I hope I've posted this in the right section.
We recently married, so our parents are pushing us to get a house.
The initial idea was to get a house and land package at a new estate (e.g. Point Cook, Williams Landing, etc) before the First Home Owners Boost expires this year.
I’ve done a bit of reading on this forum, and have noted the following for 2011:
Some background on our current situation:
The other thing that I’ve learnt while browsing the forum is that buying established may be a better option, but that is another discussion. What I’d really appreciate some opinion on is the following:
Any guidance would be much appreciated, please be gentle – we’re new to this
Aaron.
We recently married, so our parents are pushing us to get a house.
The initial idea was to get a house and land package at a new estate (e.g. Point Cook, Williams Landing, etc) before the First Home Owners Boost expires this year.
I’ve done a bit of reading on this forum, and have noted the following for 2011:
- The FHOB ($13,000 for new homes) expires 30 June 2011.
- 20% stamp duty cuts from July 2011.
- Interest rates predicted to be raised in second half of year?
- Some predict house prices will be steady/slight decline, some predict a crash/bubble burst – haven’t read any posts predicting significant capital gains.
Some background on our current situation:
- Currently renting apartment in Docklands, VIC
- Looking to buy a 2/3 bedroom house in VIC priced at around $450,000 (haven’t decided on suburb)
- We have saved a deposit of $35,000 so far
- Repayments ($3100 @ 7.8%, $3750 @ 10%) are within our capacity.
The other thing that I’ve learnt while browsing the forum is that buying established may be a better option, but that is another discussion. What I’d really appreciate some opinion on is the following:
- It would obviously be great to get into a house as soon as possible and I’m fairly sure we can secure a loan now if we were to apply, but in light of the observations noted above: Is the safer option to continue to rent & save this year?
- Is there any real rush to sign a house & land contract before 30 June to secure the FHOB? Is $13,000 worth it? I suspect many new home builders may be more likely to negotiate after the FHOB expires anyway?
Any guidance would be much appreciated, please be gentle – we’re new to this
Aaron.
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