Experience in Buying a House

LittleBoyBlue · June 2013

Share nyo naman experience nyo sa pagbili ng bahay, magkano ba talaga dapat namin ipunin, ano mga hidden cost, ano ba magandang new developing area para ma-take advantage namin first home owner grant na worth $15K. Salamat!

JCsantos · June 2013

Research your preferred suburb .. I mean location wise .. kasi kami gusto namin malapit sa train station para madaling commute ... at kung meron bang malapit na school? ... kasi kami chinecheck namin yung review sa school ....

ito muna marami e iisipin ko pa

TasBurrfoot · June 2013

about sa question mo sa kung saan lugar bibili ng bahay, medyo mahirap magsuggest dito kasi relative ang mga opinions natin sa kung ano ang "ok". iba iba tayo ng criteria sa kung ano ang gusto natin. malapit ba sa public transport? malapit ba sa city? malapit ba sa workplace? malapit ba sa amenities, schools, groceries, mall? gusto mo ba ng affordable na bahay at willing ka na malayo sa cbd / public transpo? marami talaga ang pwede iconsider

This is fair enough...

Pero if I am to ask, would there be any good website that you would know wherein they would give a nice overview of any particular suburbs?

This will be a good start perhaps!

nfronda · June 2013

Hi @LittleBoyBlue
igeneralize ko na ung mga pointers na mabibigay ko for new and established para mas open ang topic.

1) At least 5% deposit (may not always be the case).
- kung gusto maavoid ang Lenders Mortgage Insurance (LMI), prepare at least 20% deposit.
- kung gagamitin for deposit ang First Home Owners Grant - for new properties lang ito
2) Stamp Duty - may or may not be payable depending on the property price at kung new or established
http://stampduty.calculatorsaustralia.com.au/stamp-duty-nsw#.Ubkfffk3DL8
3) Conveyancing Fees
4) Building and Pest Reports - optional. kung new di na siguro kailngan nito
5) Strata Report (unit) - optional
6) Bank Loan Application Fees
7) Monthly Fees - waived for some loan accounts. basahin ang fine print
dito papasok ang offset accounts, redraw facilities, repayment options etc
8) Credit Protection Insurance - optional
9) singit ko na ung post expenses pagkabili bahay
- monthly mortgage
- council fees
- strata fees (unit)
- moving fees, appliances, electrical and plumbing works
- at maraming pang iba

total amount na kailngan ipunin ay naka depende sa total amount ng bahay plus mga fees involve on settlement kaya mahirap magbigay ng fixed or estimated figure ng kailngan ipunin. siguro safe bet is on top of the deposit amount kailngan pa ng at least 5 - 10% for the settlement, govt and bank fees pero di to sure case to case basis pa din talaga..

normally required (may not always be the case) na around 6 - 9 months employed sa current company mo as a permanent employee bago ka payagan magapply ng loan. make sure maganda ang credit rating history mo kung may credit card ka or recurring bills / other loans para siguradong maapprove ang loan

Thanks for this info sir.. Very helpful as we also planning to buy a house next year, hopefully.. [-O< .. I print this and put in my diary..

amcasperforu · June 2013

@nfronda and @littleboyblue ilang taon na oo kayo sa AU? I was wondering how at an average can someone own a house... thanks

nfronda · June 2013

@amcasperforu..2 years and half na po..

icebreaker1928 · June 2013

This is fair enough...

Pero if I am to ask, would there be any good website that you would know wherein they would give a nice overview of any particular suburbs?

This will be a good start perhaps!

Maybe you can try this...

http://www.streetadvisor.com.au/

TasBurrfoot · June 2013

This is fair enough...

Pero if I am to ask, would there be any good website that you would know wherein they would give a nice overview of any particular suburbs?

This will be a good start perhaps!
Maybe you can try this...

http://www.streetadvisor.com.au/

Looks interesting...

Thanks!!

TasBurrfoot · June 2013

@nfronda and @littleboyblue ilang taon na oo kayo sa AU? I was wondering how at an average can someone own a house... thanks
it would depend on your priorities. set kayo ng goal para may susundan kayong budget. using this equation income - savings = expenses, maseset nyo ang mga priorities nyo and in no time mabibili nyo ung bahay sa desired timeframe nyo

habang tumatagal pataas nang pataas ang mga presyo ng bahay. pataas din nang pataas ang mga rental prices. unless magkaroon ng economic reasons para mag drop ang mga presyo mas maganda makapagsimula agad kung long term ang plan tumira sa AU. you may be saving enough pero with inflation humihina ang purchasing power natin.. applicable ito kung goal nyo talaga bumili ng property kasi ang iba mas preferred nila mag rent kaysa magbayad ng mortgage

Agree... With renting kasi, it is all expense eh...

With mortgage payment, it is a mixture of asset (equity in your house that you are paying for) and expense (the interest portion you are paying the bank)...

