Browse Forums Building A New House 1 Jun 05, 2010 8:14 pm Hi everyone. After many hours trying to find information about building a new home that was not biased I finally decided to search for a building forum 1st result was this one, so I am now a member. A quick run down of my position: - I just finished Uni and have a basic job (pretty bad pay) - Ready to move out of home with my girlfriend (also working full time on average pay) - Want to build our 1st home to save money - Dont want to rent and waste money - Looking to build north of Perth - Have annoying cars loans and No deposit at the moment So basically I just wanted to start researching and gathering ideas of what we should be looking at doing. It is all pretty exciting but I don't want to rush into anything and have regrets. We are looking at cottage blocks with a budget of $300 000 to $400 000, the lower the better. I have been trying to find some GOOD opinions on some builders and some recommendations on whos plans to look at. It is easy to find the bad reviews because no one is perfect and things go wrong. Im open to discuss anything, so if you have anything to say or suggest, please reply Thanks heaps. Sean. Re: Researching for a new home in Perth? 2Jun 05, 2010 8:35 pm Hi Sean & welcome to H1, I would suggest you speak with a mortgage broker (I can PM you a great one we have used for years) & see what your options are. I would think without a deposit & also car loans to pay off they might be able to give you an idea of if & how much you could borrow to build a home before looking at displays or plans. At least then you will know what you can afford. Glad to hear you are willing to start of small instead of renting!! Good luck with future decisions. Cooper's Build - Perth NOR viewtopic.php?f=31&t=30525 Prelim- mid Sept 2009, Pre Start 2 Feb, Siteworks- 21 April 2010, Slab- 10 May, Deliveries- all by 26 May Bricking- 28 May - 26 June, Roof complete 5 Aug, Float 28 Aug, Lock up 16 Sept Cabinets 1 Oct, Tiling 22 Oct, PCI 18 Nov, KEYS 3 Dec 2010 MOVED IN 17 DEC 2010 Re: Researching for a new home in Perth? 3Jun 05, 2010 8:59 pm Hey there My neice and her fiance were in a similar possie to you. He had finished uni and was working (not sure of salary) and she was finishing off her degree and working part-time (although she has now graduated and is working full time). They built south of the river via the govs shared equity scheme. I'm not sure how it works, but I think it's administered by Keystart: http://www.keystart.com.au/key/home.htm Re: Researching for a new home in Perth? 4Jun 05, 2010 9:10 pm thanks for the advice. yeah because I have only just finished uni I have not got a decent job yet. Just working at bunnings full time. So its not great pay. Im still looking for better jobs which actually use my degree though. I just think that getting a smaller mortgage and paying it off quicker will benefit us in the long run when we want to getting a bigger home. That is why we are looking at cottage blocks. Since posting I have read a few things about not getting a block that is too thin... I have seen a few in Butler for quite cheap but it is only 10 wide. Is there a minimum width I should be looking at? Also what is with all the building companies all being from big groups? Re: Researching for a new home in Perth? 5Jun 05, 2010 9:11 pm You may even be able to use Keystart without having to do the shared equity one. I'm sure you need to have a certain amount saved as a deposit tho, always good to save some money anyway Built with New Generation (Summit Homes) We own land!... with a slab on it! Plus a shell of a house with stuff inside ! Re: Researching for a new home in Perth? 6Jun 05, 2010 9:17 pm Also, if you are planning on changing jobs and can soon.. be at that job for at least 3 months before you apply for a loan, I think it would make things easier with paperwork. They squish the houses so close together on cottage blocks I've seen, are they really that much cheaper? What kind of building company would you want to build your house? I actually work for mine, which turned out well in keeping an eye on things. Built with New Generation (Summit Homes) We own land!... with a slab on it! Plus a shell of a house with stuff inside ! Re: Researching for a new home in Perth? 7Jun 05, 2010 9:19 pm Candylea You may even be able to use Keystart without having to do the shared equity one. I'm sure you need to have a certain amount saved as a deposit tho, always good to save some money anyway yeah I think keystart requires a 6% deposit. I have seen that you can get no deposit home loans though... What would be the best for us to do right now, pay off our car loans or save for a deposit first? Re: Researching for a new home in Perth? 8Jun 05, 2010 9:24 pm Candylea Also, if you are planning on changing jobs and can soon.. be at that job for at least 3 months before you apply for a loan, I think it would make things easier with paperwork. They squish the houses so close together on cottage blocks I've seen, are they really that much cheaper? What kind of building company would you want to build your house? I actually work for mine, which turned out well in keeping an eye on things. I want to change jobs but I don't know if I am going to be hired by someone next week or next year. Over 50 grand cheaper, at least... What do you mean by what kind of building company? Re: Researching for a new home in Perth? 