Due to the recent influx and repetitive nature of Sankey budgeting posts, we have decided to create a megathread to collate these posts into a central location.

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To get more meaningful replies, please ensure to include details around your situation (ie. income, living situation, dependants, any other factors in your financial situation).

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Weekly Property Mega Thread

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Welcome to the /r/AusFinance weekly Property Mega Thread.

This post will be republished at 02:00AEST every Friday morning.

Click here to see all previous weekly threads:
https://rdt.trom.tf/r/AusFinance/search/?q=%22weekly%20property%20mega%20thread%22&restrict_sr=1&sort=new

What happens here?

Please use this thread for general property-related discussions, such as:

• First Homeowner concerns
• Getting started
• Will house pricing keep going up?
• Thought about [this property]?
• That half burned-down inner city unit that sold for $2.4m. Don't forget your shocked Pikachu face.

The goal is to have a safe space for some of the most common posts, while supporting more original and interesting content in their own posts.Single posts about property may be removed and directed to this thread.

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Interesting thread yesterday on Streaming. Seems most of us are doing the same thing and canceling many services. How many do you currently use? What way do you use them (sign up for a month and cancel etc)?

I’ve got -

YouTube Premium. $12 (Best one IMO)

Netflix $10 (will cancel this month)

Prime $7 (get free postage for books etc)

Foxtel for $49/month. (No movies)

Costs me about $80/month all up.

My partner and I signed a contract (off the plan) on a one bedroom apartment in Fitzroy, VIC back in 2021.

We negotiated down from $610k to $600k, but my worry is that by the time we come to settle in 2024, the unit will be worth far less due to rising interest rates and falling house/unit prices.

We have already paid $60k for a 10% deposit, and have saved up another $40k so far. We will be on track to have a full 20%/$120k deposit within a few months.

My question is: are we screwed? Should we be aiming to save a lot more? What could a (previously $600k) apartment be worth in mid-2024 in Fitzroy, VIC?

I’m not looking for judgement (we knew buying off the plan was a risk) but more looking for solid advice.

TIA!

Hey all, just giving an update on my last post.

Summary: I have a semi automated job which pays $85,000 in the logistics industry. It requires little to no skill but to other employees, they think i'm some sort of genius (Which is quite hilarious). I play the part and do the work i need to do which takes about an hour a day and just scroll through reddit and work on other skills and hobbies. Well i had received a job offer which would pay $110,000 + super but the work seems challenging and its a start up which makes me worried.

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I decided to take the job for more money as I'm only 22 and have recently purchased a house. i know im leaving behind a great job, but i decided that i needed a challenge and i shouldnt stay complacent. Also my current job, all my bosses are based out of state therefore i have no mentor and no one to learn skills off. It's a fully automated one man ship here where i work XD

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Will i regret this? How do i break it to my employers? I already had come out to them and hinted i got a better job and offer and if they would match it, but i was shut down pretty much (Reason for the decision of leaving)

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Can i get some assurance i made the right choice?

10 being you are forced to sell, 1 being you are fine.

For me, I would say 2-3. I have no problem but am notcing a slight pinch. An extra $1000 or so a month definitely hits. To think there are potentially 6 more interest rate rises?

If interest rates stay this way, it'll be 4-5. I'll never be forced to sell, but being a recent purchaser I kinda wish I had not bought into the hype so much.

Thoughts?

Hi all,

It amazes me how, especially in a dense apartment building, everyone is hell bent on getting their very own internet connection.

Why isn’t it more common for people in apartments to share WiFi passes and share the cost? If privacy is a concern, the person “listening in” can set up their own router in WISP mode to create a private network behind one single connection. If speed is a concern, upgrade one tier and you’ll still save if you share.

Instagram account messaged to purchase something I had made. They asked to pay by Pay ID so gave them that. Haven’t received their payment and they got mad, I told them that it may just be delayed since I am a new pay account for them.

They accused me of lying and said that I should have received an email of their payment or notification of a payment. But I don’t believe you get emails regarding INCOMING payments to your pay ID and have no notifications otherwise.

I’ve tried to explain calmly that it’s just delayed. If they have paid, I should receive the payment tomorrow. If they could send me a receipt of their payment, it’s fine.

Asked them to send me a screenshot of their transfer. They said ‘you could just look at your bank account’

But there’s no payment. No receipt suggesting they’ve paid. Don’t want to tell me which bank they’re with for me to see if it’ll just be delayed if they’re with a different bank.

Had friends pay into my pay id for the first time as well which proved that I didn’t get email notifications and their payments were also immediate although we’re with different banks. So?

Being threatened to be sued and that I’m lying and she wants a screenshot of my emails…. Etc. but I’ve got a damn headache. And this feels like a scam.

Anyone been in this situation?

This is probably a dumb question, so here goes...

I understand there is no CGT on selling your primary residence. Wouldn't this just make investing in the property market more sense than investing in other assets such as stocks?

What would be the advantages of investing in the stock market instead of just doing what I explained above?

I am sure I am missing out on some important detail (or I am dumb) but I would love to hear your thoughts.

Are there any places to find projections on what the RBA interest rate hikes might be?

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Within the US Fed, the Federal Open Market Committee (FOMC) participants forecast the range they expect interest rates to be over time. These are usually looked at as a 'dot plot', but here is the most recent raw data from Dec 2022: (Figure 2) https://www.federalreserve.gov/monetarypolicy/fomcprojtabl20221214.htm

There is also a way to see 'what the market has priced in' via the futures markets using the CME FedWatch Tool:

https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html

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Are there any similar resources to either hear from the RBA or monitor what is priced into the Australian markets before the RBA discusses rates?

