Vic Wasteland Thread - 15.0

[L33SH]

You'd certainly be the minority then 

I get told that a lot lol

[Rekin]

To a point sure - my market place the $600k cap was annoying as that is a common price point well was.. all that happened is buyers would stick to that or less or try and negotiate down $620-$630k properties due to the stamps  which rarely worked in such a strong market.. but again $15k in the scheme of things is a relatively small sum that won't make buying any easier for anybody and ultimately would you pass up the perfect property for $15k.. unlikely 

Birds 95% loans are pretty rare these days and again $15k is not going to elevate someone from unaffordable to affordable the difference in repayments is neglible in the current interest environment. 

its a good vote grabber for labor but that's about it history shows gov stimulus for buyers merely inflated prices 

What I saw was at $600k it would be $615k with stamp-duty.

 

At $601k it would be $631k with stamp duty.

 

No fhb would take the risk of an extra $1 to be slumped with $30k stamps.

 

A seasoned buyer with no concessions wouldn't worry too much about extra $15k but to a fhb it feels a lot more especislly when a single $1 puts you up another $15k

[Birds]

11 hours ago, alr33x said:

To a point sure - my market place the $600k cap was annoying as that is a common price point well was.. all that happened is buyers would stick to that or less or try and negotiate down $620-$630k properties due to the stamps  which rarely worked in such a strong market.. but again $15k in the scheme of things is a relatively small sum that won't make buying any easier for anybody and ultimately would you pass up the perfect property for $15k.. unlikely 

Birds 95% loans are pretty rare these days and again $15k is not going to elevate someone from unaffordable to affordable the difference in repayments is neglible in the current interest environment. 

its a good vote grabber for labor but that's about it history shows gov stimulus for buyers merely inflated prices 

I was talking more the deposit than repayments - if you don't have to save up an extra 15k as part of your deposit, to cover stamp duty, then that can make a significant difference.

Can stamp duty generally be tacked on to the loan principal?

[UNR33L]

Mine was, I just saved 10% deposit of what I bought house for, but by the time all the fees came on top, loan was about 20k extra

[emts]

3 minutes ago, Birds said:

I was talking more the deposit than repayments - if you don't have to save up an extra 15k as part of your deposit, to cover stamp duty, then that can make a significant difference.

Can stamp duty generally be tacked on to the loan principal?

 yes. think in most cases it is.

for some strange reason we paid it outright however?

 

[Birds]

1 hour ago, UNR33L said:

Mine was, I just saved 10% deposit of what I bought house for, but by the time all the fees came on top, loan was about 20k extra

That would have been your LMI, duties, conveyancing etc.?

[Birds]

1 hour ago, emts said:

 yes. think in most cases it is.

for some strange reason we paid it outright however?

 

The last mortgage broker we dealt with made it sound like we'd have to pay the stamp duty up front - but I think also mentioned being able to put it onto the loan principal, just made it sound like a bad idea for some reason.

I get that LMI needs to be paid up front, but I would think a government tax could easily be incorporated into the loan just increasing the LVR a little.

[emts]

1 minute ago, Birds said:

The last mortgage broker we dealt with made it sound like we'd have to pay the stamp duty up front - but I think also mentioned being able to put it onto the loan principal, just made it sound like a bad idea for some reason.

I get that LMI needs to be paid up front, but I would think a government tax could easily be incorporated into the loan just increasing the LVR a little.

 

yeah that sounds familiar. 

[L33SH]

Mine was, I just saved 10% deposit of what I bought house for, but by the time all the fees came on top, loan was about 20k extra

Yep, my extra fees were around 14 grand. I also paid $400 for my pest/building inspection because I was paranoid

[UNR33L]

1 hour ago, Birds said:

That would have been your LMI, duties, conveyancing etc.?

Yep correct, even though I had 10% deposit, the loan figure was basically for the whole house price anyway. Unless you can save 20% to avoid LMI.. but thats 80k for my 400k house so yeah nah. 

Actually come to think of it, I had about ~5k extra left over from the home loan which I ended up spending on random furniture n shit..

Think I got the pest inspection thing done too, oh and in the contract put that all appliances etc are to be in working order (don't want to be forking out 1k on air con or ovens etc.)

Edited March 7, 2017 by UNR33L

[L33SH]

Yep correct, even though I had 10% deposit, the loan figure was basically for the whole house price anyway. Unless you can save 20% to avoid LMI.. but thats 80k for my 400k house so yeah nah. 
Actually come to think of it, I had about ~5k extra left over from the home loan which I ended up spending on random furniture n shit..
Think I got the pest inspection thing done too, oh and in the contract put that all appliances etc are to be in working order (don't want to be forking out 1k on air con or ovens etc.)

Pretty sure the pest and building inspection is compulsory from the lender. Haha I did that in the contract too - I also requested all flyscreens to be replaced too as the tenant had a dog.

[alr33x]

2 hours ago, Birds said:

I was talking more the deposit than repayments - if you don't have to save up an extra 15k as part of your deposit, to cover stamp duty, then that can make a significant difference.

Can stamp duty generally be tacked on to the loan principal?

yes but its not recommend because your adding 30 years of interest to it obviously varies if you pay it off quicker etc but that's the general reason its better to pay it if you can 

[Birds]

Not that I'll have to pay stamp duty from July 1 anyway, but the stamp duty interest probably wouldn't bother us - we plan to hit a ~400k mortgage hard with two incomes and build as much equity and as soon as possible. Then look at perhaps a second place for similar cost. Figure this is a better approach interest wise than say taking on 800k over 30 years.

The deposit is the bitch. Want to stay in 88E for this drill but the money would sure be handy for a deposit.

[Down_Shift]

Speaking of pest control, just got back from overseas to find a wasp nest outside my garage and the ants are marching one by one into my kitchen. Only when I leave a glass of water on the bench and they never go for the food... go figure.

[Birds]

If you were gone for 7 years, technically the ants own the place now

You'd be their tenant

[UNR33L]

dont even need a deposit anymore apparently:

http://www.news.com.au/finance/real-estate/buying/new-scheme-allows-first-home-buyers-to-buy-property-with-help-from-government/news-story/9a99b1e7e885e513d0f5f01e46da1cc3

[Down_Shift]

17 minutes ago, Birds said:

If you were gone for 7 years, technically the ants own the place now

You'd be their tenant

Ants can pay off my mortgage then. 

[UNR33L]

4 minutes ago, Down_Shift said:

Ants can pay off my mortgage then. 

Just ask the Government nicely.

[Birds]

7 minutes ago, Down_Shift said:

Ants can pay off my mortgage then. 

Between that and being able to sort tiny screws in space, they are incredible creatures

[UNR33L]

Do they even lift