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Cooma [Jan. 24th, 2010|10:08 pm]
[mood |accomplishedaccomplished]

Travelled to Cooma this weekend to look at houses. Out of nine houses, eight of them would have worked for us more or less. I now have a rough handle on what the different 'Snowy homes' are, and know that anything marked as an E-Type snowy home will be too small. That's a major help right there.

But the important thing is, all the prices were fair, even when compared to one another. They were all good houses, and there was none of the knee-jerk "You want how much?!" that I get with... well 99.999% of Canberra houses.

I also learned I have to approach this in a different way. I had originally thought about popping off to Bombala to look for platypuses, but no, checking out a bunch of houses on a hot day pretty much kills that idea. Need to get out there again, maybe for a slightly longer stay. Head in Friday night, do two bunches of houses on the Sat with a break in the middle, another bunch on the Sunday, then drive home.

The shortlist from this trip has three places on it, with five more effectively as backup. Spoke to a few people who have done the Canberra/Cooma commute, and had no issues. So next step is to get Sharon to do a trip there after work one day, stay the night, and head in to work the next. If she's happy doing that, then we can take the Cooma option much more seriously.

Still hoping that we'll find somewhere in Canberra, but we're less and less happy with the idea of having to settle for something that doesn't really suit our needs and will cost an arm, leg, lung, and kidney. The worst of the back-up houses in Cooma is still better than the majority of main candidates in Canberra - and almost half the price!

[User Picture]From: dalekboy
2010-01-24 09:36 pm (UTC)
The banks have to weather a hell of a lot of the blame though. They aren't meant to be your mate, giving you credit whether or not you can pay it off.

Just prior to the crash, I saw a bank offering no deposit home loans, and I heard about a bank offering 110% of the home loan, so you can buy furniture, get it painted, etc.

What the banks should have been doing was their fucking job, and saying 'No, sorry, if you want a house you can only afford to repay this much,' as opposed to letting people loan amounts that meant that a couple of interest rate rises have them terrified.
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[User Picture]From: arcadiagt5
2010-01-25 01:27 am (UTC)
I agree that banks should be a lot more conservative cf Global Financial Crisis. :(

On a personal level the way to not be terrified of interest rate rises is to assume that the rises will happen before getting the loan and adjust the loan/repayments accordingly.

Which you're already doing so you'll be able to ignore at least the first couple. :)
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[User Picture]From: dafwarg
2010-01-25 01:35 am (UTC)
Unfortunately (for us anyway) banks wont give no deposit loans anymore :( We could easily afford the repayments to buy a 4x2 house, but because we don't have $70k saved, we can't buy. Just means we need to wait another year or two before buying again, but by then it's quite likely prices will have gone up again :(
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