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House buying and Mortgage rates

House buying and Mortgage rates

Old May 9th 2006, 7:56 pm
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Default House buying and Mortgage rates

Hi

We have just had our house valued and after a rough calculation of what equity we will take to oz after fees etc, we have a rough idea of what mortgage we will need in oz (based on worse case scenario figures).

I would be interested to hear from people who have mortgages in Australia as we have noted that the interest rates are higher than here by at least 1%.

Also any advice on costs when buying a home, we know about the first time buyer incentive ($7000 I think). Any advice on stamp duty prices, solicitors, survey fees etc would be much appreciated.

We are looking to live in the Brisbane area and are looking at homes round about the $300,000 mark.

We are starting to think we will be worse off than we thought, so any advice would be appreciated.

Many thanks

Pete and Heidi
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Old May 9th 2006, 9:09 pm
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Default Re: House buying and Mortgage rates

We've only been here 3 months & just starting to look. Would say $300 would get you an ok 3 bed house. Around here we'd need to be spending $400 for a decent 4 bed,poss with a pool,or $450 for the type of house we'd imagained with a pool.
As always,depends on the area & how close you are to the city,anything within 10km seems to bump the price up.
Domains website have a mortgage calculator,think for $250,000 repayments
were about $1900 a month if that helps.
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Old Jun 17th 2006, 7:59 pm
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Default Re: House buying and Mortgage rates

Originally Posted by woogle
We've only been here 3 months & just starting to look. Would say $300 would get you an ok 3 bed house. Around here we'd need to be spending $400 for a decent 4 bed,poss with a pool,or $450 for the type of house we'd imagained with a pool.
As always,depends on the area & how close you are to the city,anything within 10km seems to bump the price up.
Domains website have a mortgage calculator,think for $250,000 repayments
were about $1900 a month if that helps.
Hi

could you tell me how to find the domains website so I can fiddle with the calculator. We think we have just sold our house and am trying t figure out how much a smaller mortgage would cost.

Thanks

Debs
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Old Jun 17th 2006, 8:05 pm
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Default Re: House buying and Mortgage rates

Originally Posted by woody1cruiser
Hi

could you tell me how to find the domains website so I can fiddle with the calculator. We think we have just sold our house and am trying t figure out how much a smaller mortgage would cost.

Thanks

Debs
Its www.domain.com.au or theres www.realestate.com.au
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Old Jun 17th 2006, 10:23 pm
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Default Re: House buying and Mortgage rates

Originally Posted by pete jackson
Hi

We have just had our house valued and after a rough calculation of what equity we will take to oz after fees etc, we have a rough idea of what mortgage we will need in oz (based on worse case scenario figures).

I would be interested to hear from people who have mortgages in Australia as we have noted that the interest rates are higher than here by at least 1%.

Also any advice on costs when buying a home, we know about the first time buyer incentive ($7000 I think). Any advice on stamp duty prices, solicitors, survey fees etc would be much appreciated.

We are looking to live in the Brisbane area and are looking at homes round about the $300,000 mark.

We are starting to think we will be worse off than we thought, so any advice would be appreciated.

Many thanks

Pete and Heidi
We have a no doc home loan with rams and the rate 7.49% higher due to no docs required but we did get it within 2 weeks of arriving and had no jobs so quite good I thought, if you PM me I can give you some figures !
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Old Jun 17th 2006, 11:09 pm
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Default Re: House buying and Mortgage rates

For mortgage costs and rates try www.infochoice.com.au . Lots of calculators and a mortgage search.
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Old Jun 19th 2006, 5:44 am
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Default Re: House buying and Mortgage rates

Originally Posted by pete jackson

Also any advice on costs when buying a home, we know about the first time buyer incentive ($7000 I think).
I don’t know if this incentive is available if you have previously owned a property overseas?
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Old Jun 19th 2006, 5:58 am
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Default Re: House buying and Mortgage rates

Originally Posted by Tortuga
I don’t know if this incentive is available if you have previously owned a property overseas?
It is. It only applies to property previously owned in Australia.
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Old Jun 19th 2006, 6:39 am
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Default Re: House buying and Mortgage rates

Originally Posted by Amazulu
It is. It only applies to property previously owned in Australia.
And it has just increased to 10K...
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Old Jun 19th 2006, 6:43 am
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Default Re: House buying and Mortgage rates

Originally Posted by seasprite
And it has just increased to 10K...
is this available on all visa's or only PR?

Debs
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Old Jun 19th 2006, 6:45 am
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Default Re: House buying and Mortgage rates

[QUOTE=woody1cruiser]is this available on all visa's or only PR?

Ooooh, I don't know. I imagine if you are "allowed" to buy in Aus you would qualify though...anyone?
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Old Jun 19th 2006, 6:48 am
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Default Re: House buying and Mortgage rates

Originally Posted by seasprite
And it has just increased to 10K...
In Queensland it's only $7000. The FHOG varies from state to state.

Mrs JTL
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Old Jun 19th 2006, 6:53 am
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oh.not so good for some then. My source is in NSW.
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Old Jun 19th 2006, 6:53 am
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Default Re: House buying and Mortgage rates

Originally Posted by pete jackson
Hi

We have just had our house valued and after a rough calculation of what equity we will take to oz after fees etc, we have a rough idea of what mortgage we will need in oz (based on worse case scenario figures).

I would be interested to hear from people who have mortgages in Australia as we have noted that the interest rates are higher than here by at least 1%.

Also any advice on costs when buying a home, we know about the first time buyer incentive ($7000 I think). Any advice on stamp duty prices, solicitors, survey fees etc would be much appreciated.

We are looking to live in the Brisbane area and are looking at homes round about the $300,000 mark.

We are starting to think we will be worse off than we thought, so any advice would be appreciated.

Many thanks

Pete and Heidi
Hmmm.. for $300K in brisbane youre not going to get much of a house.

You're probably limited to:

1. Somewhere a good distance away from the CBD (15km plus)
2. A renovator (might let you move slightly nearer!)
3. A unit or town house (if you want to go even closer)
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Old Jun 19th 2006, 8:50 am
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Default Re: House buying and Mortgage rates

Originally Posted by seasprite
oh.not so good for some then. My source is in NSW.
According to this website (the dept responsible) http://www.osr.nsw.gov.au/portal/pag...schema=OSRPTLT NSW is still $7000. Not sure where the $10K is coming from, wouldn't mind another 3 grand though if it is going to happen.
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