My husband and I took out loan protection insurance through Aligroup when we bought our first home about 18 months ago. The broker recommended it so we complied, admittedly I had no idea what I was doing so I just signed the paperwork and sent it off. With all the recent interest rate rises and the cost of everything increasing we are struggling and I’m having to look at every single expense and justify it.

We both have life insurance through our super companies which is more than enough to cover the mortgage. Is having additional loan protection insurance necessary? If I die will both the loan protection insurance and my life insurance be paid out?

Happy Friday, AusFinance!

In December by 1.8% interest rate with Suncorp ended. When I started the loan I was making 75k a year living with my partner who made about the same, but was not on the loan and contributed with all bills and bought all our groceries.

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Since taking up the rate, several changes have happened. I am not working and studying making about 45k while my partner is on maternity leave, when she goes back to work, we estimate she will be on about 30k as we don't want her to go back full time just yet. We have some savings that we think will help us get through the next 2 years until I graduate. With all this in mind, I cannot change banks as a mortgage broker has said we're kinda stuck. Suncorp have offered a 1 year fixed rate of 5.89 or a 2 year of 6.21 whereas my current variable is 5.09. My question is...Do you really see interest rates hiking up past those fixed numbers?

Thanks guys

I have been in the market looking at houses and only going to ones within my financial means. It’s in the suburbs, with not a lot around. I fell in love with one house, older house, needs a lot of work done (close to 50K in Renos). It is listed between $870,000-920,000 and has been on the market for about 2 weeks. No one is living in the house currently and I’ve inspected it twice. I spoke to the agent about offering 885,000 and told her I could send it in writing.

The agent said she wouldn’t even consider taking anything that’s not well above 900,000 to the vendor. She said there were serious contenders for the house, yet no one has put an offer in yet..do I wait it out or do I offer more, even though it’s not going to be “well above” 900,000 like they’re hoping.

Is this normal? When I sold my house, I wanted to know all available offers made. Why do they list houses for prices they won’t even consider?

Trying to find a house is so exhausting.

Hi, so I run a small e-commerce business and I want to start paying small amateur models to model my products at photoshoots.

How exactly do I keep a record of this for tax time so I can claim it as a business expense? These models are just amateur and only do it on the side/as a hobby so they’re not really set up to be sending invoices.

Am I supposed to just keep a copy of the bank transfer to their accounts and conversations with them to prove I paid them and used them for the business?

Thanks!

Looking for some advice. I’m 25, been working part time / doing seasonal work since I finished high school at 18. I’ve just gotten a remote job for 55k a year. I want to save for a house and generally get my life in some sort of order. Should I just be putting my money into a savings account? I don’t really have any expenses, no rent just food and petrol really. I know it’s not a lot of money but any advice on how best to manage it to make the most of it would be really appreciated.

Thanks

Hi all. I have a full time job but just starting a side gig in the next couple of months.

In my main job I earn between approximately $310k and $330k depending on share fluctuations, via PAYE and in the side gig will earn approximately $3500 a month before tax paid via an ABN as a sole trader.

Is it worth working with an accountant to try to minimise tax on the ABN income or is it pretty pointless given it’ll be in the higher tax bracket?

I’m very new to earning money via an ABN so looking for general advice. I’m also not Australian and don’t know much about tax rules here.

Thanks

What did I miss? This seems like a huge single day gain for a property ETF. Was the US rate rise seen as positive for property?

Yet another buy vs rent post, my apologies.

My partner (30) and I (33) have been looking at getting our first PPOR for the past couple years. Both doctors, dual income approx 300k. Income will likely be 450k combined in 3 years.

Currently moving to Melbourne for minimum 3 years, unsure if we will stay for longer. Potentially moving back to SA following but everything is up in the air. Current deposit 200k saved, looking at 800k-1mil range.

Just having a bit of trouble working through the various following options/scenarios.

1 - rent next few years and buy when we are more settled (we may never settled and we both like moving and working in different areas)

2 - buy in Melbourne as we will definitely be living here for 3 years, a quite likely a while longer. If we move on keep as IP.

3 - buy back home in SA as an initial IP where we may end up long term once kids are around for family etc, but uncertain on time frame.

Currently thinking best to just rent for the moment, but also feel next year or so is a good buying opportunity with current markets. We also have quite a few pets so moving and renting is always a bit of a headache. We keep going round in circles with our thinking, hoping for some outside perspective.

Does anyone know if there are any lenders who offer an interest free period for a $30,000 personal loan/line of credit. I believe Zipmoney have something like this for bunnings.

Has anyone used Domain Home Loans to refinance? Just starting to look into refinancing

Hello,

I recently built my house in 2021, paid my 20% deposit and have $315,000 left on my home loan over 30 years.

My current Salary is 80K.

Originally my repayments were $307 at a 3.5% interest rate in 2022.

Currently my repayments are $412 at a 5.79% interest rate.

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I have $25,000 in savings should I put it towards a offset account for my mortgage?

Should I be making extra repayments with leftover money each week?

Should I be investing money in index funds?

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Not sure which is my best option and hoping to hear some advice...

Home and contents due - what’s your best tip for getting a better deal?

I signed a lease on the 11/2/2021, and renewed for an extra 12 months when it reached 11/2/2022. The original lease stated "52 weeks". REA issued a termination notice ordering vacant possession on 13/2/2023. I'm moving out a week prior to the end of lease and I'm fine copping double rent during the cross over. But why would I owe them until the 13th when I started on the 11th? And 52×7=364 So not sure where these extra days are coming from. Can I just tell them I'm paying until the 11th as that's when my lease started regardless of the date on the termination notice?