Buying house and lot package

waray

Hi guys! I hope you can give some advice, recommend agents, and share other information (e.g. home loan application, your trusted bank, etc.) on buying house and lot packages here in Melbourne. Thank you in advance!

jayrcornelio

sir, new migrants po kami. melbourne yung punta namin this Oct. ano po ba proceso para mka bili ng bahay? nabasa ko meron daw grant yung bagong buyer. magkano po ang grant? maghahanap pa po kami ng trbaho pag dating dyan. ano po bang advice nyo? salamat

vhoythoy

Any idea how much ung pera na need in pesos para may pang downpayment sa isang average house/lot sa Melbourne?

TasBurrfoot

<blockquote rel="vhoythoy">Any idea how much ung pera na need in pesos para may pang downpayment sa isang average house/lot sa Melbourne?</blockquote>

At Php40 - $1

Sabihin natin na nasa $500K ang bahay sa nagustuhan mo - this would mean a cost of Php20 million ang cost ng bahay mo.

Minimum downpayment would be $25K or Php1 million - this would entail an LMI of $15,722 or Php628,880 (luckily some backs may allow you to include the LMI as part of the loan)

Or if you want to do away with an LMI - kailangan mo ng 20% down or Php4 million

Plus meron pa stamp duties, conveyancing, building and pest inspection, cost of moving your stuffs, appliances for the new home - this would be around another 5% din of $25K or Php1 million. The biggest expense here would be the stamp duties - luckily, first home buyer will get concession of around 50%. And if you buy a new house ata, there will be $10K First Home Owners Grant (FHOG)

More or less, 2 million pesos on a $500K house.

your mileage may vary from the hypothetical case above

TasBurrfoot

<blockquote rel="jayrcornelio">sir, new migrants po kami. melbourne yung punta namin this Oct. ano po ba proceso para mka bili ng bahay? nabasa ko meron daw grant yung bagong buyer. magkano po ang grant? maghahanap pa po kami ng trbaho pag dating dyan. ano po bang advice nyo? salamat</blockquote>

$10K FHOG if you buy a brand new home plus 50% rebate on stamp duty.

vhoythoy

<blockquote rel="TasBurrfoot"><blockquote rel="vhoythoy">Any idea how much ung pera na need in pesos para may pang downpayment sa isang average house/lot sa Melbourne?</blockquote>

At Php40 - $1

Sabihin natin na nasa $500K ang bahay sa nagustuhan mo - this would mean a cost of Php20 million ang cost ng bahay mo.

Minimum downpayment would be $25K or Php1 million - this would entail an LMI of $15,722 or Php628,880 (luckily some backs may allow you to include the LMI as part of the loan)

Or if you want to do away with an LMI - kailangan mo ng 20% down or Php4 million

More or less, 2 million pesos on a $500K house.

your mileage may vary from the hypothetical case above</blockquote>

OK. So "Minimum downpayment would be $25K or Php1 million - this would entail an LMI of $15,722 or Php628,880". How about if DP mo is Php2M how much yung LMI? Kailangan na talaga pagipunan. A $500k house is medyo ok na din ano kahit paano. Need na talaga magipon ipon. Ilang taon kaya ako bago maka 2M sa Australia =)

TasBurrfoot

<blockquote rel="vhoythoy"><blockquote rel="TasBurrfoot"><blockquote rel="vhoythoy">Any idea how much ung pera na need in pesos para may pang downpayment sa isang average house/lot sa Melbourne?</blockquote>

At Php40 - $1

Sabihin natin na nasa $500K ang bahay sa nagustuhan mo - this would mean a cost of Php20 million ang cost ng bahay mo.

Minimum downpayment would be $25K or Php1 million - this would entail an LMI of $15,722 or Php628,880 (luckily some backs may allow you to include the LMI as part of the loan)

Or if you want to do away with an LMI - kailangan mo ng 20% down or Php4 million

More or less, 2 million pesos on a $500K house.

your mileage may vary from the hypothetical case above</blockquote>

Kaya mo iyan pre! you have been there in SG for a while... 🙂

vhoythoy

<blockquote rel="TasBurrfoot"><blockquote rel="vhoythoy"><blockquote rel="TasBurrfoot"><blockquote rel="vhoythoy">Any idea how much ung pera na need in pesos para may pang downpayment sa isang average house/lot sa Melbourne?</blockquote>

At Php40 - $1

Sabihin natin na nasa $500K ang bahay sa nagustuhan mo - this would mean a cost of Php20 million ang cost ng bahay mo.

Minimum downpayment would be $25K or Php1 million - this would entail an LMI of $15,722 or Php628,880 (luckily some backs may allow you to include the LMI as part of the loan)

Or if you want to do away with an LMI - kailangan mo ng 20% down or Php4 million

More or less, 2 million pesos on a $500K house.

your mileage may vary from the hypothetical case above</blockquote>

Kaya mo iyan pre! you have been there in SG for a while... 🙂</blockquote>

I need to target that 20% DP para mas lower ang monthly amortisation at maiwasan ang LMI. Malupet na Financial planning ang kailangan neto haha

jayrcornelio

@TasBurrfoot thank you sir sa paliwanag. based sa breakdown mo po, magkano kaya ang monthly amortization if ever 500K yung bahay na bibilhin mo?