Kahit anong mangyayari naman, if wala ka bahay, chances are magrerent din tayo... So as early as possible, start saving up and aim to get your own house.

Hope to do this within the next 2 yrs or so...

nfronda · June 2013

agree with u both @psychoboy and @jaero.. I just started a family here in OZ just this year ksi nung march lg dumating c hubby and we are newly wed.. But then, npag isipan na agad namin na mag save at bibili ng bhay by next yr.. Laking amount ksi na pera ang pumupunta sa rent, but kung bibili ka same thing mgbabayad ka din weekly or monthly but in the long run sau na ung bhay m..

JCsantos · June 2013

yup the sooner the better ... gone are the days of entitlement .. baka scrap nila yung FHOG .. kaya kung meron kayong at least 15% or more na pang down i grab nyo na

TasBurrfoot · June 2013

Question guys; if hindi ma-afford ang 20% downpayment; gaano ka laki ang lender mortgage insurance? I know this is relative to the loan amount but how much percentage are we talking about here?

JCsantos · June 2013

http://www.homeloanexperts.com.au/lenders-mortgage-insurance/lmi-premium-rates/

LMI calculator

TasBurrfoot · June 2013

http://www.homeloanexperts.com.au/lenders-mortgage-insurance/lmi-premium-rates/

LMI calculator

Thank you @JCsantos...

Hindi pala ganun din kalakihan ang LMI - akala ko aabot sa halaga na equivalent to a brandnew car...

yhanie_17 · June 2013

Sana kapag na-approved kami e makabili agad ng bahay out of our CPF money from SG. Medyo malaki-laki din nmn ung makukuha namin since combined kami ng hubby ko.

TasBurrfoot · June 2013

Sana kapag na-approved kami e makabili agad ng bahay out of our CPF money from SG. Medyo malaki-laki din nmn ung makukuha namin since combined kami ng hubby ko.

Kayang kaya yan @yhanie_17 - you just have to wait a bit para maging stable kayo... 1 -2 yrs, sure yan!

yhanie_17 · June 2013

@psychoboy Thank you. Haayy tagal ng ACS ko. Hindi kami maka-move forward sa aming application. Hehehe.

TasBurrfoot · June 2013

http://www.homeloanexperts.com.au/lenders-mortgage-insurance/lmi-premium-rates/

LMI calculator
Thank you @JCsantos...

Hindi pala ganun din kalakihan ang LMI - akala ko aabot sa halaga na equivalent to a brandnew car...

lamok man ito sa paningin, pagkagat ng bayaran mararamdaman mo pa rin

Yeah I feel you mate...

No question that pera din ito definitely!

LittleBoyBlue · June 2013

@jaero maraming salamat sa tips mo, mrami rami p iipunin pala haha!

LittleBoyBlue · June 2013

@nfronda and @littleboyblue ilang taon na oo kayo sa AU? I was wondering how at an average can someone own a house... thanks

2 months, sana within a year mkpasok ng market.

Nadine · June 2013

@nfronda and @littleboyblue ilang taon na oo kayo sa AU? I was wondering how at an average can someone own a house... thanks

Eto hindi ko personal experience, but that of a close friend. She's on her 3rd, almost 4th year in Au. No kids and alam ko malaki na sweldo (I heard nasa 130-140 na, but I could be wrong). But took her that length of time para kumuha ng unit, not even a house. Syempre I asked kung bakit, and she said malaki daw talaga kasi ang initial na perang kailangan eh.

Yung couple naman with 2 kids, in school na both, have been here for a decade and both working, just got a house less than 5 years ago.

Mga Pinoys to. I didn't ask any Aussie coz it's easier for them, they've been here all their lives. But I got this impression it's the downpayment that's the killer.

TasBurrfoot · June 2013

@nfronda and @littleboyblue ilang taon na oo kayo sa AU? I was wondering how at an average can someone own a house... thanks
Eto hindi ko personal experience, but that of a close friend. She's on her 3rd, almost 4th year in Au. No kids and alam ko malaki na sweldo (I heard nasa 130-140 na, but I could be wrong). But took her that length of time para kumuha ng unit, not even a house. Syempre I asked kung bakit, and she said malaki daw talaga kasi ang initial na perang kailangan eh.

Yung couple naman with 2 kids, in school na both, have been here for a decade and both working, just got a house less than 5 years ago.

Mga Pinoys to. I didn't ask any Aussie coz it's easier for them, they've been here all their lives. But I got this impression it's the downpayment that's the killer.

400K house @ 20% (DP) + 10% (misc fee for purchase) = easily 120K

Mabigat nga!!

spykes78 · June 2013

And lucky if you can buy a house for 400k tapos no need to do any renovation

JCsantos · June 2013

400K house @ 20% (DP) + 10% (misc fee for purchase) = easily 120K

Mabigat nga!!

if both of you are earning lets say 60K annual ( 120k ) Im sure 2 years time kaya nyo ang downpayment ... for skilled people here Im sure madali sa kanila yan

li_i_ren · June 2013

http://www.homeloanexperts.com.au/lenders-mortgage-insurance/lmi-premium-rates/

LMI calculator
Thank you @JCsantos...

Hindi pala ganun din kalakihan ang LMI - akala ko aabot sa halaga na equivalent to a brandnew car...

Depende din.. The l.m.i can still amount to a car:) like yung ozzie colleague ko at work.. 5% lng downpayment nila yan sabi nya sa l.m.i nila parang 2nd hand s.u.v na daw sana.
But mind you, the ozzies rent for long periods of time in nice places even as a family kaya mahirap mag save. May mga kasama ako sa work 2 kids na but renting in bondi..malapit sa beach.. Average rent there us 800-1000 per week kaya. Kahit 2 incomes sila... But on average incomes lang mahirap pa din mag save if ganyan per week.

@nadine: mas magaling mag ipon ang pinoy kaysa ozzie. Ang mga pinoy will opt to rent longer in affordable units or flat with others but save more para maka ipon ng malaking downpayment.

Yung bro-in-law ni ate started same salary range mu nadine pero yung rent nya for 5-6 yrs or so very insignificant.. Like flatting rental rate. In 5 yrs. plus increasing salary hanggang nag cap sa 300k annually sya but living like nasa 50k annually lng.. Kuripot eh.

Almost 50% downpayment sa 700k house... Then he got married and wife also had a job.. House paid off in. 3 years. Debt free in 3 yrs is amazing:)

Mahirap mag ipon if you are paying rent na malaki din.. Imagine yung rent namin per week is more expensive than my ate's weekly repayment sa mortgage nila but 21% downpayment sila sa 500k house nila..single income sila as of now but 6 yrs worth of savings yun ni hubby as a teacher.

Pero saying that yung savings naman ni hubby na sulit na din nya..he has travelled extensively while he was single but he did not pay rent in all those years kasi he lived with his parents.

It depends on lifestyle how good one can save... Kung anu ang priorities. If single, on average income of 65-75K i think it will take 5-6 years to come up with 20% downpayment factor in leisure also. Pero if nasa 100k salary range nadine..i think it can be cut in half to come up with 20% pero dapat din mindful spending.. Like opt for flatting rather than getting a place of your own.

Rent is killer talaga in au. Grabeh mahal ng rental dito. Kumakain talaga ng huge percentage of the take home pay.

li_i_ren · June 2013

@nfronda and @littleboyblue ilang taon na oo kayo sa AU? I was wondering how at an average can someone own a house... thanks
2 months, sana within a year mkpasok ng market.
eto ang mabibigay kong options
1) as soon as you can have 5% to 10% DP plus 5 - 10% extra for misc fees, bili na
pros - no rent at matatapos na ang paghahabol sa property price hike
cons - monthly mortgage will be higher and merong LMI. option to lower this is to do extra repayments hanggang maachieve ang mortgage balance na equivalent sa 20% DP. or if you want to pay your mortgage at the shortest possible time, sagarin ang extra repayment pero it would mean mababawasan ang spare cash na pwede ilagay sa ibang bagay like other investments. it will depend on you as i've mentioned about setting priorities and monthly budget.

2) antayin makaipon ng 20% plus 5 - 10% extra for misc fees
pros - lower monthly mortgage
cons - kalaban ang inflation sa option na to. sa oras na makaipon kayo ng 20%, tumaas na din ang presyo ng bahay sa place na tinatarget nyo. also, for you to ensure na magiging on track kayo, it would take a good amount of discipline para hindi magalaw ang inaallot nyo for the deposit

stressful ang buying process pero once matapos ang settlement i'm sure sobrang masusuklian ang mga efforts na binigay nyo

Very well explained by jaero:)

JCsantos · June 2013

yup like the old forum says .. rent is dead money ... its actually like you are paying somebody elses mortgage ( i know this because we have a rental unit )

johnandjosh · June 2013

Makasabat nga...Me and my wife are now building our home here in NW Qld. We are first time home owner kaya na avail namin yung FHOG na $15K. Our deposit was only 5% at tama kayo, we need to pay LMI na di naman ganun kataasan. We've been here in Au for 3 years at ako lang ang in-assess ng bank for our loan dahil my wife has just started working about a year ago. Sabi ng mortgage broker ko, she needs to have at least 2 years work para i-consider yung income nya. Kaya hindi ganun kalaki ang naging borrowing capacity namin. Pero enough naman to buy a house and land package.

If I were you, I would aim to save at least 5% of the targeted amount ng bahay nyo rather than wait until maka save ng 20%. You'll never know, baka before maipon nyo yung 20% at that time e ang presyo ng mga bahay e sobrang taas na.

Hopefully, makalipat kami by December of early January. It is not our dreamhouse pero once nakalipat kami dun, we are not renting anymore at yung mortgage na binabayad namin, although medyo mataas ng konti kesa sa rent amount, in the long run, napupunta na sa investment.