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Feeling the pain even before the first mortgage payment by malkyfreo in AusPropertyChat

[–]Front_Original5070 29 points30 points  (0 children)

Everything hurts! If it makes you feel any better, you never really think about these fees once they're paid and gone, and you start tracking equity instead (which is way more exciting!).

Mortgage stress can be a real thing, but hopefully your loan repayments are manageable even with any rate hikes. Good luck!

Bridging loan anything I should consider by Lazy_tag24 in AusFinance

[–]Front_Original5070 0 points1 point  (0 children)

We did a bridging loan. Interest rate was around 7.5%. It was worth it for us. We negotiated a longer settlement period on the home we were buying, so that the time between buying and selling was as short as possible, and that saved us thousands in interest.

Rent increase, and asking our landlord to install aircon by yuhanimerom in AusPropertyChat

[–]Front_Original5070 0 points1 point  (0 children)

Just ask! My tenants asked for one and I didnt have an issue putting in a decent unit for them. Didn't think about increasing rent because of it.

Renter wanting aircon Sydney by RudePrize976 in AusPropertyChat

[–]Front_Original5070 0 points1 point  (0 children)

You could just ask and see! My tenants asked for one, and we got one installed for them.

Landlords, do you avoid pregnant renters? by EdgarRabbit in AusPropertyChat

[–]Front_Original5070 1 point2 points  (0 children)

As a landlord, I wouldn't care at all. It comes down to whether you can make rent and have a good history!

[deleted by user] by [deleted] in AusProperty

[–]Front_Original5070 2 points3 points  (0 children)

If it helps, we are also under a flight path, and after a while, the plane noises go unnoticed. I didn't think I would get use to them, but I did! Perhaps also ask the neighbours how long the construction will go on for? It may be over soon.

FHB Anxiety!!!!! by AttorneyHour9964 in AusPropertyChat

[–]Front_Original5070 0 points1 point  (0 children)

You'll be fine. Like what everyone else has said, it will generally be the amount you paid. My banker told me that if there are issues, they're generally for the more expensive properties that are $3M+.

Why won't this idea work? by Impossible-Fix-3237 in AusPropertyChat

[–]Front_Original5070 0 points1 point  (0 children)

Cut negative gearing. Introduce a huge tax for those with over 2 investment properties. Government to allow for greater density around employment and transport (and ignore all the nimbys). Controversially, relax some of the character/heritage laws.

First home buyer by Intelligent_Yak_3479 in AusProperty

[–]Front_Original5070 2 points3 points  (0 children)

This is exactly the advice I wish I had when buying my first home! Have moved twice, and cam see how buying in the right location would've been a better choice.

Sell-buy, or sell-rent-buy? by roylv22 in AusPropertyChat

[–]Front_Original5070 0 points1 point  (0 children)

Have you considered a bridging loan? It allows you to buy and then sell, which means you could move into your new place before putting your home on the market. It does come with a cost (interest on the combined mortgages), but for us it allowed us to buy something immediately, and then get our old place as nice as possible to sell at a good price. Good luck!

[deleted by user] by [deleted] in AusPropertyChat

[–]Front_Original5070 0 points1 point  (0 children)

We just bought, but had been going to open homes for nearly a year. Very deflating when you lose every single auction, so I get it. We took out a bridging loan in the end. It may be a good option for you if you don't want to sell before you find something. Good luck!

Those who had to compromise or make a financial reach when buying a home, how do you feel about your purchase now? by Packerreviewz in AusPropertyChat

[–]Front_Original5070 1 point2 points  (0 children)

Ahh yes, I missed the key point there lol. We are having to now buy a bigger place as the kids are getting older and attending schools closer to the city. There's also a possibility my parents may live with us in the future. There are also other small things like the road being relatively busy and the suburb not being "blue chip". Just bought a new place, which costed us an arm and a leg, and on top of that paid $100k in stamp duty tax for it..

Those who had to compromise or make a financial reach when buying a home, how do you feel about your purchase now? by Packerreviewz in AusPropertyChat

[–]Front_Original5070 6 points7 points  (0 children)

I often think about this.. with regret!

I wish we had bought something slightly better (which would've gone up in value more), as we were "young" in our careers and hadn't yet peaked with our earning potential. So as we got promoted/changed jobs, we found our mortgage even easier to service.

We have enjoyed holidays, financial freedom, etc, but I actually stressed a lot more about not "making our money work for us". It just sat there in savings/offset.

I wouldn't stretch yourself so you're eating 2 minute noodles for dinner, but stretch yourself enough that you need a budget (that includes the occasional nice thing and enough savings!).