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Posted by Terryc on January 31, 2008, 1:40 am
 
J. Clarke wrote:


This is getting OT, but it seems to be a difference between Australia
and USA. Over here, the Aus banks only loan the amount they are happy
that you can repay. You have to demonstrate this from providing income
details. They then make their decsion based on your declared income and
current conditions.

So the bank was saing "based on your combined incomes, we are happy to
loan you up to $00K". But we knew we didn't want to be wage slaves for
decades and just said "no thank you, just the $0K for the fixer-upper".

So we definitely were not like most people who maxed what they could afford.





Posted by J. Clarke on January 31, 2008, 2:57 am
 
Terryc wrote:

The bank does a calculation and figures out what they can lawfully
sell you and then tries to sell you the most expensive loan they can
manage.

You are not obligated to buy that loan (and that is what you are
doing, you are buying the use of their money in exchange for an agreed
upon payment).

You decided that the price of that loan was higher than you were able
to pay and instead chose to purchase a cheaper loan.  This is what you
decided that you could afford.

Only a fool lets someone else who has a vested interest in selling him
something decide what he can afford.

--
--
--John
to email, dial "usenet" and validate
(was jclarke at eye bee em dot net)



Posted by Terryc on January 31, 2008, 3:04 am
 J. Clarke wrote:


Sigh, whatever reality you want.

Posted by J. Clarke on January 31, 2008, 12:50 pm
 Terryc wrote:

I don't understand why you are having so much difficulty with the
notion that you, not the bank, decides what you can afford.

--
--
--John
to email, dial "usenet" and validate
(was jclarke at eye bee em dot net)



Posted by Jeff on January 29, 2008, 4:07 pm
 Terryc wrote:

Well, I live in a 1920 house and my dad built his house so I understand
these concepts.

The way houses are renovated is that you usually don't tear out
everything at once. You tear down one wall or one room at a time if you
are living in it! If you want to add a room, you preserve the load
bearing elements and add on. Then you fix the load.

   As far as insulating walls, there's no reason to tear the walls down.
Blown in cellulose is fabulous stuff and requires only drilling one inch
holes. It also is tolerant of dampness. And it is cheaper than
fiberglass. I did my 2000SF over about 3 days with a helper (~ $00). If
your walls aren't insulated, and this is common in old homes, I highly
recommend it. Payback will be a couple years, perhaps sooner in a cold
climate.

   Now, you can update R13 walls to R19 with a great deal of effort, but
a better return is in fixing air leaks (there's nothing cheaper to do
that will yield greater results) and by attacking the other weak links.
One R1 window will lose as much heat as the rest of an insulated wall.
Heatshrink film is cheap and will cut a window's loss in half. Add some
insulation to that window and you've nearly eliminated it's heat loss.

   Jeff




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