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Thread: House buying

  1. #61
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    Quote Originally Posted by neels View Post
    From memory they can't lock in an interest rate on a pre approval, but can once there is a S&P agreement with a possession date, if you want to change the rate after that it costs you money.

    All the current talk is that rates are going to go up, as the current exorbitant profits aren't enough for the banks, so probably a good time to get on with it.
    when we bought our place about 18mnth ago we had pre approval for low equity and interest rate guarantee but we also had to have a house lined up that we wanted to put offer on, all this was done over phone over a period of about two hours (10 min call then wait for call back), turned out we didn't need low equity loan so that gave us more leverage on interest rate.

  2. #62
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    mortgage brokers seem to be able to negotiate better deals than John Q Public.Haave had a mortgage with BNZ>wanted another mortgage>they made us fill out all sorts of forms about spending even tho thye have had all our banking for years. A short conversation with a Mortgage broker had a beeter mortgage rate and approvd within a couple of days

  3. #63
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    Quote Originally Posted by R650R View Post
    Going to bank soon to apply, trying to nail them down on interest rate (on pre approval) and they saying they cant give a rate till you show them property you want. Is this normal?
    Googling and found out about rate locking and associated fees....
    Mortgage broker will beat any rate you can get from your bank. We talked to several banks before we bought last house, mortgage broker could do better by 0.25 to 0.5 % from the same banks. Go figure

  4. #64
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    Been to bank today, was better than expected... Get a good deal with specific bank thru employer. Need to get in the game so going fixed rate for now and maybe broker refinance down the track.... Now to visit lawyers.....
    Govt gives you nothing because it creates nothing - Javier Milei

  5. #65
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    Quote Originally Posted by R650R View Post
    Been to bank today, was better than expected... Get a good deal with specific bank thru employer. Need to get in the game so going fixed rate for now and maybe broker refinance down the track.... Now to visit lawyers.....
    wait... you needed a mortgage just to pay your lawyer??

    but srsly.

    don't know if it's still on offer, but for a time you could have X% fixed and Y% floating. depending whether you catch a lull in "the market"

    but also srsly. vote akzle then you don't have to pay ony cunt that shit, and lawyers can be hunted for sport.

  6. #66
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    Quote Originally Posted by Akzle View Post
    wait... you needed a mortgage just to pay your lawyer??

    but srsly.

    don't know if it's still on offer, but for a time you could have X% fixed and Y% floating. depending whether you catch a lull in "the market"

    but also srsly. vote akzle then you don't have to pay ony cunt that shit, and lawyers can be hunted for sport.
    Yeah you can still do that.....
    Govt gives you nothing because it creates nothing - Javier Milei

  7. #67
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    Right, making a couple of checklists now so i dont miss anything.

    First will be "Must Ask" questions to real estate agent and owner, already aware of several in relation to disclosure and issues but please contribute.

    Second will be a To-Do list of check packets/documents at council, aquire valuer, builder to inspect etc....

    Feel free to add, when done will cut n paste up here for future reference for others.
    Govt gives you nothing because it creates nothing - Javier Milei

  8. #68
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    Talk to the neighbours of any prospective purchase. There's a lot doesn't get on the LIM......

    And, if you don't like them as neighbours, walk away.

  9. #69
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    Quote Originally Posted by Akzle View Post
    wait... you needed a mortgage just to pay your lawyer??
    Shit yeah, hopefully!
    I thought elections were decided by angry posts on social media. - F5 Dave

  10. #70
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    What plans does the local council have for the area? - as in: public amenities or possible roading or infrastructure upgrades...

    What are the rates for the property? - does it have several rates on the property? E.g. land/council rates, water rates... Are the rates due for review?

    How close to schools and what school zones and how are the schools rated by locals?

    What public transport is available? You mightn't need it but the next purchaser might.

    How close are the local shops and supermarket? Again, you might be too bothered but the next purchaser might.

  11. #71
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    Checklist for viewing property Mark I

    Are there any weathertightness issues?
    Has any work been done without official consent?
    Are there any problems with the boundary / neighbour access rights to the property
    Has it been used as a P lab?
    Why is the owner selling?
    Are there any changes coming to the area's zoning?
    Are there any community issues brewing?
    What work has been done on the property? Are any urgent repairs needed?
    When it was last re-roofed, re-wired or re-piled. Does the house have an unusual past?
    Has the Rateable Value been updated?
    What reports / information do you have available? When were these done?
    What have similar houses sold for? Can you provide a recent sales report (buyer CMA) please?

