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Presents, I has them. Also, home ownership? - Suffering From Elation
A Survivor's Tale
Presents, I has them. Also, home ownership?
Susie's last entry reminded me - Joe and I don't really celebrate an anniversary! Working out the date we got together is complicated enough, and trying to work out whether the six months spent Not Together should be counted just turns it into an excercise in futility. So instead we buy one another little presents throughout the year. I've noticed I tend toward buying tickets to things for Joe (Doch Gypsy Orchestra, Keating the Musical, Lano & Woodley 'Goodbye' tour, etc) and Joe goes for a mixture of keepsakes and techy gadgets for me, and we both buy DVDs for each other as we like almost all the same stuff.

Joe got a big pay packet from his Perth trip and when I got home last night he'd bought us Season 3 of Doctor Who, and he got me a new memory card for my phone so I don't keep running out of space, and best of all - when in Perth, wandering around the desert surrounding the mine camp, he found a little fossil on the ground. Yesterday he had it made into a necklace for me. It's very cute, I'm wearing it above my snake chain right now.

I am being greatly tempted by Bill Bailey Live tickets at the moment. They're $80 per person, which is heaps... but from past experience I know that by the time the show rolls around I won't be missing the money, and we'll have a fantastic time! Tempting, tempting...

I ran into Vicki, Peta, Simon and co at Indooroo shopping centre last night after work and much catching-up and hugging took place. Then I had to skedaddle to get home, and arrived only to have Joe announce, "OH HAY, LET'S GO SHOPPING!" So we went straight back to the Indooroo shops, walked through the door and promptly ran straight into Vix and co all over again. So that was pretty awesome. :)

Then we bought DVDs, and went home, and watched the rest of Season Two of Doctor Who (baaawwwww... I shouldn't have done that at this time of the month! *sniff* Poor Rose, prose) and much cuddling and giggling at Daleks was had.

All in all, a good night. I'm dead tired today and rather relieved that I finish work at 2.30. Got a party tonight, markets with Elizabeth Saturday morning, Sian's party Saturday night, urban exploration at Alkira on Sunday morning, and creating a cat run on Sunday afternoon with Rick and his parents.

Guess what I will be doing on Saturday afternoon and Sunday night? RESTING. OH YES.

Joe has decided to rejoin the workforce - initially amping up his hours at his current job, then looking around for something full-time. Then we're going to buy a house. Yep. I've always been keen, and Joe, who has looked with interest through the various magazines and websites I visit, seems to have caught the bug too. But it's a big step to take, so I want to do a lot of research and discussing and planning. First and foremost I want to talk to our parents about their experiences, and I'd like to talk with Richard about how it's going for him, and hey - you, yes you, friendly reader! If you're in your mid-twenties and you decided to take the plunge, talk to me. How did it work out for you? Is there anything you'd change?
18 have fought ~ fight the power!
macbeemer From: macbeemer Date: June 13th, 2008 12:21 am (UTC) (Link)
If it helps, I just spent $250 on tickets to a glorified Broadway strip show. ;)

Yay for Who!
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tania From: tania Date: June 13th, 2008 12:37 am (UTC) (Link)
I can't get Bill Bailey tix 'til next Thursday if I do, so we'll probably miss out on the session you guys booked.

BUT, you guys want to come along for the urban exploration on Sunday?
(Deleted comment)
tania From: tania Date: June 13th, 2008 01:13 am (UTC) (Link)
Yeesss!! At this point it's looking like Sunday morning - probably early. Definitely me and Joe, possibly a couple of others. He's got credit at the moment (and I don't) so I'll get him to text you sometime on Saturday with a firm time and meeting place. :D
freetuningfork From: freetuningfork Date: June 13th, 2008 07:39 am (UTC) (Link)
Home on your own?

tania From: tania Date: June 15th, 2008 11:50 pm (UTC) (Link)
Cue Macauly Culkin faceslap. :D
freetuningfork From: freetuningfork Date: June 13th, 2008 07:39 am (UTC) (Link)
Hey, there are only two nights, unless it gets extended, and the first night sold out before we got our tickets.
tania From: tania Date: June 15th, 2008 11:51 pm (UTC) (Link)
Baww, sounds like I'll need to let this one go.
firesplace From: firesplace Date: June 13th, 2008 01:10 am (UTC) (Link)

House get!

I was exactly 25 when we bought our house, so I guess that qualifies as mid-20s! ;)
I'm still extremely happy we did. Long story short, despite being financially healthy we had to get a sub-prime mortgage, and just refinanced out of that last month (the earliest we could do so, due to our prepayment penalty). 30-year fixed rate for the WIN! =)

We really took a gamble on that one with the sub-prime, and we did nearly get bitten a bit by the falling house prices, but we came out ahead in the end. So, my reccomendation to others is to make sure you're getting a fixed rate if you plan to stay there for any length of time. And read up on EVERYTHING. An ARM might work - but then again, it might not!

I love talking about house stuff, so lemme know if you want to hear any more about our experience! =)
tania From: tania Date: June 13th, 2008 01:17 am (UTC) (Link)

Re: House get!

Wow, thank you! Watching the interest rates slowly creeping up in Australia, I'm starting to think a fixed-rate might be the way to go here too.

Joe also thinks we may need to ask his parents to act as guarantors on the loan - even with Joe and I both bringing in fulltime incomes, banks are still likely to be hesitant because of our age, and we'll need to get quite a hefty loan - house prices around here are high.

