Hi Rastus2 long time no see. All seems to be well with you then.
The CBA offset isn't for fixed loans as far as I can see. Not many lenders have offsets for fixed loans.
Did you buy on the Sunshine Coast?
Hi Peter,
All is mixed thanks ....very busy @ work with shadow of outsourcing of Health Services still hanging over us so twice as stressful. Buying another PPoR adds to it but the reasons are sound... family is well so that is what matters most.
No, we did not buy @ Sunshine Coast.. we considered it strongly (buying @ Sunshine coast with SMSF for retirement) but did not pull the trigger... not for lack of value, but the wife and I just could not agree on a place and location so we let it go.
As it turns out, our new place will probably suit us past the kids going to the local high school and into our retirement.
Yes, I read your initial post again and did notice the 'does not include' ... shame as I thought CBA had been added to the very short list of those who offer it on fixed loans.
CUA, Adelaide Bank (now absorbed by Bendigo Bank) and few others offer 100% offset on fixed loans ... got an ok (discounted) rate from Adelaide Bank and just need to cross our fingers that the sale of our current PPoR does not take too long so we don't carry the mortgage ... we have been spoilt to be without a mortgage for so long. The offset account will ensure we don't have to pay a cent of interest (despite it being fixed) the day after we clear funds on the sale of our PPoR.
The RE market here on GC seems to be heating up somewhat... certainly on the coast at least... the hinterland is still cool, but it usually seems to move from southern states up, and the coast inland so lets see how it goes.
Hows things in Bne and Sunshine Coast ? finally picking up there ? I still think we could have picked the bottom of the market @ Sunshine coast if we had bought, but no matter... it was never about 'investing', more about locking in our retirement location.
Unless you have additional information, that document doesn't say its free for existing customers to convert (unless you increase borrowings by $150k)
I thought you had said increase your "savings" by $150k, but then I remembered that you're a nuvo property investor who would never have that much cash in reserve lol.
Shadow was hopelessly wrong about the Gold Bull Market. What else is he wrong about?
All is mixed thanks ....very busy @ work with shadow of outsourcing of Health Services still hanging over us so twice as stressful. Buying another PPoR adds to it but the reasons are sound... family is well so that is what matters most.
No, we did not buy @ Sunshine Coast.. we considered it strongly (buying @ Sunshine coast with SMSF for retirement) but did not pull the trigger... not for lack of value, but the wife and I just could not agree on a place and location so we let it go.
As it turns out, our new place will probably suit us past the kids going to the local high school and into our retirement.
Yes, I read your initial post again and did notice the 'does not include' ... shame as I thought CBA had been added to the very short list of those who offer it on fixed loans.
CUA, Adelaide Bank (now absorbed by Bendigo Bank) and few others offer 100% offset on fixed loans ... got an ok (discounted) rate from Adelaide Bank and just need to cross our fingers that the sale of our current PPoR does not take too long so we don't carry the mortgage ... we have been spoilt to be without a mortgage for so long. The offset account will ensure we don't have to pay a cent of interest (despite it being fixed) the day after we clear funds on the sale of our PPoR.
The RE market here on GC seems to be heating up somewhat... certainly on the coast at least... the hinterland is still cool, but it usually seems to move from southern states up, and the coast inland so lets see how it goes.
Hows things in Bne and Sunshine Coast ? finally picking up there ? I still think we could have picked the bottom of the market @ Sunshine coast if we had bought, but no matter... it was never about 'investing', more about locking in our retirement location.
Yes I'm sure that it's still very stressful in Qld health after the payments fiasco. I have a friend who was a tech at IBM and apparently IBM was petrified that they would be sued over that, but in end the talk of that all fizzled out. It sure stuffed up a lot of lives.
I'm glad that you have bought a house that will suit you in retirement when the kids leave. That will save you doing it all again.
Yes the market is coming back in Brisbane, the Sunshine Coast and the Gold Coast. I did tell you that it would. I don't see it as being all that strong yet. However a well know bear at MB told me that he thinks we are in a boom with prices having risen up to 20% in some areas but not yet reflected in the data. He is in the market looking to buy now - I still think that he is exaggerating but I do respect his opinion so who knows.
Don't beat yourself up about not picking the bottom of the market, almost no one does. The right house to buy is the one that suits you at a price that suits regardless of where the overall market is at.
The real market test will be the sale of your previous house. That's when you find out that agents have one spiel when you are buying, and a different spiel when you are selling.
