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  • Profile photo of mjamja
    Participant
    @mja
    Join Date: 2005
    Post Count: 85
    May 2, 2005 - 9:23 pm

    Hey’ra redwing! Answers inline.

    Quote:
    Originally posted by redwing:

    > Are you buying the block to put an IP on or a PPOR?

    PPOR for a couple of years and then IP.

    > Who are you building with and have you spoken to them re both blocks?

    Haven’t decided on a builder yet – waiting for a response from a ‘designer’ who could give rough suggestions as to what would work on the block and also a rough figure.

    > Have you got quotes for leveling the block, improving drainage/runoff?

    Not yet. Anyone take a guess what this could cost?

    > Obviously you’ve looked at neighbouring properties, re the unlevel block- how have they dealt with it?

    This is a fairly new area, so there’s only one immediate neighbour in the process of building. They have a driveway meandering up from the road about 20 metres that makes a sudden right turn such that the double garage sits at the base of the house. You then walk up one flight of stairs to get to the ‘ground’ floor. You then walk up another flight of stairs to get to the second floor. The house is going to be built into the land. Not sure of much else – only the framework is up!

    > What are the prices of comparible sized ‘established’ properties in both areas?

    In the flat area, prices range about $450k-$600k. In the area with views, probably $600-$800k. It’s still fairly new, so I’m not sure of the sales history!

    — MJ.

    Profile photo of mjamja
    Participant
    @mja
    Join Date: 2005
    Post Count: 85
    May 2, 2005 - 1:11 pm
    Quote:
    Originally posted by The Mortgage Adviser:

    Don’t forget… the ING 5.4% is taxable and the 6.99% interest expense saving is not. It is a huge turn around!!!

    Indeed!

    How did you figure ING? :) I guess they’re the only institution that has rates at 5.4%…

    Tell her to read this thread. If she doesn’t change her mind, I am happy to have words with her!!!! :)

    I tried. In the end, I read it out to her. Tomorrow her bank account is getting closed…heh.

    — M.

    Profile photo of mjamja
    Participant
    @mja
    Join Date: 2005
    Post Count: 85
    May 2, 2005 - 11:55 am
    Quote:
    Originally posted by The Mortgage Adviser:

    Just regarding saving up for a new deposit, or anything else, when you have non-deductible debt like your home mortgage, you would be better served putting all the money into the loan if it has redraw or an offset account and the loan is interest only.

    This makes sense – the hurdle was trying to get my wife to understand how a savings account with 5.40% is less better off than an interest rate of 6.99%. Because 5.4 is less than 6.99!

    — MJ.

    Profile photo of mjamja
    Participant
    @mja
    Join Date: 2005
    Post Count: 85
    May 1, 2005 - 3:11 pm
    Quote:
    Originally posted by The Mortgage Adviser:

    I am interested to know…

    > Why do you have to pay strate fees when you are buying a block of land?

    The land is part of a ‘community’ which helps pay for the landscaping and upkeep of things usually the council supposedly takes care of. :)

    > Why do you have seperate savings when you have a non-deductible mortgage?

    How do you mean non-deductible? I guess we originally planned on having my wife ‘save up’ for a deposit on our next house. That is, before I realised we could just used equity…

    > Why is your variable loan more expensive than your fixed loan?

    Originally the variable rate was 6.75%. Then it went up to 6.99% from the last interest rate rise. I pay about $500 per fortnight on fixed repayments versus $250 per fortnight on variable repayments. Go extra repayments!!

    > Assuming you can service all debts, I would build the house asap. That way you will have another income much sooner to help pay off the loans. You should not be too worried about having enough equity if you are using a contractor with a fixed priced building contract to build your new home as lenders will lend against completion value.

    Thanks for your advice! :)

    — MJ.

    Profile photo of mjamja
    Participant
    @mja
    Join Date: 2005
    Post Count: 85
    February 10, 2005 - 7:26 am

    Hi Jemm,

    My wife and I live in a Brisbane City CBD apartment and our Body Corporate allows pets, as long as they are desexed and under 10 kilograms.

    So possibilities do exist! :)

    — M.

    Profile photo of mjamja
    Participant
    @mja
    Join Date: 2005
    Post Count: 85
    February 2, 2005 - 4:55 am

    Thanks titch and jhopper. I guess it wouldn’t make sense to have a *sloping* concrete slab laid down as a foundation for a home… thus the use of stumps. The land is indeed on a sloping block…

    Cheers!

    — Michael-John.

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