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GOT BIG PROBLEM

eddy_torrezz
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eddy_torrezz Grand Master

eddy_torrezz

Posted
Posted

ive got a massive problem guys and really dont know what to do, so i thought id post it and see what people would do if in the same position.

I want to buy a house got the deposit could get the loan BUT!!!!

i have quite a large personal loan at the moment and most banks that ive spoken to would give me the loan in a second if it wasnt so damn high.

so the question is do i dare sell the stivo and pay a massive chunk of this personal loan off, then go buy a house with no hassels with getting mortage or repayments.

OR do i bite the bullet and keep the stivo(which i really dont wanna sell) and wait until ive paid the personal loan out in a couple of years then look at buying a house?

desicions desicions?????

i really wanna get a house now im so so so so so so sick of renting and i moved back with my fam a little while ago to start saving for a house.and im sick of it i wanna be out on my own in my own house

but at the same time i love my stivo and have just added wheels/exhaust muffler/jdm grill/ huge stereo. its my pride and joy.

so does a house and independance more important than my stivo? :( :( :( :(

ghost Community Regular

ghost

Posted
Posted

how much do u want the house?

how much will house prices rise in 2 years.

by then you will have the capital to buy a new sportivo.

good luck.

you only live once!!!!!!!!

Azza Grand Master

Azza

Posted
Posted

Get a second job man...

Regardless of what type of car it is, although it is a positive that it is a Sportivo, you will always regret selling something you treasure for a house.

While a house is a really sensible investment and a car isn't, there is not any point in my mind if you pour all your cash into a house, but do not enjoy your lifestyle.

Pickup a second job stacking shelves a Coles or something after hours to help save a while....

My wife and I are in a similar boat, and our decision was based on that I wanted the Sportivo for ages before I got it, so why get rid of it...

Cheers

A :P

MR22ZZ Grand Master

MR22ZZ

Posted
Posted (edited)

I'd put off buying a house until at least the new year to see the effect of the government farking around the industrial relations laws. I forsee a fair few people loosing work or transferring to casual employment (even more so) and a spin off effect could be that the market will become flooded with people wanting to sell up and hence prices staying level, or perhaps even dropping, especially in Sydney and Melbourne. Interest rates will also rise again around September/October because more people will be taking out loan, particularly investors, as the house prices drop.

It's too volatile at the moment to buy and you could find yourself loosing a hell of a lot of capital in the short term (2-5 years) though long term property is always a good investment.

my $0.02

Cheers

Dylan

Edited by Blue_Stivo

evo Proficient

evo

Posted
Posted (edited)

maybe you could take a loan from ur parents and use that to pay off the personal loan (to enable you to qualify for the home loan). at least this way, you won't have to pay any interest (hopefully).

are you saying that you don't qualify for the loan because the amount you reqested to loan is too high, or your personal loan is too high?

ps. i hope i'm not saying anything stupid :)

Edited by evo
eddy_torrezz Grand Master

eddy_torrezz

Posted
  • Author
Posted

valid point.

cant take second job im a shift worker plus i earn really good money so if i took a second job id be taxed to the hills.

gOODbOYz Grand Master

gOODbOYz

Posted
Posted

Go for both and be poor like me and be in debt for the next 5-10 yrs. :huh: But in the end it is all of your hardwork paid off. While you have paid off your house and car the next few yrs... the others have just started B)

Nino_Leb Mentor

Nino_Leb

Posted
Posted

selll the car it loses value, get the house because the longer you are waiting the more the house will cost. also once u have a house much easier to get a loan on a car

oz_viking Grand Master

oz_viking

Posted
Posted
how much do u want the house?

how much will house prices rise in 2 years.

Depends - in Sydney or Melbourne they will probably drop back 20% if interest rates rise.

rolla02 Experienced

rolla02

Posted
Posted

Buy the house

Rent it out for a year or 2

Pay off the Persoanl Loan

Move into the house !

2fST4U Rising Star

2fST4U

Posted
Posted

hey i jst read your problem...

dont know if anyone else suggested this yet...to lazy to read everyones reply...

Are you able to borrow extra on your house loan and use that extra money to pay off your personal loan and still get your house...

wel das my 2cents worth of advice..hope its helpful...

ghost Community Regular

ghost

Posted
Posted
hey i jst read your problem...

dont know if anyone else suggested this yet...to lazy to read everyones reply...

Are you able to borrow extra on your house loan and use that extra money to pay off your personal loan and still get your house...

wel das my 2cents worth of advice..hope its helpful...

in reply to that he can't take out a loan because of his personal loan. but why don't you sell the car, borrow more money when u get the house and buy a new 05 sportivo?

Blade Hunter Grand Master

Blade Hunter

Posted
Posted
ive got a massive problem guys and really dont know what to do, so i thought id post it and see what people would do if in the same position.

I want to buy a house got the deposit could get the loan BUT!!!!

i have quite a large personal loan at the moment and most banks that ive spoken to would give me the loan in a second if it wasnt so damn high.

so the question is do i dare sell the stivo and pay a massive chunk of this personal loan off, then go buy a house with no hassels with getting mortage or repayments.

OR do i bite the bullet and keep the stivo(which i really dont wanna sell) and wait until ive paid the personal loan out in a couple of years then look at buying a house?

desicions desicions?????

i really wanna get a house now im so so so so so so sick of renting and i moved back with my fam a little while ago to start saving for a house.and im sick of it i wanna be out on my own in my own house

but at the same time i love my stivo and have just added wheels/exhaust muffler/jdm grill/ huge stereo. its my pride and joy.

so does a house and independance more important than my stivo? :(  :(  :(  :(

Use the deposit to pay the Stivo off, go to Aussie or some of the other mortgage places that do rentbuster mortgages, purchase house, pay mortgage and enjoy driving the Stivo at the same time :).

