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my advice completely unsolicited: don't buy anything now, whatever you are considering will be much MUCH cheaper in a year! and interest rates will be lower as well. Why lock in a 3 year fixed now that will be 2% or more cheaper in a year as a severe downturn takes hold. Over paying on your mortgage and over paying for your house will wipe your equity out instantly.

de-leveraging has yet to fully hit australia but the rest of the world points the way, doesn't matter what the australian government does, there is massive asset deflation everywhere. What happened to second hand car prices, stocks and commodities will happen to house prices, land and treasuries. Just a matter of time. Watch "The Ascent of Money" (youtube.. if you don't have the patience start with episode 5). Then consider that what happened in Ireland, Iceland, the US, the UK, Spain (and is still happening) has yet to fully unfold here! The australian financial media still glowing from the bubble as recently as march 2008, is really behind the curve.

Sold my 34 a year ago, hoping to buy a house around some time now...and im thinking along the same lines as you, maybe the prices will drop even more in another year, so wait for now ?? This is bad because ive been without boost since dec. 10th 5.10pm 2007 (yeh i remember the date and time i sold her, so ? :D) ... and now im thinking, f***k it im getting another car :D

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Sold my 34 a year ago, hoping to buy a house around some time now...and im thinking along the same lines as you, maybe the prices will drop even more in another year, so wait for now ?? This is bad because ive been without boost since dec. 10th 5.10pm 2007 (yeh i remember the date and time i sold her, so ? ;)) ... and now im thinking, f***k it im getting another car :(

I think there are some nice over-built cars out there held by people who are prepared to take a big haircut on the "market" price to be rid of them..

of course if you're gonna buy it then buy all these upgrades, this isn't a sensible decision.

Suze Orman would say "denied" for sure (CNBC TV reference).

Hey there, my partner and i have just signed up with sterling homes and have had a great experience so far. A few things bank Sa/st george will be the only bank to do 100% and keep in mind if you are building the slab will need to be down by june 30 to qualify for the FHOG or at least the current rate of 21g + 4g from state government for stamp duty which you only pay on the land value.

Our house and land is 245000 at aldinga but we are adding another 30g to finish off the house eg carpet, tiling, aircon, driveway and fencing. Look around and find what you like and be armed with as many questions as possible. Remember what you see in a display home doesn't mean you will get it in a standard package. everything costs extra such as double power points, overhead cupboards things like that and with some builders footings may be extra and in a hilly or very windy area it can jump up to 20 - 30g plus if they hit rock off any sort that can cost.

We also went through a finance company and found that was a terrific way to find out lots of info and get a better understanding of things

Good luck if you have more questions pm me.

watch out for the devine 105% loans, and high fees to break the loan in 3 years.

I found the homestart and st george dudes had the cheapest loans, but in the end i sold the house.

CBA and a few others valued the houses low here. cause they didnt have sales data for the area, too new!!

another option is newish but used, a lot of houses around here, a year old and up for sale due to job losses ?

one gotcha in this economy is buying more house then you can afford, just because you can buy it (qualify for it) doesn't mean you can really afford it in the long haul , houses have lots of hidden cost most people don't figure in home loans or budgets? banks can afford risk, but most of us cant afford to loose a house. just my two cents of advice?

I wouldnt be going anything over 100%, they will be charging you like a wounded bull for both exit and LMI costs. Generally its 97% plus 3% mortgage insurance.

My advice would be stick to the variable rate at the moment as rates are going to drop again next month which should see rates around the low 5% mark which makes budgeting so much affordable.

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has anyone had any experience with SA Easybuild Homes? They build homes to rent immediately after completion, and also guarantee 6 months rent, starts at $95 a week..

eg. http://www.realestate.com.au/realestate/ag...+sale/105507022

Yeah, thinking that if i buy it, ill rent it off myself for 6 months to be able to claim the grant...

their website "www.saeasybuild.com.au" goes straight to adam.com.au :P

I’m just waiting on approval for a House Loan again through Commonwealth Bank, On my Wage I’ve been approved before for $227,000 & I earn well & truly below 60K, But asking a little bit more this time so I'll know by the end of the week but if so I’ll be going through Hickinbotham to build this time, Not Devine, Any feedback on Hickinbotham would be appreciated if anyone’s had any past experiences with them…

I’m just waiting on approval for a House Loan again through Commonwealth Bank, On my Wage I’ve been approved before for $227,000 & I earn well & truly below 60K, But asking a little bit more this time so I'll know by the end of the week but if so I’ll be going through Hickinbotham to build this time, Not Devine, Any feedback on Hickinbotham would be appreciated if anyone’s had any past experiences with them…

dont. if you want to know why, ill invite you over my place sometime and you can check the abso-f**king-lutely awesome work.

I'm just waiting on approval for a House Loan again through Commonwealth Bank, On my Wage I've been approved before for $227,000 & I earn well & truly below 60K, But asking a little bit more this time so I'll know by the end of the week but if so I'll be going through Hickinbotham to build this time, Not Devine, Any feedback on Hickinbotham would be appreciated if anyone's had any past experiences with them…

might be a good idea to see what they'll lend you after the new 1% interest cut as the ability to service the loan is the biggest factor in how much they lend you.

I'm not sure how much they quoted you for monthly repayments but at the new rate, the same monthly amount would service a much bigger loan.

might be a good idea to see what they'll lend you after the new 1% interest cut as the ability to service the loan is the biggest factor in how much they lend you.

I'm not sure how much they quoted you for monthly repayments but at the new rate, the same monthly amount would service a much bigger loan.

Yeah the repayments on $227,000 were $402.00 per week which isn't that much really but will be interesting to see what it is now...

S13 DriftR, post back when you know the outcome of the loan approval. It'll be interesting to see what they say, as Commonwealth are renowned for rejecting home loan applications to first home buyers.

No worries :rofl:

They approved my Loan of $227,000 in October last year buy my GF & I decided to go down another road in terms of Building but it all seemed too easy but we all know it's not :laugh:

Spotted a house in salisbury north, faily run down, with a sign out the front saying "first $10,000 gets my 2 bedroom house". So im seeing if i can get the cash today, its worth the resale!

All banks will have a break fee within the first 3 years to stop home lenders chasing better rates.

Yer, we enquired about changing our repayments to interest only whilst the wife is off of work (bear in mind we're fixed rate and probably only 9 months into a 5 year lock in) and to do anything with the loan was going to be 25 large one's!! YIKES!! Keep paying principal and interest!

I’m just waiting on approval for a House Loan again through Commonwealth Bank, On my Wage I’ve been approved before for $227,000 & I earn well & truly below 60K, But asking a little bit more this time so I'll know by the end of the week but if so I’ll be going through Hickinbotham to build this time, Not Devine, Any feedback on Hickinbotham would be appreciated if anyone’s had any past experiences with them…

Ahhh well the wife's uncles place was built by hickenbotham...His carport roof fell down!! Uha!!

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