Forum Replies Created
- Originally posted by CastleDreamer:
Hi Mini
“could Inala go that way?” It already has.
Sizzling duck g’day
Inala is a huge suburb, two to three times the size of other suburbs near by. Have you had a good look at the northern side of Inala north of the Civic centre? Major urban renewal by contractor on behalf of Housing Commission over past five years or so. Houses completely renovated and refurbished and released to market were 80K 18months ago, today 220K. Did I miss something, but I think even Inala has had some excellent growth in past year.Appreciate you live near Inala (so do I) without being nasty, but being frank since everyone seems to be doing so here, some nearby suburbs don’t have the best wrap for some particular areas, do you know the crime stats for Sherwood for example?
I remember having to help my old man who is a fencing contractor, he had to do work for three front fences, two were fences demolished by stolen cars in the one night and the third was a nice old pensioner couple who just wanted to keep their place looking nice. I never said the houses were not nice or that all the people that live in them were scum, the base fact was that private builders, companies and so on have been buying, building and selling in there for the last couple of years and the gains are well below Brisbane average.
On the crime-rate in sherwood, it shares a major similarity with woodridge: Excellent access to the rail, like Corinda which is the next suburb south (it never had a really good name either but prices there have risen markedly not due to refurbishments of houses but the creation of the cafe lifestyle). Still I’ve never known people from sherwood that had their cars burnt to the ground (happened to the receptionist at my previous job a few years back, she moved to the relative safety of Hillcrest).
One thing to note, even before the refurbishment the northern part of inala had a lovely relaxed road network with the main road easily handling traffic and not bad on the eyes either… unfortunately even better for hooning.
Probably a question better aimed at help needed forum (for future reference).
My older brother purchased his first house through Devine under the same system. Its great for the first home-buyer that just wants to get out of renting and starting to own their own home, but they make a serious profit on this through the finance methods.
Their blocks are generally small, more along the lines of cottage up to villa (320 – 460m2 I would guess), roads (if they could actually be called that) are haphazard by design and narrow by nature. Also remember who would be the other people in the community who would generally not be able to afford the deposit on their first home as well.
BTW the legals are not ‘up-front’, but they will be included in the final loan amount, probably a 105%+ loan value after you take into account.
Anybody else got anything to add? I am speaking from the experience of my brother, he never could put money away…. [hmm]
Originally posted by Rags2Riches:Can you mod the plan and show me what you mean?
the best I can do is to give you the coordinates and what I was suggesting to do.
Remove V37->AO37. This is now an open area (also means the back door isn’t going to be completely cluttered, could raise an issue if the door swings in to where the wall was originally).
Diagonal build on bedroom door from U31->AD26.I would seriously check on the wall area to be removed though to make sure it isn’t supposed to be there though.
Is that wall for the ‘old door/new door’ part a load carrying part of the unit? If not why not open the space up a bit more and take advantage of the large open lounge area?
Take the area you wanted off the kitchen as planned but take a diagonal doorway for the bedroom accross to the top of the sliding robe.
That way the bedroom gains extra space and the kitchen will not feel as cramped. Plus clearing a large open entry area allows the area to feel ‘airy’.
The advantage of Woodridge is that it has a train line right through the middle of it. Very handy for rentals.
Someone suggested Goodna, unfortunately unless you plan to catch a train and don’t mind the hoons and louts on the streets at night then it isn’t a great area to get in. Gailes is slightly better but the traffic from there into Brisbane is absolutely shocking. If you are in Brisbane and listing to the radio from 4:30pm-7pm at night take notice of the traffic reports, they will list Gailes almost every day as slow meaning you will be stuck in traffic… even Wacol and surrounding suburbs are affected by this traffic as it banks back past Centenary Highway.
Not sure on Bellbird Park.
Hmmmm, obviously not many people do much cooking. [hmmm]
Its one of the first rooms a person sees when they enter a house or unit, thus it creates the first impression. Reducing its size in my view would take double off what you gain by increasing the bedroom. Since I don’t know the sizes of the other rooms it is hard for me to picture any particular way to help the situation.
Which thread has the link to the little unit you purchased?
CD, many of those areas deserved their raps.
