About to buy a $550k house. AMA

[mrcarter1990]

Home loan gonna be pre approved next week.
Seeing the builder on Monday. Buying it off the plan. House is already half constructed.


feeling pumped and scared at the same time. Fuark.

[Gameover89]

Have fun paying 1 million plus after interest for a house worth probably 350K in a non inflated market

If its anything like what my mates built in a housing estate (sea of black roof lego land like houses) why the hell would you want to live their?

[Masterbetaa]

what suburb/state?

occupation?


congrats...

[ChiBearsfan]

Have fun paying 1 million plus after interest for a house worth probably 350K in a non inflated market

If its anything like what my mates built in a housing estate (sea of black roof lego land like houses) why the hell would you want to live their?

Probably so he has somewhere to live.

The alternative is to pay enough in rent so that someone else can cover their mortgage and own the place?

[TnukPunch]

Location?

What do you do for a living?

[JustMoved24]

Wuts your career? Salary? How long have you been working? How much you putting down? 30k or something?

[Schnitzl]

Probably so he has somewhere to live.

The alternative is to pay enough in rent so that someone else can cover their mortgage and own the place?

or buy an apt. in an already established good neighborhood for the same price. Either way its OP-s decision and money, who are we to criticize.

[Gameover89]

Probably so he has somewhere to live.

The alternative is to pay enough in rent so that someone else can cover their mortgage and own the place?

He can save more by renting in a better area for less. Who cares if your helping paying off someone elses house. Your living in better areas, better quality of living etc

If you have a big loan your going to pump all your money in it, 500-1000 bucks a week. You could be saving that money instead of giving it to a bank in money they never even had before they created it to give to you.

[SomaliShred]

Wuts your career? Salary? How long have you been working? How much you putting down? 30k or something?

lol no minimum you need is 20% so 100k unless parents help out with equity

[muscle_marketer]

congrats dude... u in dat der road to "fuk u" stage

[mrcarter1990]

what suburb/state?

occupation?


congrats...

Sydney
Case Manager. Thx brah. Am nervous as fuk

Location?

What do you do for a living?

Case manager

Wuts your career? Salary? How long have you been working? How much you putting down? 30k or something?

82k. 2 yrs. changed jobs in between but similar field of work so doesn't effect my credit thing for loan. Putting 40k.

[ChiBearsfan]

He can save more by renting in a better area for less. Who cares if your helping paying off someone elses house. Your living in better areas, better quality of living etc

If you have a big loan your going to pump all your money in it, 500-1000 bucks a week. You could be saving that money instead of giving it to a bank in money they never even had before they created it to give to you.

Not sure I understand


OP does not state where his home is being built - How do you know it's in a bad area?

550K isn't that much for a house. Why do you think he's going to be pumping all his money into it?

Maybe Australia is different, but around here you are not helping someone pay their mortgage, rental rates are equal to or sometimes higher than mortgage payments.

[Gameover89]

Not sure I understand


OP does not state where his home is being built - How do you know it's in a bad area?

550K isn't that much for a house. Why do you think he's going to be pumping all his money into it?

Maybe Australia is different, but around here you are not helping someone pay their mortgage, rental rates are equal to or sometimes higher than mortgage payments.

This is why you dont understand.

We have negative gearing tax incentives, booming housing construction in areas called 'estates' and around 500k is about what you pay to build in one of these areas. Its a rough guess.

[ChiBearsfan]

Sydney
Case Manager. Thx brah. Am nervous as fuk


Case manager



82k. 2 yrs. changed jobs in between but similar field of work so doesn't effect my credit thing for loan. Putting 40k.

wut?

How's that work?

What is your monthly mortgage + property Tax + utilities, and what is your after tax monthly income?


Can you get out of the contract?

[mrcarter1990]

or buy an apt. in an already established good neighborhood for the same price. Either way its OP-s decision and money, who are we to criticize.

Lived in apt for 3 yrs. never again.
Brb no loud music at night, brb other fukin noise complaints. Not as much privacy as a house or a townhouse. Chitty parking spots in most apartments.

He can save more by renting in a better area for less. Who cares if your helping paying off someone elses house. Your living in better areas, better quality of living etc

If you have a big loan your going to pump all your money in it, 500-1000 bucks a week. You could be saving that money instead of giving it to a bank in money they never even had before they created it to give to you.

Been paying 800$ rent since last 1 year. If I double that it's almost as much as my home loan repayment.
Renting is never a good long term idea anyways. There's no permanency.

lol no minimum you need is 20% so 100k unless parents help out with equity

Not unless u buying from auction.

