When I inspected this house (3 Bedrooms, awesome decking area that looks straight at Mt Bogong) I couldn't fault it. I put in a very reasonable offer, and got knocked back. I realised that finances would be a little tight so I played hard ball and only uped my offer 1k. It got accepted....
I knocked them down 13 1/2 K.
So now I gotta have a good look at things to make sure I don't stretch myself too much, lots of things to consider. Anyone want to rent a room??? My head hurts......Welcome to the real world T9e0.....
9 comments:
Congrats Timmy, nice to see you've already got the hi-chair set up. haha.
Hi Timmy,
Beware of interest rate rises. It seems imminent. Factor in a higher interest rate when working out your repayments for the future. Remember, you will also have to pay for: Rates, Water, Gas, Electricity, House & Contents insurance, spend more money on petrol (extra kms to and from Melb AND higher cents per litre), pay for your own food, etc.
If you want to play some real hard ball then put your written offer in at a lower price to the one they have already accepted and tell them that that is all you can get finance for. Remember, the photos they used to advertise this house were taken in March, so they have probably been trying to sell for around 4 months!
Headline: Inflation prompts rate rise gloom. Australia's 2.5 million mortgage holders face a rise in their repayments after higher-than-expected inflation figures all but ensured interest rates would rise next week.
Investors are now weighing the chances that the Reserve Bank will need multiple rate rises to choke rising prices.
Some economists are now predicting the RBA won't stop at raising rates next week from the current 5.75 per cent to 6 per cent.
'An interest rate hike next week is a done deal, if it wasn't before. And now we will have further speculation that the RBA will have to hike to 6.25 per cent or beyond,' said TD Securities chief strategist Stephen Koukoulas.
Thanks for the comments guys. I have factored in a lot of stuff and I should be ok and have a bit of spare change each week after all expenses are allowed for. Whether I get approval or not is the big question.
In a way I hope you don't get approval so you get it for a cheaper price. Maybe $200K. Gimme $200K.
Yeah go back to them and say you could only get finance for $200k or $205k.
Remember Timmy, it's only a verbal agreement. You haven't signed it.
Great advice lad. Remember, "It takes some balls to play hard ball!" (quote of the day I reckon).
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