W
WebBoard
Guest
From: Mike .
On a Rollercoaster
From: Wayne
Date: 2/16/00
Time: 4:24:06 PM
Hi all, I feel like I'm on a roller coaster and it's turning out to be rather unpleasant. My sister built an IP and then gave me Jan's white book for Christmas. I read this and tried to get my wife to do the same. She was finding it hard going so I bought the orange book (for me) and the video, (she went to sleep watching it).
I then decided to take the bull by the horns and dragged her out to look at a median priced unit. Well I awoke a monster. While I was at work she went and looked at an upmarket unit fairly close to the beach. Then she dragged me back to look at it & also arranged for a mortgage broker to visit us in our home. Meanwhile I purchased the blue book and the PIA software.
The next thing I know We are making an offer & receiving a counter offer. Finance hasn't been arranged. We accepted the counter offer and were advised by the agent that the contract was unconditional because the contracts would be signed within 3 days of an auction. We contact the mortgage man and he says to go ahead and sign unconditional. I check out several other sources for advise and am told that if my finance falls through I could lose EVERYTHING.
I convince the mortgage man to get the loan approved before I sign & he now says he will have it ready to go (subject to my home's valuation). As for the finance, I was expecting him to give me some choice in lending institutions ( my sister is with a small regional bank IO fixed for 3 years). My current loan is with a large bank and I was surprised when he said he would set up a mortgage offset account with the same bank.
This all seems to be moving too fast for my liking, and I am wondering what other people think.
The details are as follows:
Price of IP 238000 3 B/R 2 story unit beach suburb Loan 252000 IO fixed for 12 months 5.9% housing loan 59000 PI variable (app.8 yrs left) house value 160000 - 180000 approx (I think) combined income before tax 75000 Our intention is to buy it in my wife's name. (highest wage earner) Does this all seem OK to you any ideas and suggestions will be greatly appreciated because we're only starting out on this roller coaster and want to do everything right now so we might be able to buy more tickets in the future
Finally allow me to thank both Jan & Ian for all they are doing for us with the books, video, PIA & now this forum. They're blood's worth bottling.
On a Rollercoaster
From: Wayne
Date: 2/16/00
Time: 4:24:06 PM
Hi all, I feel like I'm on a roller coaster and it's turning out to be rather unpleasant. My sister built an IP and then gave me Jan's white book for Christmas. I read this and tried to get my wife to do the same. She was finding it hard going so I bought the orange book (for me) and the video, (she went to sleep watching it).
I then decided to take the bull by the horns and dragged her out to look at a median priced unit. Well I awoke a monster. While I was at work she went and looked at an upmarket unit fairly close to the beach. Then she dragged me back to look at it & also arranged for a mortgage broker to visit us in our home. Meanwhile I purchased the blue book and the PIA software.
The next thing I know We are making an offer & receiving a counter offer. Finance hasn't been arranged. We accepted the counter offer and were advised by the agent that the contract was unconditional because the contracts would be signed within 3 days of an auction. We contact the mortgage man and he says to go ahead and sign unconditional. I check out several other sources for advise and am told that if my finance falls through I could lose EVERYTHING.
I convince the mortgage man to get the loan approved before I sign & he now says he will have it ready to go (subject to my home's valuation). As for the finance, I was expecting him to give me some choice in lending institutions ( my sister is with a small regional bank IO fixed for 3 years). My current loan is with a large bank and I was surprised when he said he would set up a mortgage offset account with the same bank.
This all seems to be moving too fast for my liking, and I am wondering what other people think.
The details are as follows:
Price of IP 238000 3 B/R 2 story unit beach suburb Loan 252000 IO fixed for 12 months 5.9% housing loan 59000 PI variable (app.8 yrs left) house value 160000 - 180000 approx (I think) combined income before tax 75000 Our intention is to buy it in my wife's name. (highest wage earner) Does this all seem OK to you any ideas and suggestions will be greatly appreciated because we're only starting out on this roller coaster and want to do everything right now so we might be able to buy more tickets in the future
Finally allow me to thank both Jan & Ian for all they are doing for us with the books, video, PIA & now this forum. They're blood's worth bottling.
Last edited by a moderator: