NSW My PPOR journey !!!

Discussion in 'Where to Buy' started by Ideacrash, 3rd Oct, 2016.

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  1. Ideacrash

    Ideacrash Well-Known Member

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    Went around blacktown, schofields and marsden park.

    Blacktown, new water view townhouse around 820K. Advantage i need to pay 10% now and rest in early 2018 . So will get some more time to save for deposit . Land size around 190m2. Is it worth it? Inside fairwater community.

    Schofields :
    land around 550K. However its not rectangle and potential slope , powerstation near the plot. May need 400K to build house on it . Out of the budget :(

    One more option around 780K a two storey house with 1 common wall on a land size of around 260m2. 10% now and rest mid of next year. Good option for me but is it worth it ?

    Marsden ELara :
    New land release in Jan. And may take a year to get it registered and 1 more year to build. Only advantage is I will get more time to save for the money.

    Saw couple of display homes. They were just jaw dropping. Not sure when I will be able stay in such homes ....
     
  2. Gockie

    Gockie Life is good ☺️ Premium Member

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    You can get a 2br townhouse in Greenacre for around 500k, and 3br for less than 600k.
    It's a different part of Sydney, but its not too far out (closer in than those other areas you mentioned) and you'll save a few hundred k....

    34/95 Chiswick Road, Greenacre
    http://www.domain.com.au/2013133278

    7/155 Greenacre Rd, Greenacre
    http://www.domain.com.au/2013073605
     
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  3. drg86

    drg86 Well-Known Member

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    The advantage is less stamp duty as you only pay it on the land purchase price. You also generally have instant equity on completion of the build.

    Also you may be eligible for grants such as FHO and New Build.
     
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  4. Ideacrash

    Ideacrash Well-Known Member

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    Thought about this , but then till the house is built i have to pay the rent . Which will wipe out the stampduty savings .
     
  5. drg86

    drg86 Well-Known Member

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    Yes you could look at it that way. But what about the equity you "build"
     
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  6. Ideacrash

    Ideacrash Well-Known Member

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    Yes , may be if the property cycle keeps on rising .
    Just wonder how long this will go on and salaries are not increasing at the same rate . So what will people be able to buy.

    After some more discussions with wife we are now tilting towards Schofield , thinking the suburb has room to grow and value of properties will be more than the luxury water view townhouse in black town.
     
  7. Ideacrash

    Ideacrash Well-Known Member

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    Will the banks provide loan to purchase land only? Thinking of buying land now and after 6 months or so go for construction loan.

    Looking for plots within a km to schofield station. The stock is quickly drying up :)
     
  8. Ideacrash

    Ideacrash Well-Known Member

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  9. Ideacrash

    Ideacrash Well-Known Member

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    One more step closer . Found a house and land package in altrove schofileds for 700k. no stamp duty.
     
  10. Ideacrash

    Ideacrash Well-Known Member

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    Guys, is it good to pay 15% deposit with minimum LMI for PPOR or pay 10% deposit for PPOR and keep the remaining 5% to invest in another IP ?
     
  11. r3ckless

    r3ckless Well-Known Member

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    Go see a broker, but imo put excess cash into non deductible (ppor) debt.

    And take two loans to purchase new IP. One loan for 5%+ any more equity in existing property, and second loan against new IP. Standalone securities, and deductible debt maximised whilst ensuring non-deductible debt minimised!
     
  12. Ideacrash

    Ideacrash Well-Known Member

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    Thanks
    Thanks r3ckless, to be honest I had to read few times to understand the message behind it. However, now I have some more to read and learn. Thanks for your inputs.
     
  13. Ideacrash

    Ideacrash Well-Known Member

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    Hi All, I am planning to get into a Home and Land package with Eden brae . This package will have 2 contracts ( building and Land ) , however the builder wants me to sign the Building contract before signing the land contract. The building contract is straight forward and does not require for the solicitor to review it and if I have any query they are happy to resolve and did mention get the land contract reviewed by solicitor. Is this general practice or should I get the building contract reviewed as well.
     
  14. Ideacrash

    Ideacrash Well-Known Member

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    Hi All, one more query . I am getting a free upgrade for colorbond roof . Should i take it or go with concrete tiles ?
     
  15. Gockie

    Gockie Life is good ☺️ Premium Member

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    I like colourbond roofs. In a very light colour.
     
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  16. Ideacrash

    Ideacrash Well-Known Member

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    Thanks Gockie, I am inching towards colourbond as well . Need to finalize the decision by 23 feb.
     
  17. CA1985

    CA1985 Member

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    Go the colorbond. Generally more durable in a hail storm, long lasting.
    Light colours are nice. Shale grey looks a treat.
     
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  18. Ideacrash

    Ideacrash Well-Known Member

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    Finally decided to take the legal advise . I did read the contract and looked straight forward.
     
  19. marty998

    marty998 Well-Known Member

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    Have global warming and sea level rises hit us so hard that Blacktown now has water views?
     
  20. Ideacrash

    Ideacrash Well-Known Member

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    its a man made water pool :)