history:
put a written offer in for $423k. Counter offer of $439. Verbal reoffer from me was $426k. Second counter offer was $436k, and then I told them to forget about it.
Sat idle for about 10days, then the REA calls me back asking whether I'd still consider buying for my last offer. I said yeah maybe, let me ask the missus.
About 3hrs later I get an email from my MB that the loan I was after can't work because my spouse is not yet full permanent resident (will get full residency in 3months). I think bugger. 10 seconds later (& before I've contacted the missus) the REA calls me back saying the vendor just agreed to the verbal offer and the place is yours, congrats etc.
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Preferred finance was with HBS. I'm considering going for the BW Rate Tracker (currently 4.87%, comparable to the HBS option which just fell through) for a period of less than 3 years. Sometime after the spouse gets permanency (but before the 3 year deadline), I change banks, possibly to get into the HBS option, but this is dependent on whether that deal is still the best option in 3+ months.
Conditions i was after (which both BW and Heritage have) were:
- offset (HBS at $250/yr, BW at $180/yr or $15/month)
- low interest rate (4.82% and 4.87%)
since BW has NO EXIT FEES for this loan, (even if I was to exit after just 3 months I understand), I think this is the way to go. I would simply be getting hit for the statutory gvt charges (~$250?) and setup costs of bank #2. Total would be approx $1000 which is ok I suppose.
Can anyone tell me why I shouldn't go with BW and then look to swap back over within my 3yr deadline (which otherwise would void my offset & good interest rate)?
Still contemplating whether I should just wait the 3 months and start looking again then. I'd have a better deposit, more banks available to use, and possibly better house prices??
thanks!
put a written offer in for $423k. Counter offer of $439. Verbal reoffer from me was $426k. Second counter offer was $436k, and then I told them to forget about it.
Sat idle for about 10days, then the REA calls me back asking whether I'd still consider buying for my last offer. I said yeah maybe, let me ask the missus.
About 3hrs later I get an email from my MB that the loan I was after can't work because my spouse is not yet full permanent resident (will get full residency in 3months). I think bugger. 10 seconds later (& before I've contacted the missus) the REA calls me back saying the vendor just agreed to the verbal offer and the place is yours, congrats etc.
---------------------------------------------------------
Preferred finance was with HBS. I'm considering going for the BW Rate Tracker (currently 4.87%, comparable to the HBS option which just fell through) for a period of less than 3 years. Sometime after the spouse gets permanency (but before the 3 year deadline), I change banks, possibly to get into the HBS option, but this is dependent on whether that deal is still the best option in 3+ months.
Conditions i was after (which both BW and Heritage have) were:
- offset (HBS at $250/yr, BW at $180/yr or $15/month)
- low interest rate (4.82% and 4.87%)
since BW has NO EXIT FEES for this loan, (even if I was to exit after just 3 months I understand), I think this is the way to go. I would simply be getting hit for the statutory gvt charges (~$250?) and setup costs of bank #2. Total would be approx $1000 which is ok I suppose.
Can anyone tell me why I shouldn't go with BW and then look to swap back over within my 3yr deadline (which otherwise would void my offset & good interest rate)?
Still contemplating whether I should just wait the 3 months and start looking again then. I'd have a better deposit, more banks available to use, and possibly better house prices??
thanks!