Browse Forums Home Finance Re: Figuring out what size mortgage we can finance 6Mar 19, 2018 4:18 pm aussieta how much deposit do you have i would be scared ----less with a $700,000 mortgage assuming rates go up to 7 or 8 percent in the next few years you would be looking at $1,200 per week mortgage repayments Sorry, to reply to your question - we had a deposit for the land and a guarantor for the house build. To be honest I'm feeling a bit flummoxed by the whole situation. We had a good deposit, we live frugally, we have decent jobs. Thought I'd done everything right. Re: Figuring out what size mortgage we can finance 7Apr 08, 2018 11:31 pm HLionheart aussieta how much deposit do you have i would be scared ----less with a $700,000 mortgage assuming rates go up to 7 or 8 percent in the next few years you would be looking at $1,200 per week mortgage repayments Sorry, to reply to your question - we had a deposit for the land and a guarantor for the house build. To be honest I'm feeling a bit flummoxed by the whole situation. We had a good deposit, we live frugally, we have decent jobs. Thought I'd done everything right. 20% deposit on a $300k plot of land is $60k. A good deposit for a $750k house and land build is $150k. I don’t think this is necessarily a fault with your spending or saving but because house prices are just so high. I am personally risk adverse and avoid debt at most costs so think your risk is too high, especially with a guarantor on the loan. Does the guarantor fully understand your financial position and the risk they are taking on? Re: Figuring out what size mortgage we can finance 8Apr 09, 2018 11:26 pm You can mitigate some of the risk by considering a fixed rate - and in terms of affordability if the bank has already passed you through their calculators the next and most important test is how you feel about the repayments. Do a proper budget - that is, not cut to the bone but actuals, what you actually spend - asic has a great simple budget tool - and test how much is left over, or look at your current spend on housing and add your current savings. AS someone mentioned above you do and can adjust your spending for the new world, but it should feel slightly scary but not overwhelmingly terrifying. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building you were just referred to get advice from your solicitor. This is a legal matter. Separately, why would you use a buyers agent for a house and land package? 3 54974 Dear Members I have to decide the Facade column size. My custom builder standard is 350mm with rendering, but i asked for 470mm plus stone or tiles and yet to get… 0 7490 All sorted guys. Just needed to buy a blade with the correct bush. Dunno how to delete this post, can't find any help file. Cheers. 1 3657 |