|
I put down a $20,000 deposit on a 3 bedroom unit thats $401,000, to be finished being built in Feb March. I will need to borrow about $360,000 (which i cant borrow on my own) so my parents are going to guarentor the remander against a block of land they own. I clear about $900 a week, and am about to lose my job most likley. I dont need to apply for the loan though untill after the place is built. Im in Australia, and i signed the contract 4 days before they increased the First Home Buyers grant from $7000 to $23,000. Bad timing huh? Im happy and confident. Ill have another job by then, even if it is at lower pay. Ill have 2 other people moving in with me paying about $130 rent and helping with the utilities etc. Rates are about 5.5%, and ill be paying Interest Only for about 5 years. I currently rent with some other people paying $155 a week, so from what ive worked out ill need to find an additional $50 a week in my budget.
|
#
¿
Jun 16, 2009 02:44
|
|
|
|
| # ¿ Apr 30, 2024 11:18 |
|
|
Zeta Taskforce posted:Those numbers sound steep, but granted I don’t know what is customary in Australia. I’ll figure out your debt ratio and express everything as monthly. The utilities are addional to the rent, and they will all be split 3 ways as well. Ill be paying interest only for the first 5 years, then seeing where im at after then. If im with a chick and she moves in then ill have increased incoming and ill switch to principle, same if i have a higher wage by then. The other possiblity is that i go halves in it with my parents, then later i buy them out if i want to stay there or they buy me out if they wanted to move there, or we sell it. I anticipate living there though beyond 5 years time. The thing im wondering is should i be looking to pay principle and Interest now, to not waste the 5 years of interest.
|
|
#
¿
Jun 17, 2009 03:09
|
|