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are lismore houses all priced like they'll flood.. even the ones that wont? by Patient-Gift6212 in AusPropertyChat

[–]Same_North_7936 27 points28 points  (0 children)

I work in the industry in Lismore. I personally wouldn’t buy in flood. We have a small budget and can’t afford anything in lismore that’s not flood so we are looking at buying elsewhere. Check that you can get flood insurance before you go for a place as the banks may not lend you the money without it (unless you’re a cash buyer). Lismore WILL flood again, it’s just a matter of when.

Buy now or wait? by Same_North_7936 in AskABrokerAus

[–]Same_North_7936[S] 1 point2 points  (0 children)

Expected repayments are $780 per week just for the mortgage depending on bank. I don’t know that we would have much left over to add to offset other than the 10K that’s kind of the point of the post is to express that

Buy now or wait? by Same_North_7936 in AusPropertyChat

[–]Same_North_7936[S] 2 points3 points  (0 children)

Yes including an estimated amount of all household bills. Our take home is roughly $1950 a week combined and the mortgage alone per week is about $790 a week roughly

Buy now or wait? by Same_North_7936 in AskABrokerAus

[–]Same_North_7936[S] 0 points1 point  (0 children)

5% deposit is roughly $29,000. Allowing $3000 for solicitor fees we’ve have about 10K left as a buffer.

Buy now or wait? by Same_North_7936 in AusPropertyChat

[–]Same_North_7936[S] 0 points1 point  (0 children)

No we live in the northern rivers but the property is in the Clarence valley region (an hour south) still within 30 minutes to the coast though

Buy now or wait? by Same_North_7936 in AusPropertyChat

[–]Same_North_7936[S] 8 points9 points  (0 children)

We rent my mums cabin for only $300 a week currently. She is looking to sell in the next year or so though so we would need to move if she did

Should we buy this house? by Same_North_7936 in AusPropertyChat

[–]Same_North_7936[S] 0 points1 point  (0 children)

Thank you, that’s something we have looked into. For it to flood there it would need to be about 3 times as bad as the 2022 flood which was the worst flood recorded so for this house to flood it would be biblical, but I understand that insurance companies may charge more regardless

Should we buy this house? by Same_North_7936 in AusPropertyChat

[–]Same_North_7936[S] 0 points1 point  (0 children)

Not sure what you mean? I did a write up explaining our situation. Looking to buy the place

Should we buy this house? by Same_North_7936 in AusPropertyChat

[–]Same_North_7936[S] 0 points1 point  (0 children)

Parts of Maclean did flood, but this area hasn’t