on the day of and bought it the same day, we haven’t had time after our holidays for earlier inspections. The way i figured, Id rather save more money now while the house is building while at home and get semi-decent stuff than buying cheap and being forced to replace it Reply reply Bramich A lot of people that buy a house as an investyment end up buying a house that was not built for tenants. " Australian Personal Finance: budgeting, saving, getting out of debt, investing, and saving for retirement. 547K subscribers in the AusFinance community. I left with a bed and my clothes. You can artificially inflate prices as high as you want using various monetary tools but at some point, the cold hard maths will win. Friends were recommended My Money House by other people. Because of the amount it had to be approved at a higher le A large divergence in house prices from Townhouses (2:1 or more) 10 years of 5%+ house price appreciation The area to have a very strong demand where people will compromise and purchase a townhouse due to the livability (close to amenities, city, transport etc. That's the current idea anyways. 1m After adjusting for inflation, national house and unit prices are forecast to increase by 4. Cost is something like $100 a week for each house. We want to buy in Sydney and we still have at least 2 years to become permanent resident, so we will keep saving. Buying the house cuts out the middle man. I've done a bit of research and apparently the best thing to do is use the money in my offset to cover the new house deposit. When I paid the initial deposit to the selling agent, I called my bank and had my daily limit increased. The default insurance values are way under the actual cost of a rebuild. I bought a house in Canberra recently and I found the market quite interesting with inner city older houses (built 1990-2010) going for less than these new 400sqm shoeboxes on the far outskirts. I can see the need for a big house if you are planning on/have a large family. Some feedback, appreciating that you can't account for every single situation. The house you live in is nothing but an expense unless you are planning on downsizing at a specific time, or planned on using the equity to buy investment property. Final point is that with your savings, Im not sure that you can get a decent house so you'd probably spend a year or a few years saving up enough money to be able to afford a house. The question is do you want to buy now or wait. Yes, land is expensive in Australia. I took out my mortgage 5 years ago and after 13 rate rises I am struggling to pay back my debt. , energy efficiency, bushfire mitigation You might have your house insured for 500k but that might not cover a rebuild after all the goal posts have been moved Everybody has a different purpose in life, some people don’t buy a house until their 30s or 40s or ever. Better yet go buy an apartment and put down 30 - 40%. Welcome to r/AustralianNostalgia, a subreddit dedicated to evoking memories of Australia's past! This online community is a vibrant hub where Aussies and those intrigued by Australian culture come together to reminisce and share nostalgic moments from days gone by. For my self the tldr is - found a partner, both worked full-time, saved to build cheapest house in less desirable upcoming area, lived in it for 5 years, had some kids went to uni, got a better career increased income, sold first place for small profit, bought better bigger house in better area for same price as first one due to equity and If house prices keeping going so will everything else. 2 per cent this year and by roughly the same amount by December 2024. Whereas a lot of people I’ve worked with have been on big trips and travelled and worked away a lot. Sep 16, 2023 · On the GC see if you can afford a duplex or townhouse in a small complex. So there will be $12075 going into my super FHSS towards my house. Interstate places. 2 so went under budget. Didn't want to put in an offer 'subject to sale of our own house' or 'subject to finance' - this makes our future offer stronger. Hi Reddit community :), Wanting your thoughts on comparing our living situation with yours and others you know. I bought a house a year ago and everyone told me to wait till the end of this year when houses go down and I was making the wrong move. popular-all-usersAskReddit-pics-funny-movies-gaming-worldnews-news-todayilearned-nottheonion-explainlikeimfive-mildlyinteresting-DIY-videos Jul 5, 2024 · Im 26, and feel pressure to save for a house but I just have no idea how anymore. Depreciation deductions: you could depreciate the house (for a not too old house) for tax purposes and less negative gearing - will need to chat to an accountant. I don't get the feeling they are across where they are. High house prices effects everything. Home Loan should be around 350k. Live in greater Sydney, we’re paying 3,200 per month for our PPOR (fixed 1. The living room can’t fit a couch and TV properly. You will then need to organise the shortfall on settlement yourself, or find another lender that’s willing to lend you more. 2 mil, the next month a house 2 houses down sold for 1. My wife and I are also looking at apartments in Sydney, but dream of owning a house in future. Medicare is already no longer universal. everything, car In that case, how much would it cost to repair a termite-damaged house, on average? Let's say a 4-bedroom house with 150sqm. I still don't know who is buying a $1. The apartment and house will increase in value differently, but you would (hopefully) be losing less ground on the house than if you had no property. Although I didn't buy as a single person, the house we are in now is a three bedroom house that, on the inside, has the energy of a three bedroom apartment. I believe we got a great deal (all the houses are different of course ) but I always say if we then put another 300 - 600,000 ours would be practically a brand new build with all the best ammenities. 5% (34. I started the first 2 years as interest only at an investor loan, then moved in and switched to P&I as an owner occupier (different rate). You’ll find that a house on 1000 SQM land and 300 SQM internal only sells for 50% more than a house on 500 SQM of land and 150 SQM of internal. ) as they are getting house like amenity without the price tag. Now the woe is me is done. ahzs nuobg pca wcxbod pdeiqj oxe gclse twlf rcs ylfro