[YolkedBrah]

Seems like a chit deal. What's your interest rate *******

[mrcarter1990]

Seems like a chit deal. What's your interest rate *******

Jakes on u as interest rates are as low as ladies booties go.
4.69 variable

[Gameover89]

If your paying that much in rent then you may as well buy i guess. I only pay $180.00/wk and save the rest of my pay with 2 other people in a nice town house 1 street behind bars/cafes etc so i dont see a reason to go buy a house in a housing estate and go into debt. My interest pays for 9 months rent anyway

[JustMoved24]

lol no minimum you need is 20% so 100k unless parents help out with equity

Well he said he's putting down 40k sooo.

[JustMoved24]

Not sure I understand


OP does not state where his home is being built - How do you know it's in a bad area?

550K isn't that much for a house. Why do you think he's going to be pumping all his money into it?

Maybe Australia is different, but around here you are not helping someone pay their mortgage, rental rates are equal to or sometimes higher than mortgage payments.

The median home price for a house in America is 175k-188k---numerous sources agree therefor 550k is a good chunk of change

[YolkedBrah]

Jakes on u as interest rates are as low as ladies booties go.
4.69 variable

Damn bruh. It must be different in Australia. I just got 3.625 fixed. A couple buddies used their VA loans and got 3.5. America of peace.

But anyway bro, good luck with your house.

[InfinityThor]

$550k off the plan... I don't even. Good luck in your chitty cookie cutter neighbourhood with your chitty cookie cutter house.

You should have searched around a purchased an old house.

My first house was $190k, 25 years old, double brick on a big ass lot while my mates were buying $400k off the plan. 5 years later, mine sold for $260k, there's was $350k.

If its anything like what my mates built in a housing estate (sea of black roof lego land like houses) why the hell would you want to live their?

This guy gets it, gross mass produced sardine cans.

Sorry for the rant OP, I just really hate these mass produced $400-$500k suburbs.

[Thaddy99]

Pics?

[OrcLeader]

Home loan gonna be pre approved next week.
Seeing the builder on Monday. Buying it off the plan. House is already half constructed.


feeling pumped and scared at the same time. Fuark.

Mate!

Don't listen to any hate on this, you are making a good decision and i'm excited for you!
Great time to get into your own place in Aus with interest rates where they are, 40k is a good amount to put down. Are you eligible for the First home buyers Grant?

Gameover89 sounds like some forever alone who is going to rent with gumtree losers his whole life.
How awesome will it be to modify the place however you want, when you want, without having to renovate some bomb.
And just remember Ameribrahs are going to have a very different perspective of what 550k will buy. It will be awesome!

Enjoy the experience~

[cavymeister]

550k house with a 82k salary? Good luck with your house poor goals in 2015.

[bobbydigitaloa]

Damn bruh. It must be different in Australia. I just got 3.625 fixed. A couple buddies used their VA loans and got 3.5. America of peace.

But anyway bro, good luck with your house.

U.S. Brah here and our mortgage has a 3.25 fixed...the variable is scary as fuk and with a mortgage or around $2500 a month...I'm scared for OP. Best of luck dude.

[PrismNC]

Good luck man.
My wife and I make 90k combined with a 215k house. I put down 35k and on a loan of 180k at 30yr fixed that's a mortgage payment of 1200 roughly. With after all bills and costs only gives us like $800 free to put towards whatever we want.
You're looking at like 2,400 mortgage patient with around 300 extra in PMI. And with that much down I almost can't imagine it's a fixed loan? Is it a 5 yr ARM? If so, run...run far far away from it.

[Micuzzo]

lol at the negativity.

You're making a good choice brah. People don't understand the freedom that comes with owning your own home. Try to pay it off as fast as you can. Every cent you don't need for other things, put it to the house and take advantage of Offset accounts.

Good luck!

[bobbydigitaloa]

lol at the negativity.

You're making a good choice brah. People don't understand the freedom that comes with owning your own home. Try to pay it off as fast as you can. Every cent you don't need for other things, put it to the house and take advantage of Offset accounts.

Good luck!

I don't think people are saying that buying a house is dumb...spending 75% of your income on a mortgage is dumb.

Potato

[InfinityThor]

550k house with a 82k salary? Good luck with your house poor goals in 2015.

He's part of the new generation of home buyers.

My old man purchased his first house at a rate of 18% and he taught me to never buy according to these super low rates.