Retirement and purchasing a house in Aussie (Singapore VS Australia)

hotshot

<blockquote rel="beth_loggins">@hotshot, yes pwede bumili ang single pero 35 yrs old and above, tapos ang new policiy nila ay 30-45square meters nlang ang pwede mo bilihin if single ka.. check this

http://sg.news.yahoo.com/new-measures-for-above-35-singles-to-buy-selected-hdb-flats--khaw-130406785.html

Kalokohan nga eh ang liit pa..

So yun kaya ayaw ko na rin dito.

Tama bka mas mabilis ipon sa SG, pero life is not about $. kaya alis na tayo...

@hotshot, may full time job ka na ba dyan sa Sydney? Ksi feel ko sa NSW din ako babagsak.. musta nman ang buhay buhay natin dyan

</blockquote>

full time "house-band" ako since yesterday. 🙂

li_i_ren

Nadine someone is askng if single ka pa bah? Hehehe!

Anyway i dont know anything about singapore but i know something sbout buying a house. My sister just bought their first house here🙂

Housing price depends on location location location.

Go to the bank first. Get ur finances sorted before even going to open homes and such. Know how much the bank can give you and know how much you can give as deposit. General rule is, the bank can lend you x2 or x3 of your annual income. So if maliit sweldo mu.. Kunti lng makukuha mu as loan so meaning you need a bigger deposit. The bigger ur salary.. Mas better ung loan mu.
You have ur finances sorted na. Look for a house. Auctions tend to be more expensive. Developers have pros and cons.. You can build a house from scratch for a set price kasi may mga premade model na ung mga bahay. You can find a house for sale. All of these can be done online.

Brand new houses you can save on stamp duties while 2nd hand or older homes you have toay stamp duties.

Inspect the house. Ask for council records for modification etc. if you are happy...
Find a lawyer. The lawyer will negotiate with the real estate agent about price and your offer.
The agent gives you the price... Papers sbout the house.
Go to the bank.. The bank will review the asking price. If the bank says it is overpriced balik yan sa lawyer then balik sa agent until the right and fair price is made. The bank has a say on this because if u cant pay of ur mortgage the property becomes the banks. The bank also acts as a safety net for buyers so no sellers will overprice their houses.
So ok na ang price. You can ask for first home buyer grant if p.r. Etc. pero only 1 of u as a couple can get it.. It cnt be for both of u.
Prepare 21% deposit. Bakit 21% ? Kasi if you dont pay at least 20% you have to pay for inurance which after how many years to pay is almost equivalent of a new deposit. If may 21% deposit then no need to pay the loan insurance.
Make an offer for the house. The lwyer does this. He makes sure tama lahat. Remember everytime you see a lawyer may bayad.. So find a good lawyer kasi if palpak ang lawyer more money for him.

Pay council dues and fees if suburb living. If building living.. Pay strata fees and cost.
Ok na lahat ng paperorks.. Agreed na yung price.
Make a dposit.
On ur move in date start na ung mortgage..pwdi weekly which means the faster u pay off the loan. The less it would be kasi may interest per annum if matagal ka mag bayad like 20 years... Ung interest is almost enough to buy another house so bilisan paying of the mortgage.

sydneyblued

Very helpful info!

In Oz I heard may incentive daw from government for first time house buyer? Is this by cash po ba and how much? 🙂

hotshot

@sydneyblued : this is for NSW --> http://www.osr.nsw.gov.au/benefits/first_home/general/fhogs/

sydneyblued

@hotshot thanks sa link! Good to know na may assistance na ganito from the government

li_i_ren

Its around or less than 10 k dpende po but it has criterias you need to meet.

Paid directly to your mortgage.. You dont actually see the money basta diretso na once approved kayo🙂

may rumors na baka tangalin na din... We will see malapit ma din election eh. I am nkt sure if all states meron pa bah..

beth_loggins

@nadine, pero ano ka pare, sariling opin sa australia?

li_i_ren

@beth_loggins anu po yung opin? 😉 anung work?

hotshot

opin = ipon? 🙂

li_i_ren

@hotshot ipon as in save? ... Hehehehe. Di ko makuha ung statement🙂 hehehee! Is he asking nadine if she is saving? ..hahaha!

li_i_ren

Just heard now from nine news (13-3-2013) wala na ang first home buyer scheme. So we dont get anything na if first home buyer🙁 sayang for us just starting in au.. Oh well..ipon na lang properly🙂

beth_loggins

hehe sa pinas pa rin ako.. ipon ipon. uwe.

basta may bahay ok lang nman... khit 2nd hand.

dba?

LokiJr

Di kayo puwede bumili ng investment property gamit ang superannuation a...the funds saved there is subject to conditions of release...

The only way to make use of the money to purchase property is through Self Managed Super Funds, which is an entirely different animal hehe

beth_loggins

dami talaga pautot.. sa pinas, pwede ka mag tayo ng bahay kahit saan,

plywood, yero saka pako lang kailangan, may bahay ka na hehe...

boss, san yan self managed super funds? Any links?

LokiJr

http://www.ato.gov.au/superfunds/pathway.aspx?sid=42&pc=001/149/030&mfp=001/149&mnu=49150#001_149_030

Madugo i-manage ang self managed super fund...4-5 members yun at kayo kayo hahawak ng trustee obligations...but at least you get to use the funds without necessarily retiring (or dying whichever comes first) hehe

hotshot

@LokiJr : yan ginawa ng family friend namin. bale, buong pamilya nila ang members tapos sila na nagmamanage.

ginawa nila ito kasi medyo delekado rin daw pag nasa ibang superfund company ang pera mo. nung nagkaroon kasi ng recession, nalugi daw investments nung company so bumaba ang value ng mga pera nila. our friend lost about 25k aud from her super. after nun, sila na humawak ng super nila. hehehe

LokiJr

@hotshot, cool hehe astig yang SMSF...ihold niyo lang pera niyo diyan...dun sa fluctuation, aggressive kasi ang asset allocation kahit nung default option so kung nakakaramdam kayo ng doom and gloom sa economy, palitan nyo lang ng capital secure option yan...

Right now, very healthy ang economy ngayon kaya ok lang maging growth intensive ang funds niyo...babawi rin yan...the up's and down's are part of the investment cycle...pag bagsak ngayon...steady lang hehe 😃

johnvangie

@LokiJr active ka po sa forum? Baka pwedeng magpa free orientation sayo about paper investment :-)

PMPdreamer

magtatanong po about retirement, dito kasi sa pinas we get a one time payment and monthly pension once we reach retirement age, the prob is the amount is definitely not enough. for ex. kung ang monthly salary is already at 100k, I can expect that my monthly pension would be somewhat at 15k, the fact na ganun kalaki sahod mo ang 15k is not enought, kahit maging 20k pa un. how does retirement benefit works in australia? thanks po sa sasagot

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