Buying a house!
Mar 22nd 2004, 1:21 pm
#1
Thread Starter
Joined: Jun 2003
Posts: 965
Buying a house!
Well folks - put our deposit on a place in Perth today!
Have never seen it!!!
Before you all think we are crackers have had 2 friends go to look, and it's a brand new show home. They are leasing it back from us for a year at least - we may never actually live in it but we are back on the old property ladder.
Got $35,000 off the price so there are bargains to be had now.
With stamp duty and costs we are looking at another $30,000 on top. Just thought I would share some info.
Even though we have our visas in the passports we still need FIRB approval which is going through now and takes 3 weeks.
Seems quite easy to get a mortgage from here on UK salary - we are doing it through a broker.
BTW you can either use a solicitor who does conveyancing or a 'settlement agent' - we are using the latter. Their fees are $990 which I don't think is too bad.
Maxine
Have never seen it!!!
Before you all think we are crackers have had 2 friends go to look, and it's a brand new show home. They are leasing it back from us for a year at least - we may never actually live in it but we are back on the old property ladder.
Got $35,000 off the price so there are bargains to be had now.
With stamp duty and costs we are looking at another $30,000 on top. Just thought I would share some info.
Even though we have our visas in the passports we still need FIRB approval which is going through now and takes 3 weeks.
Seems quite easy to get a mortgage from here on UK salary - we are doing it through a broker.
BTW you can either use a solicitor who does conveyancing or a 'settlement agent' - we are using the latter. Their fees are $990 which I don't think is too bad.
Maxine
Mar 22nd 2004, 1:25 pm
#2
BE Forum Addict
Joined: Oct 2003
Location: Nappyland
Posts: 2,886
Re: Buying a house!
Originally posted by maxpaxx
Well folks - put our deposit on a place in Perth today!
Have never seen it!!!
Before you all think we are crackers have had 2 friends go to look, and it's a brand new show home. They are leasing it back from us for a year at least - we may never actually live in it but we are back on the old property ladder.
Got $35,000 off the price so there are bargains to be had now.
With stamp duty and costs we are looking at another $30,000 on top. Just thought I would share some info.
Even though we have our visas in the passports we still need FIRB approval which is going through now and takes 3 weeks.
Seems quite easy to get a mortgage from here on UK salary - we are doing it through a broker.
BTW you can either use a solicitor who does conveyancing or a 'settlement agent' - we are using the latter. Their fees are $990 which I don't think is too bad.
Maxine
Well folks - put our deposit on a place in Perth today!
Have never seen it!!!
Before you all think we are crackers have had 2 friends go to look, and it's a brand new show home. They are leasing it back from us for a year at least - we may never actually live in it but we are back on the old property ladder.
Got $35,000 off the price so there are bargains to be had now.
With stamp duty and costs we are looking at another $30,000 on top. Just thought I would share some info.
Even though we have our visas in the passports we still need FIRB approval which is going through now and takes 3 weeks.
Seems quite easy to get a mortgage from here on UK salary - we are doing it through a broker.
BTW you can either use a solicitor who does conveyancing or a 'settlement agent' - we are using the latter. Their fees are $990 which I don't think is too bad.
Maxine
Mar 22nd 2004, 3:13 pm
#3
Just Joined
Joined: Sep 2003
Location: West Midlands
Posts: 8
Re: Buying a house!
Really interesting post as I have just come back from Perth(validating visa) and was quite surprised at how much property prices were fin decent areas. Even though were not moving for a couple of years it would be a good idea to buy now, can you give me any more info on the mortgage aspect, much appreciated
Mar 22nd 2004, 3:18 pm
#4
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Joined: Feb 2003
Location: Perth
Posts: 495
Congrats Maxpaxx.
I'm not asking where you bought but we seem to have done so many that we've probably been through it. Do you mind me asking who the builder was?