TasBurrfoot

<blockquote rel="jayrcornelio">@TasBurrfoot thank you sir sa paliwanag. based sa breakdown mo po, magkano kaya ang monthly amortization if ever 500K yung bahay na bibilhin mo? </blockquote>

that depends on how much is your DP and what is your loan interest rate... once you know that, google mo nalang mortgage calculator.

TasBurrfoot

<blockquote rel="vhoythoy"><blockquote rel="TasBurrfoot"><blockquote rel="vhoythoy"><blockquote rel="TasBurrfoot"><blockquote rel="vhoythoy">Any idea how much ung pera na need in pesos para may pang downpayment sa isang average house/lot sa Melbourne?</blockquote>

At Php40 - $1

Sabihin natin na nasa $500K ang bahay sa nagustuhan mo - this would mean a cost of Php20 million ang cost ng bahay mo.

Minimum downpayment would be $25K or Php1 million - this would entail an LMI of $15,722 or Php628,880 (luckily some backs may allow you to include the LMI as part of the loan)

Or if you want to do away with an LMI - kailangan mo ng 20% down or Php4 million

More or less, 2 million pesos on a $500K house.

your mileage may vary from the hypothetical case above</blockquote>

Kaya mo iyan pre! you have been there in SG for a while... 🙂</blockquote>

I need to target that 20% DP para mas lower ang monthly amortisation at maiwasan ang LMI. Malupet na Financial planning ang kailangan neto haha</blockquote>

20% DP is nice - no cost on LMI... But you have to consider as well, how long will you be able to achieve that.

Take note that house price is a moving target. By the time you get a $100K++ savings for your DP and your miscellaneous costs from house purchase, your $500K house target might already become $650K.

Or it can work on the flipside naman - the bubble will pop (God forbid!!), and your target $500K house will be worth $450K nalang.

All the best!! 🙂 House hunting is nakaka-stress and it consumed my Saturdays for more then 6 months...

kremitz

@tasburfoot so in ur opinion, if wala kang 20%, roughly how much o how many percent ang pwede n pang down?i heard n pwede 5% lng pero malaki din ata yung babayaran mong amortization. Based from our friends' exoerience nasa two to three years dn before nakkuha ng house. Naisip ko namn n why not start buying earlier kc instead n sa rent mapunta ang bayad why mot sa house nlng. Yung 10%ok nba?pano macompute ang monthly amortization?

TasBurrfoot

<blockquote rel="kremitz">@tasburfoot so in ur opinion, if wala kang 20%, roughly how much o how many percent ang pwede n pang down?i heard n pwede 5% lng pero malaki din ata yung babayaran mong amortization. Based from our friends' exoerience nasa two to three years dn before nakkuha ng house. Naisip ko namn n why not start buying earlier kc instead n sa rent mapunta ang bayad why mot sa house nlng. Yung 10%ok nba?pano macompute ang monthly amortization?</blockquote>

you can either construct it from excel using PMT function or you can google loan amortization calculator.

apart from a higher monthly amortization; if you have a lower downpayment chances are you will be given a higher loan interest rate plus you have to factor in LMI if your DP is below 20%.

vhoythoy

<blockquote rel="TasBurrfoot"><blockquote rel="kremitz">@tasburfoot so in ur opinion, if wala kang 20%, roughly how much o how many percent ang pwede n pang down?i heard n pwede 5% lng pero malaki din ata yung babayaran mong amortization. Based from our friends' exoerience nasa two to three years dn before nakkuha ng house. Naisip ko namn n why not start buying earlier kc instead n sa rent mapunta ang bayad why mot sa house nlng. Yung 10%ok nba?pano macompute ang monthly amortization?</blockquote>

you can either construct it from excel using PMT function or you can google loan amortization calculator.

apart from a higher monthly amortization; if you have a lower downpayment chances are you will be given a higher loan interest rate plus you have to factor in LMI if your DP is below 20%.</blockquote>

sana may compilation din tayo ng excel ng mga bumili ng bahay kahit anonymous names lang hahaha. Yan din payo ng ex officemates ko sa Perth, pero in they case build sila. Ok lang kahit magbayad ng LMI atleast nagstart na kesa nasasayang pera sa rentals.

kremitz

Thanks @tasburrfoot

vhoythoy

What suburbs ang maramin pinoy? And which suburbs ba ang maganda sa melbourne? Any recommended builders?

TasBurrfoot

<blockquote rel="vhoythoy">What suburbs ang maramin pinoy? And which suburbs ba ang maganda sa melbourne? Any recommended builders?</blockquote>

kung maganda lang... marami! think of surrey hills, blackburn, mont albert, essendon, balwyn, hawthorn, malvern, atbp...

di nga lang affordable!! houses here that are sold at $1million are very cheap already... 🙂