HI,

Plus if it is zoned as business/dual usage, I have heard of people suggesting you buy the next house back from the corner…..so when the guy on the corner does develop, they offer you big money for your place to either expand, or make into a carpark!!

Hi,

My thought would be also to run a mile. You have to eat. My start in the finance industry was a commission only job, and while I did it to 'fund my way' into a better role later on it was a night mare – 2nd only to the absolute unscrupulous mortgage broker who was desperate for 'finance professionals' to 'join his growing team' and convinced me to leave a reasonable job to work for him on a 'retainer & commission', which at the deferred start date changed to 'commission only' and then only if you solicited a 'valuation fee' up front of $350 from clients (valuations were never done though). A year that cost me a lot of hard earned savings that one that's for sure.Only reason I go into all that is to confirm that any 'commission only' position is not really even a job. There are no ties, no  proper training, no commitment from the 'employer' or group, some even expect you to pay for the 'qualified leads' they 'give you' in advance. R/E agents that offer this type of role are at the bottom of the pond scum simply put. Even a 'crude retainer' of a few hundred dollars a week is essential in any sales role…….or why wouldn't you work at Macca's as already mentioned?!?

Hope that helps – and all the best with what you decide.

Cheers
Sadly, the comment about

HI,

It has already been covered ….but yes – absolutely you need it.
IF for example, the house burnt down 3 days before settlement, you still have to proceed with the purchase, whether the vendor had it insured still or not! It is considered extremely high risk not to – and some lenders have it as a condition before proceeding to settlement.
Out of interest, Allianz (not recommending their product or not) have a 'sweetener' where they offer you free coverage up until settlement (max time limits apply) where the 12 mths of your policy does not commence until the day you settle, but they cover you up until that time…..effectively reducing your premium or giving you a free month or two.
All the best with your new house too!

Cheers

Hi D,

Well……list of 12 goals started last year, made two (just……. to date) Hoping 2011 will bring a few more to fruition.
No purchase planned for a while – just pay down a bit of debt, and find a higher paying career!

Working hard to finish my Diploma FS (FP) & my goal of losing weight to continues to be deferred further & further into the future!

And just maybe…….by dear wife will finally let me slip a sports muffler onto the mighty BA GHia V8 so I can hear something besides the subwoofer & the wind through the sunroof !

A new Victory Crossroads motorbike is relegated to pure fantasy for 2011…… 

All the best

Hi Cathy G.

You could have a play around with ones like this one to get a general idea, but as has already been mentioned lenders have their own 'weird & wonderful' criteria for servicability.
http://genworth.com.au/lenderresourcecentre/ToolsandResources/servicingcalculator/index.htm
Lenders mortgage insurers like QBE & Genworth could be considered a bit 'harsher' than some lenders, but it may assist as a guide. You'll notice the cost of living figures on this one as an example. Since the new credit laws this year, many lenders prefer you to state your living expenses, and if higher than there 'suggested ones' as the other guys have mentioned, will use those higher figures in their servicing calculations.

All the best

Hi property info,

This can definitely be a good way to set up a loan – ideal for an investment property.
I think the ANZ is the only one of the big 4 to offer a 10 year I/O term – with 5 years being the usual.
As far as rates go, you may find you will pay slightly higher rates for an interest only loan (or that offset is not available) unless you are borrowing over $250k, or unless you use a 'premium' or 'standard variable rate' loan, rather than a basic type, depending on the lender.
Rate is more likely to be affected by borrowing amount rather than LVR, but with a 20% deposit you will find yourself 'welcome' with most good lenders. NAB offer a good product with their choice package that would suit you. Beware that some non banks and credit unions will not offer true offset accounts, or will not offer with interest only loans, but only P&I.
General info only, but hope it helps.

Cheers.

Hi Luiero…….my opinion only – No.
Finance is usually a lot harder to get too, depending on size of property.
Cheers

Expensive but novel way to get your car 2 bobbed I reckon – sorry!
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HI,

As already mentioned, it does not make you ineligible for the FHOG as long as you have not lived in it. But in some state there is a time condition – for eg if NSW or VIC it does not matter if you lived in it or not – If you have had an interest in any property – investment or otherwise, and it was purchased prior to the year 2000 (July from memory) you are not eligible for the grant regardless..

Cheers

Yeah I know GOM – but other than maybe a 'one off loan'  I'd rather stay with one of the majors – except Westpac and possibly CBA of course! Just saw so much carnage at the onset of the GFC and since…… Probably splitting hairs with the rates but…. Anz simplicity 7.1%  Nab base variable 7.17 (admittedly both with app fees of $595 – but they are not mortgage insured if 80% or under LVR) and NAB choice package is 6.97 (250k + ) or 7.07 (100k +)

Cheers