Inala is hardly improving though in the very long term the prices can only go up. Currrently living a stone’s throw away from Inala has shown me it has a long way to go before the completely feral element even starts to leave unfortunately. I do believe it will increase in value just don’t look for any instant gains in the area.
Springfield is quite pricey from what I have seen. Even a cottage would cost close to his maximum value if he purchased it complete rather than purchasing the land and having the house built on top. I believe I mentioned in another post though about how much of an upgrade it is going to receive in the future (rail plus the biggest shopping centre in brisbane, yes it is even supposed to make Garden City look small).
Well there is plenty of RE for less than 270 in those areas (plenty less than $200 on just a quick search).
Firstly, have these areas gone through a major climb in prices and if not then you would have to wonder why this hasn’t occured. For many years Redcliffe never had a good name, but in recent years it is trying to sell itself. I am not sure if this is working since I am a southside person.
If for example they were to plan a new bridge to replace the current one (Hornibrook) then one of the main gripes of many, which is the traffic, would be overcome and I would expect a serious increase in land values in that area.
What about Brighton and its surrounding suburbs? Being on the southside of the bridge may increase CG quicker at least initially. I know prices are starting at closer to your limit, but it wouldn’t hurt to look at that area as well.
As far as I know there is no plans to build another or a replacement bridge in the near future.
They wouldn’t allow that. Its generally like using one credit card to pay another. There is another thread in another area (possibly in the Held Needed or General sections) discussing Guarantors and parental help.
I would advise that if you are looking to show a deposit on a loan that you get the money via that way with a definite resolution to pay them back.
Do the calculations yourself and leave yourself a large buffer as after the initial costs of moving in the house you then have rates and a multitude of other expenses that you may have not already factored in. I would also suggest looking at a good offset type mortgage, for your first homeloan don’t even consider LOC (line of credit) which ING seem to like pushing about the last year or two.
Consider how quickly you can resonably pay off the loan. Sure it may have 20-30 years on the loan for the life but you spend the last 10-20 years paying off the interest accrued. If you are going to invest in IPs later then possibly someone here could give him an idea in how to go about properly utilising his PPOR for equity in IP investment, I’m only good with the figures
.You will also find many bargains in Woodridge and Kingston as well. Unfortunately all these areas form part of the less reputable areas on the southside (outer south).
It would depend on where your work is and your mode of transpost as well, those areas are in Logan Council so direct access to the city via public transport isn’t fantastic (Grand Plaza does have okay bus access).
I was a young tike when I lived in Marsden and went to Browns Plains High School years later. Both areas went downhill a bit since then so don’t buy with an eye for education facilities.
Slightly better might be Hillscrest or Baronia Heights, but I’m not sure its by much.
Of course it also comes down to money and how much you can afford to spend. I was lucky, I got a just under 1/4 acre block of land in forest lake and put a 20 square house on it for about $150,000 about 5 years ago… even in Springfield Lakes (further west and south) you would struggle to even get that size in land, least of all for a price that could allow a house and land to be under $230,000. In respect to that though the plan to make Springfield Lakes a railway station and also the plans to make the largest shopping centre in Brisbane there may turnout to be a good long-term investment, again it depends on what you can safely afford.
So for DAAJ this is the three P’s for you:
Plan : to get a carton of crown lagers each month for free
Purpose: to drink a carton of crown lagers each month for free
Passion: drinking cartons of crown lagersIs that right? [satan]
Myself:
Purpose: To subsidise income, no one source totally reliant as I am on current work.
Plan: Still formulating the initial steps, so reading will be within that portion though I feel I have a good understanding of loan structures and fees it seems.
Passion: With a good understanding of mathematical principles and statistics which never really seems to fall away, as long as I can keep my interest in the maths of it all it shouldn’t really be a problem…. also my real Passion: To keep my sunday’s free as I play cricket all year ’round [biggrin]You qualify for Mortgate Insurance on a very cheap home. The bank in this instance may want you to show a solid history of saving money.
You can borrow up to 95% of a home’s value using Mortgage Insurance which only protects the bank not yourself. Some institutions accept FHOG as part of the deposit, do go into a situation like that aware though.
To see what you can actually borrow most banks have a fairly generic calculator on their site which could show you how much you can borrow. Do note this is generic and doesn’t take into account your specific saving history or anything like that.
