British Expats
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British Expats (https://britishexpats.com/forum/)
-   Australia (https://britishexpats.com/forum/australia-54/)
-   -   House Prices Down under-another thread.. (https://britishexpats.com/forum/australia-54/house-prices-down-under-another-thread-518456/)

youngy73 Apr 19th 2008 1:57 pm
Re: House Prices Down under-another thread..
 
Originally Posted by Wendy&Mike (Post 6233532)
The commonwealth bank are currently offering 8.4% on $20000+ for 6 months. That means there standard mortgage rate has to be around the 10% mark. When people start coming off the fixed mortgages there is going to be some serious problems.

Mike.
im just looking at mortgages at the moment and the commonwealth have offered us 8.7 % on a variable rate.

bcworld Apr 19th 2008 2:09 pm
Re: House Prices Down under-another thread..
 
Originally Posted by youngy73 (Post 6235723)
im just looking at mortgages at the moment and the commonwealth have offered us 8.7 % on a variable rate.
Commonwealth are right up there at the moment in terms of the highest mortagage rates.....their standard variable is 9.44% but pretty much everyone will qualify for a 0.7% discount off that. All the big banks have the 0.7% discount for certain loan size / income.

http://yahoo.infochoice.com.au/banki...der=descending

Wol Apr 19th 2008 3:27 pm
Re: House Prices Down under-another thread..
 
Originally Posted by youngy73 (Post 6235723)
im just looking at mortgages at the moment and the commonwealth have offered us 8.7 % on a variable rate.
Then they can afford the 4.7% after 15% tax that they are paying us on our retirement savings accounts, then?

Nerine Apr 19th 2008 3:45 pm
Re: House Prices Down under-another thread..
 
Can you offshore it in their NZ division? higher interest rates and only 10% non resident's witholding tax there, plus of course the charges for transfering lump sums over to Oz

themerlin Apr 19th 2008 3:55 pm
Re: House Prices Down under-another thread..
 
It's very local, even down to the suburb. I think if you buy something that got something going for it, large block, nice views etc etc you will be OK.
But buy into a soulless Lego land type estate and your asking for trouble.

Nerine Apr 19th 2008 4:42 pm
Re: House Prices Down under-another thread..
 
Yep, so long as you're on a public transport route or live close to work it shouldn't be too much of a problem. (Petrol increases in NZ really affected the prices of rural properties, petrol is currently at around $1.80 -$1.86 for 91)

ray2gill Apr 19th 2008 9:28 pm
Re: House Prices Down under-another thread..
 
Originally Posted by renth (Post 6005520)
Depends what city you are in but in the next few months they will all level off, they will stay leveled off for a while, slowly fall then fall fast, losing between 15% and 40%.

Just like what is happening in the UK but lagging behind by about 18 months to 2 years.

Perth's already in the prices slowly falling bracket.

Just IMHO though. :lol:
Actually there was an interesting program on here the other day discussing the various property markets. In the UK the press are always talking the prices down with market crashes and every other thing you can think of. On the other hand here in the UAE the press is always positive and prices are rising like you wouldn't believe.:cool:

youngy73 Apr 19th 2008 11:44 pm
Re: House Prices Down under-another thread..
 
Originally Posted by bcworld (Post 6235743)
Commonwealth are right up there at the moment in terms of the highest mortagage rates.....their standard variable is 9.44% but pretty much everyone will qualify for a 0.7% discount off that. All the big banks have the 0.7% discount for certain loan size / income.

http://yahoo.infochoice.com.au/banki...der=descending
our loan is not actually big enough to qualify for the discount but we can get it anyway. not sure how that works. .

stariston Apr 20th 2008 9:28 am
Re: House Prices Down under-another thread..
 
Originally Posted by melaniee (Post 6005510)
What do people think is going to happen/happening to them ? There seems to be a lot of variance all over the country at the moment. Any thoughts ?
Darling in the uk is about to cotton wool the banks with cheap money
Monday uk time announcement

Maybe Wayne Swan can take a leaf out of his book and get the banks
to stop ripping people of in Australia
and calm the housing market


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