Interest rates?

mrmina · Post by **mrmina** » Wed May 03, 2006 12:16 pm

oh well.

good to see that the intrest rate wont affect me then.

i dont think it was gonna stay constant for a while

SenNey · Post by **SenNey** » Wed May 03, 2006 3:29 pm

I really feel for the ones sitting below the line as it is.
It's only going to get a little harder for them now.
And it may just break some people.

Were safe, but that doesn't take the sting out of it for our friends that struggle.

K

ozx6r · Post by **ozx6r** » Wed May 03, 2006 4:04 pm

i prob should have locked it in at least while the mrs is back at uni

esie · Post by **esie** » Wed May 03, 2006 4:19 pm

Thankfully I fixed our mortgage 18 months ago for three years when I swapped from external studies through JCU to part-time internal studies at Griffith. The rate rise isn't going to affect us for the moment, but if it keeps going up it will when we come off the fixed rate. There are going to be a lot of families out there who will really be struggling with the rate rise.

ttc · Post by **ttc** » Wed May 03, 2006 6:51 pm

Pat, i'm not allowed anything on the front of the building, no window a/c, no pipes running up the building

If I was to a/c i would have to install a/c in the back yard, then run pipes to the room at the front, or modify the one downstairs, either way a financial nightmare.

Other units have window ones just apparently they won't let anyone else do it, and the sun hits the bedroom for hours, it gets really hot in there

Varden, due to mortgage grant I can't go anywhere, but after seeing how trashed the unit next to me is from being rented I don't think I'd like to see this place wrecked anyhow

I don't know why my rates are more, maybe its because I'm in Logan?

As for long term Gizmo, I have no kids and never will have.. so who benefits from my paying a mortgage for years?

Rate rises are crap

gizmo · Post by **gizmo** » Wed May 03, 2006 7:29 pm

tanyathecheeky wrote: As for long term Gizmo, I have no kids and never will have.. so who benefits from my paying a mortgage for years?

Rate rises are crap

You still do because you don't have to live there forever, the mortage grant rule is only for 3 years or something like that I thought?
You will have an asset that you can borrow against when you pay abit more off it & it can become part of your real estate empire in a few years!! "BE POSITIVE GIRL"

"Your success in life is in direct proportion to the amount of people you make feel special"
"Life is what you make of it"

& other quotes that might help you feel better.....................

esie · Post by **esie** » Wed May 03, 2006 7:54 pm

Tanya, from http://www.osr.qld.gov.au/gas/fhog/faq_residency.htm

How long must I reside in the property to establish it is, or will be my principal place of residence?

* If you have entered into an eligible transaction prior to 1 January 2004, there is no minimum period that you are required to live in the property to maintain your grant eligibility, however, the onus is on the applicant(s) to prove that they have lived in the property as their principal place of residence, if requested by the Office of State Revenue.
* If you have entered into an eligible transaction on or after 1 January 2004, you must occupy the home as your principal place of residence within one year of completion of the eligible transaction and remain in continuous occupation for a period of at least six months.

So, if you have been there at least 6 months, you could sell or move out of the property without being penalised.[/url]

ttc · Post by **ttc** » Wed May 03, 2006 8:20 pm

Thankyou

SenNey · Post by **SenNey** » Wed May 03, 2006 8:29 pm

varden wrote:Oh and why are your rates dearer than mine??

Rates vary council to council.
Varing factors like block size and valualtion of building on the block also come into it.

Just bare that in mind when you get a permit to build something, the council want to know the estimated value.

Yep on your rates it goes

If you look at your rates you will notice it has estimated property worth.

ttc · Post by **ttc** » Wed May 03, 2006 8:41 pm

Seney, mine doesn't, it just tells me to pay 415.61 or pay by 19th of may and its $396.45 yay

itemises the charges though..

residential rate, water service charge, water consumption(one meter for whole complex, they average it over amount of units, soliving alone i get to pay for other ppl's)sewerage charge, garbage charge, environmental charge, community service charge and fire levy charge

so if i throw my garbage over the neighbours fence, stop washing and using the toilet it'll be cheaper?

gizmo · Post by **gizmo** » Wed May 03, 2006 8:58 pm

There you go Tanya, I knew it wasnt all bad as GF's cousin bought a new house with the home loan grant & lived in it for a little while 2-3years & then moved to Toowoomba & bought another house.

More assets, keep building a bigger housing Empire & then you can ride your motorbike ALL the time & have the rent as your income!

esie · Post by **esie** » Wed May 03, 2006 9:44 pm

Our rates are due as well

$413.50 if I pay before the 8th May, $428.52 if I pay afterwards, for a house at Mt Gravatt.

plane · Post by **plane** » Wed May 03, 2006 10:06 pm

esie75 wrote:Our rates are due as well $413.50 if I pay before the 8th May, $428.52 if I pay afterwards, for a house at Mt Gravatt.

Is that per quarter Esie?
Cheers,
Pete

wazza1234 · Post by **wazza1234** » Wed May 03, 2006 10:28 pm

gizmo wrote:
Felix wrote:It's not all bad. When the hotwater blows up, I don't have to worry where I'm going to find the money to buy a new one, for instance (and it has happened).

While the interest rates are on the up, and there are a lot of vacant "investment" properties, it is a good time to be a renter...If we bought the house we are living in, it would cost us an easy $100 a week more in repayments than what we pay in rent...then add rates...pest control...and all the other piddly crap I ring the agent for currently...
I don't think it works quite like that, the rent you pay is supposed to cover the owners bank repayments, maintenance like hot water systems/rates/pest control etc etc & if it don't your an IDIOT for renting your asset too cheap or maybe people are just lucky in the western QLD desert getting the high rent income for the house value's we have....?

You would see $150-$180rent per week easily for a $150 000 house around here & it use to be $200 week for $100 000 house, but damn city folk have been buying here & pushed the housing prices thru the roof..

CBF deleting parts of the quoted posts I dont want but...

In Toowoomba if I were to buy a house I would be looking at around $250k for something desant. Say I had a loan for 250k over a period of 25 years it would cost me around $370 a week in repayments at the current interest rates. Now I rent a house thats worth around 250-300k and I pay $210/week, I dont have to worry about rates, excess water, maintainence etc. I pay rent and thats it.

If I was to continue renting for the 25 years the loan would be for had I bought but paid $100 per week into a high interest savings account (eg ING direct) at say 5% interest over the 25 years I would have saved about $240k, not had the stress of having to make home repayments and had loads of freedom to move house if I wanted to...and who said renting doesn't make sense.

red_dave · Post by **red_dave** » Wed May 03, 2006 10:37 pm

wazza1234 wrote:In Toowoomba if I were to buy a house I would be looking at around $250k for something desant.

In Drayton maybe...

The last time I looked decent houses in "the womb" were well over the $300K mark!