chippa Slippery when dry Donating Members 368 Member For: 17y 5m 11d Gender: Male Location: Foot Hills W.A Posted 26/03/11 11:46 PM Share Posted 26/03/11 11:46 PM Also+11111!!!! It's how I beat Chippa by 2kw.Kick a man while his down eh..... Link to comment Share on other sites More sharing options...
South Member 323 Member For: 18y 2m 29d Gender: Male Location: Perth Posted 26/03/11 11:50 PM Share Posted 26/03/11 11:50 PM Absolute rubbish. I had an ok deposit (not quiet 10% though as it's bloody hard to save when u still have to pay rent etc) but using the olds as guarantor meant we don't have to pay LMI. I don't see how it's a bad thing?Some of you blokes must be straight ballin with 100G's tucked away.If you can't afford the couple of K for the LMI, how you going to afford random issues with your house, A/C dies, Hot Water System dies etc.Good to have parents that help, but it's good to give back by letting them be. If you miss a payment, its on them...Oh well, such is life ey Link to comment Share on other sites More sharing options...
XtRmn8 570Nm @1800rpm Donating Members 2,441 Member For: 21y 3m 1d Gender: Male Location: Perth, WA Posted 27/03/11 01:34 AM Share Posted 27/03/11 01:34 AM (edited) I would not get too caught up on LMI. Reality is 95% of first home buyers do pay LMI as most single or low income families have little hope of saving up a 20% deposit for a 300-400k mortgage. Your only pay LMI on the portion over 80% that you are borrowing and in most cases it is only a small one off amount you pay or bundle into the loan when setting up the loan, so in the scheme of things paying 3k LMI on a 300-400k loan is SFA!Grug you are best to speak to a mortgage broker (I'd be very careful and see more than one broker) or better meet with a mobile bank lender who is employed by your bank. Not sure if you are looking at building or buying established, but building I think works out better in the long run because you get the instant benefit of having equity once the house if finished. For example you buy a block for 170k + build a house for 170k and the bank will value it at 340k on paper when you sign up. In 10-12 months time once it is built they will do another valuation as a complete house and it will come it at 10-20% over the amount you borrowed in most cases. On the other hand if you buy established you will pay about 380-400k for a similar house in the same area and the person that has built it has pocketed 30-40k from you and you got no to very little equity. Edited 27/03/11 01:37 AM by XtRmn8 Link to comment Share on other sites More sharing options...
KeepLeft Member 240 Member For: 15y 5m 22d Gender: Male Posted 27/03/11 02:34 AM Share Posted 27/03/11 02:34 AM The less deposit you have, the more LMI you pay. The amount goes up exponentially as well so every extra dollar of deposit goes a long way.Pros of building:Easier to get exactly what you want.Usually more equity faster.Cons:Available land is usually further away from main areas such as CBD.You have to pay the mortgage for the land purchase and construction loan for as long as it takes until your house is ready. Link to comment Share on other sites More sharing options...
Cheaty McCheats Totally not a Cop Donating Members 821 Member For: 13y 10m 28d Gender: Male Location: Melbourne Posted 27/03/11 02:36 AM Share Posted 27/03/11 02:36 AM Was just looking at this, not sure if it's right or not....http://cgi.ebay.com.au/3-VENOM-High-Flow-Metal-Cat-WRX-XR6-Turbo-Skyline-VL-/250768882992?pt=AU_Car_Parts_Accessories&hash=item3a62fd7d30#ht_4050wt_940Venom 3" (5" body) 100CPSI high flow cat - $229Anyone know if these cats are any good? Link to comment Share on other sites More sharing options...
arronm Dropping a turd Gold Donating Members 9,520 Member For: 17y 1m 26d Gender: Male Location: Perth Posted 27/03/11 02:59 AM Share Posted 27/03/11 02:59 AM (edited) 3' is to small unless you are running two in parallel. Edited 27/03/11 03:04 AM by arronm Link to comment Share on other sites More sharing options...
Cheaty McCheats Totally not a Cop Donating Members 821 Member For: 13y 10m 28d Gender: Male Location: Melbourne Posted 27/03/11 03:04 AM Share Posted 27/03/11 03:04 AM 3' is to small unless you are running two in parallel.It's only the inlet and outlet that are 3" the body is 5" Link to comment Share on other sites More sharing options...
arronm Dropping a turd Gold Donating Members 9,520 Member For: 17y 1m 26d Gender: Male Location: Perth Posted 27/03/11 03:14 AM Share Posted 27/03/11 03:14 AM Its the inlet and outlet that governs flow. Link to comment Share on other sites More sharing options...
Cheaty McCheats Totally not a Cop Donating Members 821 Member For: 13y 10m 28d Gender: Male Location: Melbourne Posted 27/03/11 03:17 AM Share Posted 27/03/11 03:17 AM Its the inlet and outlet that governs flow.What would you suggest? Link to comment Share on other sites More sharing options...
Mat Donating Members 2,930 Member For: 17y 8m 10d Gender: Male Location: Caracciola Karussell Posted 27/03/11 04:22 AM Share Posted 27/03/11 04:22 AM (edited) If you can't afford the couple of K for the LMI, how you going to afford random issues with your house, A/C dies, Hot Water System dies etc.Good to have parents that help, but it's good to give back by letting them be. If you miss a payment, its on them...Oh well, such is life ey Whether or not I can or can't afford to pay LMI or not is hardly the point. If there is a way around not having to pay it, I will take it. Might only be a few k but that's a plane ticket to somewhere else I want to visit or something else I want to buy.I do agree that if you think you'll struggle with mortgage Repayments then you shouldn't get the folks involved. The reality is that my parents could not afford almost 4k a month for my mortgage. Not to mention when interest rates go up. If worse comes to worse I can just live in the taxi or hit Kael up :DEnd of the day it's much better to break into the market rather than pay off someone elses house. Edited 27/03/11 04:32 AM by Mat Link to comment Share on other sites More sharing options...
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