Interest Rates on the Rise

[Keiho]

Best advice I read in somewhere regarding purchasing a home.

You should buy a place to live in as a HOME and not an investment. Everything else is just semantics.

If you can afford a place that you can see yourself and your family in for a long while in a neighbourhood you like just go for it, provided of course you aren't scraping the bottom of the barrel and eating instant noodles for every meal.

Ash and I are really really REALLY ridiculously lucky in that we've got our flat pretty much paid off (thanks for awesome parents) now since she first moved in, and we love the area so much that really the thought of moving anywhere else just doesn't hold any appeal. So all we're doing now is biding our time, I know that there will be new developments built and I know that I will be making more money in the future as well (hurray for getting career back on right track again) so we aren't that worried. We're happy where we're at now, but ultimately that is because a) we pretty much own the place outright already, b) love the area and can't afford anything else in the area now and c) our flat now is "large" enough for the 3 of us for the near future.

If you really think you are ready and want to commit to purchasing, go set up meetings with bankers, mortgage brokers and financial planners (those that are free) and just ask them for their professional opinion on whether it's feasible to do what you want to do. Keep in mind, when you're used to a certain level of disposable income and lifestyle, to drastically change things up is not an easy thing to do. When I got laid off back at the end of 08 and started work again I basically took over a 50% gross pay cut...and I have to admit it was tough. But then you learn to deal with it and manage as you go along.

You've got a supportive wife and family, whatever you end up doing will be the right thing to do provided you've done your due diligence and are sure you're ready for it.

[nature boy]

there was an article in the sun today about mortages and how you can actually get a mortgage broker. the good thing about them is that it's the lender that pays their fees, not the borrower.

and there's this thing from some bank that puts all your debts, like your mortgage, credit card bills, car loans etc into one account that your paycheque gets directly deposited into. so your entire paycheque pays down the loan as soon as it goes in. but if you need money for anything you can take money out as well.

so it's like a perpetual fountain of money. sounds pretty awesome, but the article also said that some younger customers get into trouble too because they forget that they have to pay it back too. so instead of paying their loans down faster they're actually increasing their loan.

[Keiho]

Ya read that yesterday in the Sun.

Mortgage brokers are the way to go, free and they round up the best rates for you before you commit to anything. I'd have gone with one but when I renewed on mine the variable rate that was available was pretty much next to nil already anyway it didn't really matter. The rate Fynn got is good too, but then he's a baller with his own private banker anyway lol!

[nature boy]

[Wetundies]

oh, a friend just opened up her own pre-school, it's in richmond in the same building as some elementary school i think.

[jeSteR]

[Wetundies]

for nat to drop of ryan so winnie can work.

[Duncan]

[nature boy]

preschools are only for a couple hours anyway, maybe enough time to go to the bank or pick up groceries, but certainly not enough for a day's work.
besides, ryan's not even preschool aged.

maybe there should be a preschool thread in the parent's forum?

[jeSteR]

Shovelling wet snow... -1 for ownership. But then again, if you're renting a house, you'd still be the one shovelling, unless you're lazy asses like my neighbours.

Then again, I shouldn't complain too much.

viewtopic.php?f=33&t=898&p=10023#p10023

[nature boy]

i don't own the church and i was outside for an hour and a half shovelling today. maybe it's more -1 for being responsible lol.

[Wetundies]

snow is all gone. almost anyways.

[jeSteR]

[nature boy]

buy one, there are tonnes for sale.
with the interest rates on the rise they way they are, now's the time.