House Prices Down under-another thread..

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Apr 20th 2008, 1:57 am

#61

youngy73

Joined: Mar 2005

Location: kewarra beach, cairns

Posts: 940

Re: House Prices Down under-another thread..

Quote:

Originally Posted by Wendy&Mike

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.

Apr 20th 2008, 2:09 am

#62

bcworld

Frequent Flyer Member

Joined: Jun 2007

Location: Melbourne

Posts: 10,994

Re: House Prices Down under-another thread..

Quote:

Originally Posted by youngy73

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

Apr 20th 2008, 3:27 am

#63

Wol

Lost in BE Cyberspace

Joined: Mar 2003

Posts: 9,397

Re: House Prices Down under-another thread..

Quote:

Originally Posted by youngy73

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?

Apr 20th 2008, 3:45 am

#64

Nerine

Joined: Nov 2006

Posts: 2,225

Nerine is an unknown quantity at this point

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

Apr 20th 2008, 3:55 am

#65

themerlin

Where traffic lights rule

Joined: Aug 2006

Location: Brighton QLD

Posts: 2,460

themerlin has a reputation beyond repute

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.

Apr 20th 2008, 4:42 am

#66

Nerine

Joined: Nov 2006

Posts: 2,225

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)

Apr 20th 2008, 9:28 am

#67

ray2gill

The Brains

Joined: Oct 2005

Location: Dubai / Hervey Bay

Posts: 886

Re: House Prices Down under-another thread..

Quote:

Originally Posted by renth

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.

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.

Apr 20th 2008, 11:44 am

#68

youngy73

Joined: Mar 2005

Location: kewarra beach, cairns

Posts: 940

Re: House Prices Down under-another thread..

Quote:

Originally Posted by bcworld

our loan is not actually big enough to qualify for the discount but we can get it anyway. not sure how that works. .

Apr 20th 2008, 9:28 pm

#69

stariston

Forum Regular

Joined: Feb 2007

Posts: 178

Re: House Prices Down under-another thread..

Quote:

Originally Posted by melaniee

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