Buy or Rent in Western Australia
Apr 29th 2007, 8:59 pm
#1
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Location: Tapping,Perth
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Buy or Rent in Western Australia
reading and starting to flap about the rising interest rates and house prices,
we are going to Perth at the end of this to start of next year with enough money for cars, and rent for about 6months,we know it will be hard but i am a ceramic tiler and hopefully will get a job no probs.When renting can i get long term leases on a property as concerned on having to move every 6/12 months?When buying how much deposit is expected? can i get a mortgage being self-employed or do i need to be in employment? Is it better to buy to rent a house out and live in rented accommodation instead as i heard something about tax relief?
Sorry for the questions but i can not find these answers on the net
Cheers.
Davie
we are going to Perth at the end of this to start of next year with enough money for cars, and rent for about 6months,we know it will be hard but i am a ceramic tiler and hopefully will get a job no probs.When renting can i get long term leases on a property as concerned on having to move every 6/12 months?When buying how much deposit is expected? can i get a mortgage being self-employed or do i need to be in employment? Is it better to buy to rent a house out and live in rented accommodation instead as i heard something about tax relief?
Sorry for the questions but i can not find these answers on the net
Cheers.
Davie
Apr 29th 2007, 9:37 pm
#2
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Re: Buy or Rent in Western Australia
My friend is a self employed tiler and he had been in perth 8 months now hes been told to wait 12 months before he gets mortgage he was also saying somthing about scrapping the tax for first time buyers but that isnt in yet so hes renting and seeing whats going to happen first!
My personal opinion im gonna rent 4by2 with pool $1500 month same house to buy $500000 and $3000 mortgage im gonna wait and see what happens its a big differance in payments!
My personal opinion im gonna rent 4by2 with pool $1500 month same house to buy $500000 and $3000 mortgage im gonna wait and see what happens its a big differance in payments!
Apr 29th 2007, 10:50 pm
#3
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Joined: Feb 2005
Location: Perth
Posts: 13,098
Re: Buy or Rent in Western Australia
My friend is a self employed tiler and he had been in perth 8 months now hes been told to wait 12 months before he gets mortgage he was also saying somthing about scrapping the tax for first time buyers but that isnt in yet so hes renting and seeing whats going to happen first!
My personal opinion im gonna rent 4by2 with pool $1500 month same house to buy $500000 and $3000 mortgage im gonna wait and see what happens its a big differance in payments!
My personal opinion im gonna rent 4by2 with pool $1500 month same house to buy $500000 and $3000 mortgage im gonna wait and see what happens its a big differance in payments!
Apr 30th 2007, 1:40 am
#4
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Re: Buy or Rent in Western Australia
My OH is a self employed brickie but, when we got here, he worked for someone else to begin with. They gave him a letter to say he was employed on $x per annum and we got a normal mortgage straight away with a 20% deposit.
If you head down the self employed route for a mortgage, most companies want two tax years of books and, generally, a 40% deposit. None of your UK books count.
If you head down the self employed route for a mortgage, most companies want two tax years of books and, generally, a 40% deposit. None of your UK books count.
Apr 30th 2007, 1:46 am
#5
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Location: WA but NOT Perth!!!!!
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Re: Buy or Rent in Western Australia
My OH is a self employed brickie but, when we got here, he worked for someone else to begin with. They gave him a letter to say he was employed on $x per annum and we got a normal mortgage straight away with a 20% deposit.
If you head down the self employed route for a mortgage, most companies want two tax years of books and, generally, a 40% deposit. None of your UK books count.
If you head down the self employed route for a mortgage, most companies want two tax years of books and, generally, a 40% deposit. None of your UK books count.
As for renting vs buying obviously up to you but prices are still going up, just at a more normal/slower rate than they were. Also dont just think financially, having your own home can help you feel much more settled than renting can - I know even though we've been happy here since day one I felt like a huge weight lifted on the day we got keys to our very own house!!!
Apr 30th 2007, 2:06 am
#6
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Re: Buy or Rent in Western Australia
That's not correct, but you do need a good a mortgage advisor to help you
We got a mortgage based on 2 years' UK accounts as my OH is also self employed. He didn't want to be employed by someone else as the pay is less in his trade and he never had been since his apprenticeship back in the stone ages
There are various low doc/no doc options.
