All Topics / Help Needed! / Need some advice , new home buyer looking at off the plan

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  • Profile photo of GreaneyGreaney
    Member
    @greaney
    Join Date: 2013
    Post Count: 2
    May 23, 2013 - 2:24 am

    Hi guys

    Ok well my situation is this , I am a first home buyer and I am looking at a place off the plan in Nudgee qld with Villaworld / circa . This home I am looking at buying is 580k  4/2/2 with a media room and 575 ms land . This house will not be completed for 12 months and being a coal miner in and out of contracts, it might be a bit of a gamble paying the 30 k deposit and then once the house is completed i could be out of work with no loan approval and end up losing my deposit. I could go with st george with their 6 month pre approval and hope im working within 6 months of house completion but I'm unsure. Anyways i will not get the stamp duty concession as the property contracted price is over 500k but i will Get the 15 k first home builders grant . Is Nudgee worth investing in,  should i try and find something already built maybe even in another suburb , although i would need to live in it for 6 months ? Thinking about getting in touch with someone on here to talk about a strategy and put me on the right path.

    Thanks 

    Greaney

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    May 23, 2013 - 3:17 am

    Hi and welcome aboard.

    I don't know the particular area so won't comment on whether it makes for a good investment.

    A pre-approval now isn't going to provide much comfort when settlement is 12 months away – in fact, it's an extra hit to your credit file that you don't need.

    Instead, I'd talk with a banker/broker about your situation and have them assess your ability to obtain finance closer to completion.

    Even with a 6 month preapproval in place, you will still need to provide updated payslips, etc closer to settlement in order for finance to be formally approved. The valuation also needs to stack up.

    All in all, I see the biggest risk with OTP coming from the ability to not arrange finance – and it's usually due to the buyer having too small a deposit and/or the valuation coming in lower than the purchase price.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of GreaneyGreaney
    Member
    @greaney
    Join Date: 2013
    Post Count: 2
    May 23, 2013 - 3:50 am

    Thanks guys , 

    I have a 75 k deposit at the moment and just called st george , if i cannot get to 127k deposit by time of completion ill be stung with a big LMI to pay . Justthinking it might be best to look at options under 500k to save me on LMI and stamp duty but miss out on the 15k unless of course i can build something close for under that price :) . Decisions decisions

Viewing 3 posts - 1 through 3 (of 3 total)

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