Sunday, November 14, 2010

Holding Deposit Paid

So the day has finally come. Peta and I have been saving for such a long time. Back in April this year we attempted to go for a loan. The October before we tried to get a block of land at Waterside. I swear things happen for a reason. We were knocked back on the loan basically being told we needed more savings. 
Well about 3 days ago I decided to look again at why we were knocked back on the loan back in April. I'd been on Holidays for a few weeks, I was heading back to work but life at home was slowing down so I thought I'd start putting my goals together.
I went through the email and basically we needed  money to cover stamp duty. "Light Bulb!!!!" Earlier his year the NSW government (despite how much they suck) announced no stamp duty is required on new homes < $600,000 AUD.
I got the calculator out and realised that we had more then enough if that was the case, more like double what we needed to cover the 5% depoist, LMI and legals. We decided to go do some work on working out where we wanted to live. 

The options were:

After some serious thought we have decided on Jordan Springs, the reasons being - 

  1. Land is about $60,000 cheaper then the average of the other suburbs, because it's off the plan prices.
  2. They have a housing affordability fund, refundable on settlement of the land with building plans worth $22,600.
  3. $2000 in landscaping to all purchasers.
  4. Close to brand new school and shops, has basketball courts too.
  5. Offers fibre to the home.
  6. Gives us the greatest investment return over the next two years with the cheaper land, the HAF and landscaping bonus. I'm expecting about 50-100k in equity the day we move in if all goes well.
We placed $1000 deposit to hold a lot at Jordan Springs, Lot 1182, 450sqm. Total land cost came to $252,500. We're waiting on the loan approval but things look good.

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