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I took your advice gof_of_money and got Richard to find me a loan, he's saved me a lot of money and has been very helpful.
I've got approval now but unfortunately the bank won't let me see the valuation, so I've got the RPdata $49 estimation which tells me it's worth 225k +/- 6%. I'm going to pay 227k so I'm at least in the ball park.
Previous sales have been
$37.5k Nov 87
$115k Nov 01
$216k Jun 03 (cha-ching!)So… I'm not paying a huge premium over the price in 2003, but 2003 was the peak of the market wasn't it?
I've been renting just around the corner for 2 years, and compared to some of the places that rent for $250 I think I could get $280-$300 for it, so it has potential.
Thanks guys. I made the deposit yesterday afternoon of 0.25% (slightly over 500$ as the purchase price is 227k). There's an 8 day cooling off period before I have to drop another 10k deposit. To prevent a massive case of buyers remorse I'll have to get the bank's valuation within those 8 days, or get my own done. I think for peace of mind I may as well pay for it myself.
The loan amount will be $200k, I'll call a home loan broker to see if I can get something better than Westpac's Rocket Repay. loan.
