ABC
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Richard Taylor | Australia's leading private lender
Scamp wrote:devo76 wrote:Scamp wrote:Sav : Every month , houseprices go down by 5% or more.
Why the hell would you buy now when you can buy for half the price in 1 year ?Another crap statement. If houses where to go down 50% in 1 year as you have stated in my area that would mean my house is worth around $150,000. It would cost more than that to build so the land must be worth nothing hey. I will admit that many areas are looking a bit dodgey over the next few years. But if you want to start now look around. There are areas that are not currently in a so called bubble situation. Find them.Pick the best property you can afford. Not the dearest,the best,( Position,sub potential,reno potential,improving local infrastructure and economy). Bargain hard and you will be ok. Sure it may drop a bit more but when the market turns you will already be off and racing thinking about the next IP you want to buy>
Wake up Devo. Haven't you heard ? We're heading global recession, hyperinflation in USA, fannie and freddy are down 90% !!!! What the hell are you thinking ? That your house will be spared ? hahah you amaze me. Houses are being sold cheaper than they cost to build all the time, in fact in USA if you buy a house that costs more than it cost to build, you're a sucker, please wake up and you will see that this is all coming to Australia too, and it will be MUCH worse in Australia. Your house could be worth 300.000 now, in 2 years it will be worth 150.000. Accept it.
ps : did you hear the newest trend in USA ? "Buy 2, get 1 for free !" ( HOUSES… that is , not vegetables )
hrm…..i guess its up to me to do my homework on this. Its up to me whether to jump in the market now or later on that will predict my future. Thanks for all the tips and advice you guyz have given to me. Well im still young and plenty of time to jump in the market but is it a good time now???? hahaha
Hi Sav,
I pulled this off http://www.sorted.org.nz/home/sorted-sections/mortgages/how-much-can-i-borrow
How much a lender will lend on a property
- "low equity premium" or "mortgage indemnity insurance" if you borrow over 80 percent. This protects them from the risk that you might not keep up repayments. It is a lump sum which you can pay in cash or add to the amount you borrow.
- Lenders may also ask you to get a valuation on the property. If there is a difference between the purchase price and the valuation, lenders usually work out how much they'll lend on the lower figure.
Hope that helps, good luck you will do fine!
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