    What do you need to tell me about this home before going further?
    Agents have a duty to disclose any known issues relating to the property that they are aware of. Ask if anyone else has had a building inspection done. Did they still offer? If not, why not?
    Have there been any offers accepted on this home that didn’t go ahead?
    How can I buy this home if I am interested? What will the process be if I place an offer?
    When will the agent be meeting the owner? If it’s priced – when exactly will your offer be put in front of the owner?
    How long will they spend calling other buyers to see if anyone else wants to offer?
    Where is the owner living, or is the property in a trust and how quickly can I expect them to respond to my offer?
    What settlement date are the owners looking for?

    Security level?
    Drainage?
    Garaging?
    Neighbours?
    Govt gives you nothing because it creates nothing - Javier Milei

  12. #72
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    24th December 2012 - 21:49
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    Bank will need insurance on the house
    if you are thinking about/have a trust then you need to sort it out. Prior to buying if you can.
    does it have any on going maintenance issues - garden, trees - leaves in gutter, flooding (I live next to a flood plain, it can get existing watching the water rise)

    does it have internal guttering, PITA if it gets blocked, it can flood inside. Changing mine this year.
    once a month and more often over autumn/winter I have to clean out the guttering.
    if it has rectangular down pipes and trees are close then you want to make sure they don't block up. I have removed mine. Looking for a decent builder at the moment

    If it has trees over hanging the house, you can expect visits from vermin in the roof.

    the seller of my house said to my face that there were no problems with the house, I only found out about the above (water animals in the roof)

    real estate agent took ages to contact seller and we didn't get any feed back, no counter offer, nothing. You can approach the seller (I did) and ask if they were given your offer, (they hadn't).

    look for parking and access to house for day to day stuff, like unloading groceries, getting out when it's raining. Parking for the motorbike and boat.

    i have a 1970's house, a lot of the glass isn't safety

    i lived in a house for a while which had an additional room built on, you couldn't tell it wasn't original, no council consent. You maybe able to see original plans (drainage ones are quite good) to make sure what's original.

    remain calm, there is always another house.
    if your keen on the house, make several visits if you can and take someone impartial. Each visit you will see different things.
    a lot of auctions go to private negotiation

    if you go for an auction/house inspection try and go to several, so you can be relaxed when you look at the house you are really after.
    dont tell the real estate person your keen,

    i know of only 1 real estate agent I would trust with telling anything, unfortunately he doesn't work in the area I want/have to live.

    you can always sell a house and get another one.

    does it need a new roof, painting, carpet, cert for fireplace.

    i got my distribution board replace recently, the electrician found several faults.

    check if there is any insulation, does it need renewal?

    is it on the right side of the street and get the sun when you want it? In the right rooms.

    it is a long term investment

    READ AND UDESTAND

  13. #73
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    Quote Originally Posted by BMWST? View Post
    mortgage brokers seem to be able to negotiate better deals than John Q Public.Haave had a mortgage with BNZ>wanted another mortgage>they made us fill out all sorts of forms about spending even tho thye have had all our banking for years. A short conversation with a Mortgage broker had a beeter mortgage rate and approvd within a couple of days
    Mortgage brokers don't seem to last, don't expect the same person to be there next time you want to contact them.

    i found Kiwibank, quite responsive, but a lot depends on e person you contact.
    Ask questions they are there to help.

    the good ones will be helpful, those are the ones I use.

    READ AND UDESTAND

  14. #74
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    Quote Originally Posted by R650R View Post
    Had to deal with lawyers a while ago
    can be very frustrating, and appear to be costly.

    if you think something's isn't been done properly (lots of lawyer stuff gets given to some underling who doesn't know what you want) question it and go back to lawyer and ask what is happening. Make sure that you understand the process.

    i had a underling try and negotiate a rate with the bank, I asked if they had my permission to negotiate, ummm no. sorted that out.

    in case you have a trust and a member is getting on (loosing marbles) suggest you contact the lawyer and get the changeover process started straight away. So you can get the members signature while they can still can. My own experience, just made it, before the power of attorney was changed over. Took lawyer to hospital to check members I'd and that he was still capable of recognising me and able to sign forms etc.

    but your paying for protection for the bank and for yourself.

    finding a good lawyer.....

    READ AND UDESTAND

  15. #75
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    Well Open home patrol one no joy.

    One house slightly outside price range and under offer. Had to stifle laugh as agent told other people oh its a really nice area and some feral trash walking thru the adjacent alleyway were having a swearing domestic....
    Next on list open home cancelled and the three flats next door look dodgy.....
    Cute cottage on hill with views and decking, dampness issues, nneeds work and poor access bikewise.....
    One I've had my eye on for several months... SOLD but apparently previous sales fell thru on same place....
    Next poor access and very little sun angle.
    Potential holding property needs little work, no proper driveway and really wants a retaining wall on vertical side slope supporting six large trees... whats an approx. cost per metre of doing that?

    Oh well find me lawyer Monday and continue search....
    Govt gives you nothing because it creates nothing - Javier Milei

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