We have a great guy who is sorting out our investment property mortgage. I can give you his details if you pm me.
Cheers.
We got a mortgage based on 2 years' UK accounts as my OH is also self employed. He didn't want to be employed by someone else as the pay is less in his trade and he never had been since his apprenticeship back in the stone ages
There are various low doc/no doc options.We have a great guy who is sorting out our investment property mortgage. I can give you his details if you pm me.
Cheers.
Apr 30th 2007, 2:09 am
#7
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Re: Buy or Rent in Western Australia
My OH is a self employed brickie but, when we got here, he worked for someone else to begin with. They gave him a letter to say he was employed on $x per annum and we got a normal mortgage straight away with a 20% deposit.
If you head down the self employed route for a mortgage, most companies want two tax years of books and, generally, a 40% deposit. None of your UK books count.
If you head down the self employed route for a mortgage, most companies want two tax years of books and, generally, a 40% deposit. None of your UK books count.
You often don't even need books/accounts at all, you merely have to state that you earn a certain amount and that you have enough income to pay back the interest (or interest and principal). With this option you definitely need a bigger deposit.
Apr 30th 2007, 2:18 am
#8
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Location: WA but NOT Perth!!!!!
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Re: Buy or Rent in Western Australia
Ah well, there you go then, options after all!!
Apr 30th 2007, 2:37 am
#9
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Location: Perth
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Re: Buy or Rent in Western Australia
As usual it depends who you listen to.....this from The Age on Saturday
"The hottest market has been Perth, where prices jumped nearly 21 per cent from a year ago, although growth has all but stopped this year.
Mr McNamara predicts that the Perth median price — which is 25 per cent higher than in Melbourne — will fall this year."
"The hottest market has been Perth, where prices jumped nearly 21 per cent from a year ago, although growth has all but stopped this year.
Mr McNamara predicts that the Perth median price — which is 25 per cent higher than in Melbourne — will fall this year."
Apr 30th 2007, 2:40 am
#10
Gutter Gob!!
Joined: Feb 2005
Location: Perth
Posts: 13,098
Re: Buy or Rent in Western Australia
As usual it depends who you listen to.....this from The Age on Saturday
"The hottest market has been Perth, where prices jumped nearly 21 per cent from a year ago, although growth has all but stopped this year.
Mr McNamara predicts that the Perth median price — which is 25 per cent higher than in Melbourne — will fall this year."
"The hottest market has been Perth, where prices jumped nearly 21 per cent from a year ago, although growth has all but stopped this year.
Mr McNamara predicts that the Perth median price — which is 25 per cent higher than in Melbourne — will fall this year."
Apr 30th 2007, 7:00 am
#11
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Joined: Jan 2007
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Posts: 455
Re: Buy or Rent in Western Australia
reading and starting to flap about the rising interest rates and house prices,
we are going to Perth at the end of this to start of next year with enough money for cars, and rent for about 6months,we know it will be hard but i am a ceramic tiler and hopefully will get a job no probs.When renting can i get long term leases on a property as concerned on having to move every 6/12 months?When buying how much deposit is expected? can i get a mortgage being self-employed or do i need to be in employment? Is it better to buy to rent a house out and live in rented accommodation instead as i heard something about tax relief?
Sorry for the questions but i can not find these answers on the net
Cheers.
Davie
we are going to Perth at the end of this to start of next year with enough money for cars, and rent for about 6months,we know it will be hard but i am a ceramic tiler and hopefully will get a job no probs.When renting can i get long term leases on a property as concerned on having to move every 6/12 months?When buying how much deposit is expected? can i get a mortgage being self-employed or do i need to be in employment? Is it better to buy to rent a house out and live in rented accommodation instead as i heard something about tax relief?
Sorry for the questions but i can not find these answers on the net
Cheers.
Davie
The Western Australian reported recently << to Perth house prices fall $10,000 >>. Maybe better wait next year to buy..
http://www.thewest.com.au/default.as...ontentID=26426
.
Apr 30th 2007, 8:41 pm
#12
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Thread Starter
Joined: Oct 2006
Location: Tapping,Perth
Posts: 73
Re: Buy or Rent in Western Australia
thanks for the applies,taken it all on board.