9Jun 05, 2010 9:30 pm Cooper32 Hi Sean & welcome to H1, I would suggest you speak with a mortgage broker (I can PM you a great one we have used for years) & see what your options are. I would think without a deposit & also car loans to pay off they might be able to give you an idea of if & how much you could borrow to build a home before looking at displays or plans. At least then you will know what you can afford. Glad to hear you are willing to start of small instead of renting!! Good luck with future decisions. Sorry I didnt see your post. Yeah finance is obviously first on the list the name of a good mortgage would be great... I just finished my finance degree at uni and might look in to become a broker myself haha. I have realised that our finance position at the moment is not great but we are willing to work towards getting it better and quick. Re: Researching for a new home in Perth? 10Jun 05, 2010 9:34 pm stysoe8 Also what is with all the building companies all being from big groups? That's what I meant by what kind of company... I wasn't sure what you were saying about big grouped building companies. Thought you might want a smaller one that wasn't affiliated with other multi-branded builders. hehe that sounds confusing. 6% to save.. I don't know about you, but that would take me forever. Lucky we got in before they made that policy. Built with New Generation (Summit Homes) We own land!... with a slab on it! Plus a shell of a house with stuff inside ! Re: Researching for a new home in Perth? 11Jun 05, 2010 9:40 pm Candylea stysoe8 Also what is with all the building companies all being from big groups? That's what I meant by what kind of company... I wasn't sure what you were saying about big grouped building companies. Thought you might want a smaller one that wasn't affiliated with other multi-branded builders. hehe that sounds confusing. 6% to save.. I don't know about you, but that would take me forever. Lucky we got in before they made that policy. Oh sorry, by the big groups I was talking about how all different building companies all fall under one company or something, like BCG. Just confusing how they all are under one big name thing? I dono what im talking about haha Yep 6 percent is pretty crazy.. but living at home it should not be too hard Re: Researching for a new home in Perth? 12Jun 21, 2010 2:11 am <<A quick run down of my position: - I just finished Uni and have a basic job (pretty bad pay) - Ready to move out of home with my girlfriend (also working full time on average pay) - Want to build our 1st home to save money - Dont want to rent and waste money - Looking to build north of Perth - Have annoying cars loans and No deposit at the moment >> considerin ur situation, have u tho't about buying a unit as a first home or a block with an older house that require no immediate reno costs. but of course, it starts with saving for the deposit. Re: Researching for a new home in Perth? 13Jun 21, 2010 7:25 am Stay at home, keep spending to an absolute minimum and get rid of your car loans (if you have a credit card get rid of it also - cancel the card altogether). Having loans and credit cards affects your borrowing capacity substantially. Pay cash for things, if you don't have cash then you don't get it. Then start saving a deposit and contribute equally to it. Given she is a girlfriend and not a fiance/wife, draw up the house docs so that you own it 50-50 (tenants in common). At least if the relationship goes south you have equal contributions and ownership - it saves hassles down the track (from experience). In the current market and economic climate, getting no deposit home loans is VERY hard and if you do manage to get one, you'll be paying an interest rate premium. If it was me advising you, I'd forget about buying a property right now, unless your/hers or both parents are willing to be guarantor(s). In summation: 1. get rid of existing loans 2. save deposit 3. IMO buy an established house: building is a 12 - 18 month adventure. Buy something in a good(ish) area that needs work and is a "median" house under the median price for the area. At least that way you can add value (read collateral) and you can jump the property ladder a bit quicker. Then you will be in a postion to build the house you really want when you have actually lived in a house of your own. Re: Researching for a new home in Perth? 14Jun 21, 2010 10:41 am Well said Huggy_B!! Clear debts, save money, start small!!!! Not rocket science really, just smart budgeting. Cooper's Build - Perth NOR viewtopic.php?f=31&t=30525 Prelim- mid Sept 2009, Pre Start 2 Feb, Siteworks- 21 April 2010, Slab- 10 May, Deliveries- all by 26 May Bricking- 28 May - 26 June, Roof complete 5 Aug, Float 28 Aug, Lock up 16 Sept Cabinets 1 Oct, Tiling 22 Oct, PCI 18 Nov, KEYS 3 Dec 2010 MOVED IN 17 DEC 2010 Is it just a report written to give to the bank initially and it is based on what and how your payments are made up for, or is it a full service where they go out and… 2 5599 Skjm You might want to watch this video: https://www.youtube.com/watch?v=CKx-bsOr2jg If that link doesn't work go to youtube and search for Zac Homes ACA I am really… 1 4020 What you are looking at is fibrous plaster, true gypsum, it is cast on horizontal beds with fibers included to give strength. I has no Asbestos in it. Houses before 1985… 2 7138 |