ZAV Mentor

ZAV

Posted
Posted

sell the car and buy a house

you have till december to get the $12000 first home buyers grant, after then its reduced by around half

then buy a new stivo.

Kevsta Veteran

Kevsta

Posted
Posted

I would sell the car while it is still worth around 25K.

Pay off the personal loan asap, buy the house, rent it out and negative gear it.

eddy_torrezz Grand Master

eddy_torrezz

Posted
  • Author
Posted

ok thanks for your sugestions but need to sort a few issues out.

1st: for the first home buyers grant ya need to live in the house for 12 months min.

2nd: personal loan isnt to large to get the house loan but if i get house loan plus personal loan repayments how do i pay bills/fuel/eat and so on.

3rd: personal loan is way to big to ask parents to bail me out.lol

4th: will still need a car even if i sell mine so some of the cash from selling the car needs to go to another car.

5th: ya cant borrow the difference ontop of the house loan unless the house is valued more than your buying it for which it wouldnt be.

Buddha Grand Master

Buddha

Posted
Posted
sell the car and buy a house

you have till december to get the $12000 first home buyers grant, after then its reduced by around half

then buy a new stivo.

Where can you get a $12,000 first home buyers grant??

SILVABULLIT Grand Master

SILVABULLIT

Posted
Posted
sell the car and buy a house

you have till december to get the $12000 first home buyers grant, after then its reduced by around half

then buy a new stivo.

I don't think the FHO grant is $12000. It's only $7000. Been going through all the nonsense atm.

Eddy hold off buying for about 5 months as I've been told to. All sources that I've talked to reckon the market will drop some more yet. So hopefully cheaper houses!!!(and yeah keep the stivo unless it's dire)

MR22ZZ Grand Master

MR22ZZ

Posted
Posted
sell the car and buy a house

you have till december to get the $12000 first home buyers grant, after then its reduced by around half

then buy a new stivo.

I don't think the FHO grant is $12000. It's only $7000. Been going through all the nonsense atm.

Eddy hold off buying for about 5 months as I've been told to. All sources that I've talked to reckon the market will drop some more yet. So hopefully cheaper houses!!!(and yeah keep the stivo unless it's dire)

Like I said... Wait until you see the fallout from the industrial relations reforms, especially considering you are a shift worker and they will directly affect you!!!!

mx83toy Proficient

mx83toy

Posted
Posted

http://cgi.ebay.com.au/ws/eBayISAPI.dll?Vi...4560455980&rd=1

1.sell the rolla

2.buy what i posted above

3.save

4.pay off house or a big chunk of it

5.laugh:LOL:

6.buy what ever car on the market you like! ;)

mate i drove one of those for ages and stopped driving my 1J cressida...bought a house payed off heaps and when i was happy with everything i bought the stivo. now i'm conciddering purchasing another place. get the priorities right and you'll go well. its like speeding in your car you know it wrong to do but try and get away with it correct??? but what if you dont speed ever ....you wont get booked! Just play it safe as thisis the rest of your life your stuffing with and a cool car dont mean **** when you have no where to park it! No one is going to do it for you or look after you but you no one is going to give you a house, get one for yourself.

gOODbOYz Grand Master

gOODbOYz

Posted
Posted

Guess a roof over your head is more important than a car that gets you from A to B locations. You alwayz have the Public transport as last option to get you around, zone 1+2+3 :lol:

Buddha Grand Master

Buddha

Posted
Posted (edited)
lol its 12 grand in melbourne only

So Victoria's not such a bad place after all! Having said that, while we only get $7g in Queensland, I think we get better stamp duty concessions than interstaters.

In answer to your original question, its really going to come down to your own priorities. For example, some people prefer to rent the house they want for less than a mortgage for the same house, and invest the remainder in shares or other investments. Gives them the house they want, access to their remaining money and the landlord keeps things maintained.

My wife and I are in a similar boat, except we won't sell the wagon for love nor money. Besides, it might be time to start thinking about making little Buddha's. :)

Edited by Buddha
mx83toy Proficient

mx83toy

Posted
Posted
lol its 12 grand in melbourne only

So Victoria's not such a bad place after all! Having said that, while we only get $7g in Queensland, I think we get better stamp duty concessions than interstaters.

In answer to your original question, its really going to come down to your own priorities. For example, some people prefer to rent the house they want for less than a mortgage for the same house, and invest the remainder in shares or other investments. Gives them the house they want, access to their remaining money and the landlord keeps things maintained.

My wife and I are in a similar boat, except we won't sell the wagon for love nor money. Besides, it might be time to start thinking about making little Buddha's. :)

This is very valid to get ahead may require research and risk, some ppl prefer not to even invest the spare money :blink: though but as buddha says "its really going to come down to your own priorities" mate you have already been thinking about selling her....this is for a reason and these thoughts do not come from no where... ie You know what the right thing to do is, its just freakn hard to do it.

Good Luck

SILVABULLIT Grand Master

SILVABULLIT

Posted
Posted
lol its 12 grand in melbourne only

So Victoria's not such a bad place after all! Having said that, while we only get $7g in Queensland, I think we get better stamp duty concessions than interstaters.

In answer to your original question, its really going to come down to your own priorities. For example, some people prefer to rent the house they want for less than a mortgage for the same house, and invest the remainder in shares or other investments. Gives them the house they want, access to their remaining money and the landlord keeps things maintained.

My wife and I are in a similar boat, except we won't sell the wagon for love nor money. Besides, it might be time to start thinking about making little Buddha's. :)

Little buddha's --- bad mental picture!!!! :o In Qld I think your stamp duty is waived if the property is under $250k and your a first home owner. Think that's they way I interpreted it. :D

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