Working out if we can afford to buy (and where)

[Captain Roberto]

Hello

 

We have lived in Sydney for just over 6 months, and we already really like it. Whether we stay or not indefinitely is yet to be decided, as these things are multifaceted, complicated issues, but generally we like it here. Just the vibe and the lifestyle. There's much more to do here than there was in Wrexham, Wales where we lived before. The kids don't spend 6 months year glued to the TV/Xbox, and the current school they are in seems to promote good values and it's not cool to be lazy like it was in Wrexham!

 

So - I am about to start the task of working out if and where we could move to. This needs to be well researched, as we can't really move the kids from their schools all the time. It's just best avoided. So the next move needs to be a place where we can put down roots. I understand that this isn't likely to be a quick task, more of a project where we get more of an understanding of what to do over a couple of months.

 

I could waffle on for ages, give details and our backgrounds, but really I am just looking for people who can help with the following:

 

 

 

• Some kind of impartial real estate advice
  
• Some mortgage/financial advice
  

 

 

Here are the contextual bits, if that's helpful, but all we really need is some good contacts and tips to the above two points:

 

 

 

• We currently live in Killara, Upper North Shore Sydney. It's nice, but slightly boring to be honest, and way too expensive for us (despite the excellent schools)
  
• We like the beach, outdoor lifestyle where possible. So parks, places to bike, rollerskate, skateboard, jogging etc - bush also good, but not always good for dog-walks.
  
• We own and love a dog, and want somewhere we can take our dog out! (maybe not just a dull 'oval' that smells of dog crap.. see above)
  
• I tend to work around the CBD area of Sydney, and could commute by train up to an hour or a decent bus service.
  
• We earn - at current levels, about $160k combined, this might rise a little over time, but not drastically (We are a graphic designer and a nurse couple)
  
• 3 kids
  
• We don't expect to live in the most 'bling' places, but would like to avoid rough places too. We don't feel the need to have an impressive post-code and don't need to keep up with the Jones's. (This is would be impossible in many parts of Sydney on our income anyway!)
  
• We like (love) Sydney, and it does offer the best work opportunities, but could consider Melbourne or the greater Brisbane/coast area if necessary. (there's no work for me in Perth, so we can rule that out)
  
• We would consider the lower central Coast, or places like Hornsby area or Sutherland Shire or a bit further out down South if on the train line. (west might not work as it's probably too hot and too far from the coast)
  
• We probably have about £100k ($200 Aud) equity if we sold our house back in the UK, which hopefully would serve as a down payment.
  

 

 

Essentially, we don't mind being realistic, and are open to thinking about a bigger/further move, and it doesn't have to be a specific suburb (or city). We just want to move somewhere we like where we could potentially buy a house, where we could settle and the kids won't have to move schools again.

 

Our current rent payment is $1000 p/w and we like to pay less rent/mortgage and would require a 3 or 4 bedroom place.

 

If anyone knows anyone, please hit me up. I am happy to dish out a real email etc, but maybe not on this post a the mods don't like that kind of thing. I don't expect instant answers, but would like to get researching now as we need to get out of this expensive rental sooner rather than later.

 

PS my real name is Matt and I am not a captain.

 

CHEERS!

 

Edited January 17, 2016 by Captain Roberto

[Andrew from Vista Financial]

Hi Matt

 

Thanks for the background info.

 

I am not able to assist with suburbs/places to live as am in Adelaide but can give you advice around mortgages/borrowing power etc and financial advice if required.

 

Firstly though I would need to ascertain a bit more on your financial situation particularly breakdown of income.

 

Just a bit of info for now based on the above, you said you would like the mortgage payments to be less than your current weekly rent of $1,000 per week, a mortgage of $850,000 over the default 30 year term at a rate of 4.5% is just under $1,000 per week, so obviously anything less than this will reduce that payment so a $750,000 mortgage = $877 repayments per week.

 

I will also mention although it might seem obvious, if interest rates change this figure could also change so this would need to be factored in.

 

Happy to liaise further if you wish.

 

Kind regards'

 

Andy