I could suggest that you carpet bomb all economics and housing blogs with bullish comments to get a better price for your house, but the reality is that it's just us nerds who read these pages, so it wouldn't help.
All the best with the sale and I hope that it works out well for you in the new house.
cheers,
Any expressed market opinion is my own and is not to be taken as financial advice
"Hope I didn't push the outcome for us, I (am) certainly one busy effort "
yes you are indeed.
peter fraser
12 Oct 2013, 10:36 AM
Yes I'm sure that it's still very stressful in Qld health after the payments fiasco. I have a friend who was a tech at IBM and apparently IBM was petrified that they would be sued over that, but in end the talk of that all fizzled out. It sure stuffed up a lot of lives.
I'm glad that you have bought a house that will suit you in retirement when the kids leave. That will save you doing it all again.
Yes the market is coming back in Brisbane, the Sunshine Coast and the Gold Coast. I did tell you that it would. I don't see it as being all that strong yet. However a well know bear at MB told me that he thinks we are in a boom with prices having risen up to 20% in some areas but not yet reflected in the data. He is in the market looking to buy now - I still think that he is exaggerating but I do respect his opinion so who knows.
Don't beat yourself up about not picking the bottom of the market, almost no one does. The right house to buy is the one that suits you at a price that suits regardless of where the overall market is at.
The real market test will be the sale of your previous house. That's when you find out that agents have one spiel when you are buying, and a different spiel when you are selling.
I could suggest that you carpet bomb all economics and housing blogs with bullish comments to get a better price for your house, but the reality is that it's just us nerds who read these pages, so it wouldn't help.
All the best with the sale and I hope that it works out well for you in the new house.
cheers,
Thanks Peter,
we're pretty happy with the place and the price... 5 other buyers with offers came in behind us and we still managed to get a low price (without agents) which showed zero rise in the area we wanted from 2006/2007 so I would say we came close enough to the bottom to feel ok.
Prices in some parts of GC are certainly up 10-15% from their lows... however many other areas are still flooded with supply and more awaiting a hint of sales turnover.
Prices here on GCH really hit the skids (as some of us predicted)... off their peak of about 2008 by between 25 - 50% depending on your price range... we are hoping to make (perhps) 15-20% from our purchase of 2006 min. however the PR Data report claims we will double it... lets just wait and see. (Do you find the RP Data quite 'generous' ?).
We are waiting on the bank to feed us the full valuation on our current PPoR (or at least the number itself)... then we will have a far better idea. Either way, I am hoping to return to mortgage free status within 6 months... (the 3 year fixed was more an insurance policy in case Newman decided to clear the decks of staff prior to the next state election).
Prices in some parts of GC are certainly up 10-15% from their lows... however many other areas are still flooded with supply and more awaiting a hint of sales turnover.
Prices here on GCH really hit the skids (as some of us predicted)... off their peak of about 2008 by between 25 - 50% depending on your price range..
Rastus2 Given these declines do you think Gold Coast prices are at fair value now.
Rastus2 Given these declines do you think Gold Coast prices are at fair value now.
fair question Dexter,
My situation is not a good measure of fair value as we are moving across the same market at around the same time (buying & selling) so 'good value' for me may mean I get a cheap new PPoR but get gouged on the sale of my current PPoR.. (certainly not out of the question).
none the less, with 11 years total of observing GCh area, I would say that Yes, the current values seem to be quite good buying... the caveat is, naturally, that the GC economy turns... right now, it is still in a difficult position and further declines would probably translate directly to the RE market. A valuer we have known for quite a few years is amazed at the sudden spike of interest in the beachside suburbs over the last 5 months... lots of buyers fighting over properties which could not sell 7 months ago for prices far lower.
*If* AUD remains below parity with USD and weak against Asian currencies, and *if* unemployment continues to decline on GC, and *if* investors/OO's return to the market here, then sure, this might be a great period to buy here... otherwise, another year or two might find a better opportunity.
We will put our PPoR on the market as soon as we get back from a 2 month o/s holiday... would do it sooner but it is not practical to do so. Then, I guess, we will really know if the market is still in decline... interestingly, the bank valuation came in at almost the same price we paid for our PPoR almost 8 years ago.. bit of a dissapointment, but it's possiblly conservative and the house is no-where near ready for the market condition wise so I would expect the final 'value' to still be 10-15% higher minimum (if we can find a buyer in our area who wants the land size).
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