Our other option is to buy further away, where houses are cheaper, purely to invest (and continue renting in the meantime). Goal there being to build up a little property portfolio, so that when we eventually do go to buy a place to live in ourselves, we'll have equity in the other properties.
firesplace From: firesplace Date: June 13th, 2008 01:38 am (UTC) (Link)

Re: House get!

(*nodnod*) I don't know the specifics of AU real estate markets, but from what I do know, most of the goings-on are pretty similar to what's happening in the US!

We didn't have any problem with banks due to our age (Kiefer's about 2.5 years older than me, so he was still young), just credit. The problem was that I simply didn't HAVE a credit score - I never needed a credit card or anything, so I always paid in cash. This, however, is seen as a Bad Thing by the mortgage industry, so they wouldn't consider my income at all, and we had to qualify for a mortgage based on Kiefer's income alone. Lame, huh? =P
We took out that sub-prime mortgage (an 80/20 ARM, 2 year fixed rate, big fat prepayment penalty on the 80% loan), paid on time religiously, and I built my credit up in the meantime. Now my credit's golden, and we were able to qualify for a perfect conforming loan at a much better rate than before - even in this iffy market. Yay! =D

The size of the loan you need does matter, but (assuming AU's the same as US here) the big up-front factor is whether it's above or below the "Jumbo Loan" mark. Here in the US, a "Jumbo Loan" is anything $417k USD or higher. Those are considered riskier loans, and can be harder to get. Ours isn't a jumbo, tho, so I only know a little about them.

The second loan size factor is the LTV ratio. That's Loan-To-Value - in other words, how much are you putting as a down payment, and what % of the total loan is that?
The magic number (again, in the US) is 80%. If you have a 20% down payment on whatever house you wanna get, you're set - you'll get the best terms and the least hassle. More is fine, but doesn't make a huge difference. Less, however, is bad - if you have less than 5% down, you're pretty well screwed these days. Banks are getting very stingy with even 95% loans these days.

As for buying a place a ways out and renting - you *may* actually find that harder! See, buying places that aren't your primary residence are a whole 'nother world of taxes, and a whole 'nother world of mortgage products. I'm not too familiar with that end of the world, but my understanding is that it can be harder to get a loan from a bank if you're not actually going to live in the place yourself. And you don't want to lie to them - they'll kick your rear if you say you're living there, and never do. ;)
Further, if you turn around and sell the house in 2 years or less, you're subject in the US to all kinds of capital gains taxes. Again, tho, I dunno if that applies. =D

Credit scores, I learned the hard way, are EXTREMELY important. Again, I dunno if banks there use the same scale, but around here a score of 700 seems to be virtually mandatory, and you have to reach 740 for some banks to start trotting out the best rates for you. They've gotten really stingy about that, too. o.O

So, I guess the question is - how much house do you want to afford, do you have 20% of that, and do you both have great credit?
master_haakon From: master_haakon Date: June 13th, 2008 03:09 am (UTC) (Link)

Re: House get!

The irony in Australia is that it is more tax effective to rent and buy a investment property than to own your own home.

When you sell the advantages are less clear, but if you only ever intend to accumulate properties until you die....
master_haakon From: master_haakon Date: June 13th, 2008 03:18 am (UTC) (Link)
Rather than try and give a bunch of ill informed financial advise. I'm going to suggest the following.

Talk the accountant from your interrobang period and see if the do financial advise. If not find one that you pay rather than a free one who makes money off trailing commissions as that will colour their advise.
tania From: tania Date: June 13th, 2008 03:51 am (UTC) (Link)
Definitely. I think that accountant specialised in business advice, but I'll check... I'm also going to go back to the same mortgage broker who helped me with Macleay Island, he was amazing.
sigmoidal_suseq From: sigmoidal_suseq Date: June 13th, 2008 06:36 am (UTC) (Link)
Ditto to seeing an accountant.

Get a deposit (roughly 10-20% of the value you want to buy)

Research first home buyers grants from the gov (I think they're still going?) It also includes no stamp duty up to a certain value.

Watch out for 100% mortgages lest you want to fall into negative equity during a down period.
sigmoidal_suseq From: sigmoidal_suseq Date: June 13th, 2008 06:39 am (UTC) (Link)
Also what area you looking to buy in?

I'm partial to the westside myself.
tania From: tania Date: June 15th, 2008 11:54 pm (UTC) (Link)
Definitely saving a deposit. Timeframe is about a year and a half - the rest of this year to make sure every last one of our debts are paid off (and for me, to pay down an even bigger chunk of the mortgage on the land), then all of next year spent with both of us working fulltime and saving a deposit. The loose plan is to live on one income and save the entirety of the second income - so if we live on mine and save Joe's, we should be able to hit the 10% mark.

I'd love to live on the West Side - close to work, nice area, etc - but ultimately I think we'll be ruled by what we can afford.
c_eagle From: c_eagle Date: June 13th, 2008 07:03 am (UTC) (Link)
Lotsa good news in hyar... spontaneous shopping w/friends, new jobstuffs and pay packets... and a bit of rest!
flyingfluff From: flyingfluff Date: June 13th, 2008 05:52 pm (UTC) (Link)
I'm not sure how you and Joe work, but I know when my boyfriend sees something he wants, he'll get it for me as a gift so he can enjoy it to because he feels bad getting things for himself. lol
18 have fought ~ fight the power!