101 Things : An Update

After a flurry of 101 Things updates in March, you must be wondering if I am doing anything at all from my list in April!

The answer is, well… no I guess I haven’t been doing as much for a number of reasons.  I’ve got a great many things planned in my head, and I’ve still been tracking my We Are What We Do Actions, but that is about it.

The latest set back in my list is that we’ve seen a mortgage broker, who made us thoroughly depressed at how much we’d have to have upfront to get a loan and also how much we’d actually have to borrow from the bank!  Part of me thinks we’d be better off renting for another year and saving all our pennies, waiting for a recession to hit and housing prices to come off the boil, which they seem to be starting to do now.  The downside of that of course is by then interest rates will no doubt be scarier than they are now.  But I guess that is something we have to weigh up.

Are any of my readers buying, or looking to buy a house in Australia right now?  What kind of pressures are you experiencing?  Or for those that own a house and may have borrowed up to 95%, how are you managing with it?

Going to have another conversation with the mortgage broker this week, so if there are a few of my readers interested in the whole lay of the land when it comes to house purchase, then I’ll give you an update later in the week!

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2 Comments

  1. I am looking to buy – we have $40 something saved, but need another $10 or so before we look to buy… The Hun would like us to save 20% of the deposit price, but I don’t know if my patience stretches that far!

    So I’d love to know what happens :o)

  2. M’dearest sister (and others) might be interested in this little tool:

    http://www.nytimes.com/2007/04/10/business/2007_BUYRENT_GRAPHIC.html#

    Plug in all the variables and it will determine whether it’s financially better for you to buy, or rent, equivalent homes.

    Yours,
    Brett


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