Out Of The Nest

It’s official!

I am now the owner of a mortgage. Time to celebrate.

Everything went down with no major hitches. There were slight delays in getting the vendor’s signature on the contract but that didn’t worry me much. It allowed me extra time to accrue surplus monies to pay the gap between deposit and finance.

I am obtaining finance from RAMS. They have very few fees, which is good for me. They approved me for $190,000 after we had agreed on the price of $220,000 for the unit, the deposit was 10% or $22,000. Basic maths says that there is a shortfall of $8000. First Home Owners Grant (FHOG) will assist in breaching the gap. However, not relying on the FHOG would be preferable.

The last official act before I paid the deposit was for my financier to organise a valuation of the property so that they can be assured of regaining their money if I were to default on the loan. A mere formality we would assume but you never know with these sorts of institutions. They took their sweet time in organising the valuation. Luckily my conveyancer was able to get a two-day extension for the deposit to be submitted.

The deposit went in this week. Now I have up to six weeks for a settlement. There is also 30 days notice for the tenant to vacate.

After that it will be the arduous task of gathering all the bits and pieces from various sources to furnish the rooms. Getting assistance to move may prove difficult. Although I think one family in particular might be glad to get their garage back.

Once everything is in place then it is time to consider a housewarming.