I reckon one of the advantages of buying a show home is the fact you get all the extras at a discount. The colour scheme may not be to your liking but it's a big plus to get extra lighting, landscaping and the flooring. Plus we've noticed the show homes tend to be on the larger blocks
So you'll more or less be able to move straight in. Great stuff!
I'm not asking where you bought but we seem to have done so many that we've probably been through it. Do you mind me asking who the builder was?
I reckon one of the advantages of buying a show home is the fact you get all the extras at a discount. The colour scheme may not be to your liking but it's a big plus to get extra lighting, landscaping and the flooring. Plus we've noticed the show homes tend to be on the larger blocks
So you'll more or less be able to move straight in. Great stuff!
Mar 22nd 2004, 4:18 pm
#5
Impressive Member
Joined: Nov 2003
Location: Leeds
Posts: 130
hi max,
Handy post - am contemplating doing exactly the same thing - have heard about the lease back deal before - sounds like a winner to me. Builder has to have house at showroom condition at point of handover so you don't get a shabby looking place 12 months down the track.
My questionis re the mortgage on UK salary - which borker did you use, was it easy and what percentage of the asking price could you borrow?
Of what I have researched so far I keep getting diferent answers - it would be fab to hear from the horses mouth...so to speak.
Cheers
J
Handy post - am contemplating doing exactly the same thing - have heard about the lease back deal before - sounds like a winner to me. Builder has to have house at showroom condition at point of handover so you don't get a shabby looking place 12 months down the track.
My questionis re the mortgage on UK salary - which borker did you use, was it easy and what percentage of the asking price could you borrow?
Of what I have researched so far I keep getting diferent answers - it would be fab to hear from the horses mouth...so to speak.
Cheers
J
Mar 22nd 2004, 4:30 pm
#6
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Joined: May 2003
Location: Renting in Port Kennedy Perth
Posts: 447
WOW
You must be so excited - but as someone else said, I would not be able to contain myself - but that is me I guess.
Congratulations!!!
Where did you buy? We are moving to Perth in December & are hoping to move south of Perth - but saying that we are going to have a really good mooch around while we are renting in case we have missed anywhere. Did you get the first time buyers grant as you are not in the country?
Well done
pockygoes
You must be so excited - but as someone else said, I would not be able to contain myself - but that is me I guess.
Congratulations!!!
Where did you buy? We are moving to Perth in December & are hoping to move south of Perth - but saying that we are going to have a really good mooch around while we are renting in case we have missed anywhere. Did you get the first time buyers grant as you are not in the country?
Well done
pockygoes
Mar 22nd 2004, 6:17 pm
#7
Thread Starter
Joined: Jun 2003
Posts: 965
Hi everyone.
Thanks for the postive replies.
Actually all our mates here think it's a good idea too.
We are moving to Perth on 29th Sept so will go and see it then! Part of the contract ties them (APG) into a 12 month lease paying 8% (yes8%)!! of the purchase price. they have 8 further 3 month options after that of which they say they will probably only want 6 but at this stage both parties have to be agreeable.
The interesting thing is that there are banks that will take this high rental figure as part of your salary calculations - most will only allow for average rent of the property - which as we all know is pretty low. This was great for us because Ed has a basic salary and earns that much again in commission so we have big fluctuations! and apparently some banks are not too keen?
We have also had to provide evidence of all our other savings and investments.
We used the company that deal with APG's finance 'Resolve Finance' great company - very professional and they are sorting out the FIRB approval too. We had to find our own settlement agents just searched on the net.
This house is $224k on the APG site and land not even the size of this block is going for over $300k. There are $75k worth of upgrades and of course it's all finished with landscaping, AC, patio, verandah etc. I reckon that would cost $50k if you did it yourself - the flooring companies I have looked at have been really expensive, and this flooring is better than the one they can sell with the house. Add into this the fact that they are paying all this lease money $43,000 per year and we think it's a great deal.
We will have to pay rates and buildings insurance $3000 per year.