Example:
http://www.anz.com.au/aus/homeloans/productinfohome/default.asp
Near the bottom you will have the ‘How much can I borrow’ option in the ‘Help me Calculate’ section.
If for example you wanted to take out a loan for 25 years, are single, own 1 medium sized motor vehicle, have a gross annual income of $40,000, Car plus living expenses totalling $1100 per month and no other loans but a credit card limit of $4,000 then in this case you could borrow about $140,000.
Note this isn’t done on the amount of deposit saved but more on your ability to pay the loan off once you get it (income – expenses). The deposit controls whether you pay Mortgate Insurance (though if small like $6,000 then it will certainly control the amount you can borrow).
Hope that helps.
PS Other online calculators can also be found on the ninemsn site (Money component) and most other bank or lender sites.
Just speaking to my mother and funnily enough this topic basically came up. [blink]
One of my aunties went into a retirement village where the owners had to occupy the residence themselves, demand far outweighs supply and the value of the ones purchased a couple of years ago have gone up a great deal (20-30% in two years I think). Of course it doesn’t help anyone here I think but it does supply that there is very healthy demand for retirement facilities.
Just because it is expected that the little cheap country places will not have much CG does not mean that in the greater future those same blocks don’t go on a price surge, and for most of the time they have been giving you money back.
I think the issue with the +ve is that you really never have to sell them to make money on them. Also with multiple small ones it would be rare that you would strike the problems of having all of them not tenanted so even if the cg doesn’t move or in fact goes down as long as the rent still keeps coming in you are set.
A single large IP could remain vacant, or go down in value (over valued rather than bursting the bubble) or in the case of some areas price stagnation for an extended period of time.
I’m only speaking mathematically btw.
Years ago there was something about guarantors being still liable on loans for a person even after that particular loan was paid off.
I.E. they were guarantors for life even though they thought they were only guarantors for the life of that particular loan, not sure exactly how it worked. The cases of this actually happening were very small but if the bank/lender were dodgey enough…
Having missed that piece (gf watching Neighbors so I was on the net probably reading posts on here) I can’t tell the similarities of it all.
Either that was a joke post or you have gotten the wrong idea (or firmly believe that only the US will get something out of it).
Either way I gather from your answer it would be a No.
If you are worried about housing prices for the next 12-18 months then look at areas that will be dynamic for the that period. Brisbane looks like it will be on the up and up during this period and from all reports so will Darwin. Adelaide, despite recent growth in the long-term does not look so good.
It would depend on if you are looking to make a profit from buying in 12-18 months only to sell 2 – 3 years down the track or for a more long-term investment.
I found these articles interesting when looking at housing prices (not my site just a link I found interesting):
http://www.plt.law.uts.edu.au/~jwan/market_predictions.html
Of course many of the articles deal specifically with Sydney. While at times it might set a trend it does filter through to the other cities immediately.
some lenders will lend up to 95%, you can of course exceed the 80% of your current lender with some kind of insurance whether that be mortgage insurance or some kind of investment insurance for the lender…. I am only knowledgable about mortgages really.
Being a little dubious of LOC myself I generally have stuck to a offset account. Of course if I were to enter the property investing market right now I would probably take a LOC out instead.
http://www.yourmortgage.com.au/rates/
You can search by state and type of loan you want on this site. It is fairly well maintained. They also have a separate links section for you to look up the lender that interests yourself.
http://finance.ninemsn.com.au/money/loans/calculators.asp
Use the Moneyfinder tool, I have found most of the information to be correct when I looked but usually there was always something a little bit ‘off’ in most the loans on there. Things like wrong fees or quoting Nil when there is in fact fees associated with the loan. Still it is another site that can help you look for the loans you need easily.
I am sure there are a multitude of sharks about in every state. The issue itself was commonly utilising the Gold Coast rather than Queensland as a whole. Its well known and people are quie uninformed about it as a whole.
Of course the duplicity of a couple major banks through all this is what really tricked people into going into all this to start with.
A simple thing if you do attend a seminar is to look online at the prices quoted by other real estate areas for the same street. The reason why I said street is that recent re-zoning of the Gold Coast caused a section of housing commision to be classified as part of Varsity Lakes, an upmarket area. This confusion could be a shark’s dream. Not sure of what else changed down there though.
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