Ok
I'll admit I rarely post and I scroll through the forum to see if anyone actually comes up with something of interest from time to time (some posts seem to repeat and repeat the same questions). and I think this is my first post. I do try to call it like I see it with no bs which tends to get some offside. So I will admit that upfront and you can take what I have to say or leave it.
I think 14k is the way to go. Get it over with. Quick and neat. Move on with life.
Example of a GY
I work in with a nice Gen Y girl who is about to get married.
Their circumstances are that the boyfriend / fiance is self employed tradie - just started out. Shes been in the same job for a few years. Saved up a 15k as a deposit for a house (which I do think is admirable for anyone to do this as I dont have this in the bank).
So - before marriage - gonna buy a house. Seen the bank, gotten finance preapproved. House of their dreams is listed for say $350k, they offer 300 and get knocked back by the owner (as you would).
This is 2-3 months ago. Then rates drop again
Then they decide they dont want an established house, they want a new house. That way they get an extra $7k in the grant
So they go see a house and land builder, new land release is December, sign up for the waiting list.
Then they find an estate where the houses are turn key the next suburb over. So they're keen on that.
Then they tell me yesterday its back to established houses.
Here I'm thinking... these kids need a kick up the a$$... they're getting 14-21k tax free, good money they're earning and they think the world is out to fall over in front of them
My points.
Gen Y's is a 'general' term. older people like 40+ who could never afford a house before K. Rudd increased the grants. Mate I'm sorry but if you cant save a few bucks over 40 years then you can save the sad songs for someone else (outside of medical issues or somethin like that).
Now with Gen Y's, here they are wasting the time of a bank, land agents, real estate agents, house agents.
So some tips
If you go to build, yes you get more but you still have to get stuff done like soil tests, sometimes extra fill on blocks and so on. So your extra $7k gets eaten up pretty quickly - holding costs, soil tests... whatever.
Shocking as it may seem, some builders even take over 6 months to build. So SOME (not all I admit) still have to live with mom and dad and continue to bludge that bit more.
It reminds me of that guns and roses song - rocket queen I think it is -.... I'm a charity case give me something to eat... pay you at another time.... or however it goes.
A source I have in the govt says the boost will definitely cease 30 June. So Gen Y, you're on a limited timeframe.
You've got 6 months to get it together
Rates are going down
Cashed up investors are coming back in (me included) who can smash your offer on your Gen Y dream house every day of the week. I see the posts from the brokers on the forum - mate Im sorry if banks are running a week to 14 days behind then the markets buzzing.
You can quote all the statistics and the university learning you want to me but at the end of the day
You will still end up like your parents, with a mortgage, a house you kind of like, and kids who bludge off you in 20 years time. There is no avoiding it.
Rates wont drop forever, the investors I know are coming back into the market now and forcing the GYs go live in the suburbs an hour or two back from work (each way)
Keep waiting and it will be an extra hour a day on the train
But thats good for character building
Any care to comment I'm welcome to it. But that is just my thoughts.
I'll admit I rarely post and I scroll through the forum to see if anyone actually comes up with something of interest from time to time (some posts seem to repeat and repeat the same questions). and I think this is my first post. I do try to call it like I see it with no bs which tends to get some offside. So I will admit that upfront and you can take what I have to say or leave it.
I think 14k is the way to go. Get it over with. Quick and neat. Move on with life.
Example of a GY
I work in with a nice Gen Y girl who is about to get married.
Their circumstances are that the boyfriend / fiance is self employed tradie - just started out. Shes been in the same job for a few years. Saved up a 15k as a deposit for a house (which I do think is admirable for anyone to do this as I dont have this in the bank).
So - before marriage - gonna buy a house. Seen the bank, gotten finance preapproved. House of their dreams is listed for say $350k, they offer 300 and get knocked back by the owner (as you would).
This is 2-3 months ago. Then rates drop again
Then they decide they dont want an established house, they want a new house. That way they get an extra $7k in the grant
So they go see a house and land builder, new land release is December, sign up for the waiting list.
Then they find an estate where the houses are turn key the next suburb over. So they're keen on that.
Then they tell me yesterday its back to established houses.
Here I'm thinking... these kids need a kick up the a$$... they're getting 14-21k tax free, good money they're earning and they think the world is out to fall over in front of them
My points.
Gen Y's is a 'general' term. older people like 40+ who could never afford a house before K. Rudd increased the grants. Mate I'm sorry but if you cant save a few bucks over 40 years then you can save the sad songs for someone else (outside of medical issues or somethin like that).
Now with Gen Y's, here they are wasting the time of a bank, land agents, real estate agents, house agents.
So some tips
If you go to build, yes you get more but you still have to get stuff done like soil tests, sometimes extra fill on blocks and so on. So your extra $7k gets eaten up pretty quickly - holding costs, soil tests... whatever.
Shocking as it may seem, some builders even take over 6 months to build. So SOME (not all I admit) still have to live with mom and dad and continue to bludge that bit more.
It reminds me of that guns and roses song - rocket queen I think it is -.... I'm a charity case give me something to eat... pay you at another time.... or however it goes.
A source I have in the govt says the boost will definitely cease 30 June. So Gen Y, you're on a limited timeframe.
You've got 6 months to get it together
Rates are going down
Cashed up investors are coming back in (me included) who can smash your offer on your Gen Y dream house every day of the week. I see the posts from the brokers on the forum - mate Im sorry if banks are running a week to 14 days behind then the markets buzzing.
You can quote all the statistics and the university learning you want to me but at the end of the day
You will still end up like your parents, with a mortgage, a house you kind of like, and kids who bludge off you in 20 years time. There is no avoiding it.
Rates wont drop forever, the investors I know are coming back into the market now and forcing the GYs go live in the suburbs an hour or two back from work (each way)
Keep waiting and it will be an extra hour a day on the train
But thats good for character building
Any care to comment I'm welcome to it. But that is just my thoughts.