We are not going to get the $7000 first home grant as it's an investment - but hey not complaining!
We were thinking of south Perth too but feel we would have been too far from town. The house is 1km from Burns beach and 20-25 mins to town (not in rush hour)!
Ideally it would have been in Ocean Reef but it's too expensive now. This is the next suburb. Prices rose in Ocean Reef 20% last year and 13% in Iluka where the house is so we feel it's a good investment in spitting distance from Ocean Reef.
We are just going to pay all the lease money off the mortgage so we can live there comfortably ourselves!
Any other questions feel free to ask!
Thanks for the postive replies.
Actually all our mates here think it's a good idea too.
We are moving to Perth on 29th Sept so will go and see it then! Part of the contract ties them (APG) into a 12 month lease paying 8% (yes8%)!! of the purchase price. they have 8 further 3 month options after that of which they say they will probably only want 6 but at this stage both parties have to be agreeable.
The interesting thing is that there are banks that will take this high rental figure as part of your salary calculations - most will only allow for average rent of the property - which as we all know is pretty low. This was great for us because Ed has a basic salary and earns that much again in commission so we have big fluctuations! and apparently some banks are not too keen?
We have also had to provide evidence of all our other savings and investments.
We used the company that deal with APG's finance 'Resolve Finance' great company - very professional and they are sorting out the FIRB approval too. We had to find our own settlement agents just searched on the net.
This house is $224k on the APG site and land not even the size of this block is going for over $300k. There are $75k worth of upgrades and of course it's all finished with landscaping, AC, patio, verandah etc. I reckon that would cost $50k if you did it yourself - the flooring companies I have looked at have been really expensive, and this flooring is better than the one they can sell with the house. Add into this the fact that they are paying all this lease money $43,000 per year and we think it's a great deal.
We will have to pay rates and buildings insurance $3000 per year.
We are not going to get the $7000 first home grant as it's an investment - but hey not complaining!
We were thinking of south Perth too but feel we would have been too far from town. The house is 1km from Burns beach and 20-25 mins to town (not in rush hour)!
Ideally it would have been in Ocean Reef but it's too expensive now. This is the next suburb. Prices rose in Ocean Reef 20% last year and 13% in Iluka where the house is so we feel it's a good investment in spitting distance from Ocean Reef.
We are just going to pay all the lease money off the mortgage so we can live there comfortably ourselves!
Any other questions feel free to ask!
Mar 22nd 2004, 6:35 pm
#8
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Joined: Jul 2003
Location: South Perth
Posts: 307
have just sent u a PM!
Mar 22nd 2004, 9:02 pm
#9
Thread Starter
Joined: Jun 2003
Posts: 965
Originally posted by salonit
have just sent u a PM!
have just sent u a PM!
Mar 23rd 2004, 3:28 am
#10
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Joined: Feb 2003
Location: Perth
Posts: 495
Originally posted by maxpaxx
Hey you guys - there is another show home for sale on here http://public.reiwa.com.au/misc/menu...pe=residential it's in Iluka on 'our street' LOL $590,000 and they want lease back!
Hey you guys - there is another show home for sale on here http://public.reiwa.com.au/misc/menu...pe=residential it's in Iluka on 'our street' LOL $590,000 and they want lease back!
Woooo, very nice. You're clearly too posh for us!!
Hope you enjoy your views to the "horizon"
Mar 23rd 2004, 5:26 am
#11
Guest
Posts: n/a
Originally posted by maxpaxx
Hey you guys - there is another show home for sale on here http://public.reiwa.com.au/misc/menu...pe=residential it's in Iluka on 'our street' LOL $590,000 and they want lease back!
Hey you guys - there is another show home for sale on here http://public.reiwa.com.au/misc/menu...pe=residential it's in Iluka on 'our street' LOL $590,000 and they want lease back!
http://public.reiwa.com.au/res/searc...rentRow=20&SD=
I wonder if they will be paying 8% on lease back ?
