TomCat's new digs!

[Denali]

Talking windows, a B&B we stayed at had this so cool.

Artgates Official on Instagram: “This seemingly normal window also functions as a balcony. @veluxgroup . Follow @artgates for more! Via @cheddar”

 

[serfty]

It might be buried in the thread but where's East and West if I was standing on the front step, looking at the street?

Going by the shadows ('tis a lovely day in Central Victoria) and the time of posting, the street is roughly North-South with the block on the West side.

 

[blackcat20]

It might be buried in the thread but where's East and West if I was standing on the front step, looking at the street?

@serfty is correct, the back of the block is to the west. We face east.

 

[blackcat20]

Slab passed its inspection with flying colours. Looking forward to moving onto the frame stage, even though that will mean another invoice.

 

[love_the_life]

Slab passed its inspection with flying colours. Looking forward to moving onto the frame stage, even though that will mean another invoice.

True but it has to be paid for eventually so I guess it's a matter of the pain for the gain.

 

[blackcat20]

True but it has to be paid for eventually so I guess it's a matter of the pain for the gain.

Indeed. Paid some 25% yesterday. Another 20% when framing is done. The downside of an interest only construction loan is that we cant pay off any principal until completion.

 

[travelislife]

Indeed. Paid some 25% yesterday. Another 20% when framing is done. The downside of an interest only construction loan is that we cant pay off any principal until completion.

If you have an offset account attached it makes no difference at all and you can still pay it down like it is P&I.

 

[blackcat20]

If you have an offset account attached it makes no difference at all and you can still pay it down like it is P&I.

We have an offset but you cant pay down principal, it just reduces the amount of interest charged.

 

[travelislife]

We have an offset but you cant pay down principal, it just reduces the amount of interest charged.

But you can pay in to your offset the exact same amount as if you were paying down the principal and it has no real effective difference. Then if you really want you can just dump those funds in to the mortgage when the loan converts on completion.

What I am getting at is that just because it is IO only there is no negative impact on you right now, you can still have your money do exactly the same things as 'pay down the principal'.

 

[blackcat20]

But you can pay in to your offset the exact same amount as if you were paying down the principal and it has no real effective difference. Then if you really want you can just dump those funds in to the mortgage when the loan converts on completion.

What I am getting at is that just because it is IO only there is no negative impact on you right now, you can still have your money do exactly the same things as 'pay down the principal'.

Which is exactly what we're doing. Still somewhat frustrating though as we were advised against IO but the bank requires it for a construction loan.

 

[travelislife]

Which is exactly what we're doing. Still somewhat frustrating though as we were advised against IO but the bank requires it for a construction loan.

Okay, yea just not sure what the frustration is when the effect is 100% the same! An IO loan used correctly can be a very powerful thing.

 

[blackcat20]

Frames are due to be completed next Friday; heading down tomorrow to see if anything has happened this week.

 

[love_the_life]

Frames are due to be completed next Friday; heading down tomorrow to see if anything has happened this week.

Ooh, hope so.

 

[blackcat20]

Ooh, hope so.

Me too.

 

[RooFlyer]

Ho ho. Shackie A over the road (never met) is having a garage built up to their boundary with neighbouring shackie B (know quite well).

Excavator crew for slab arrived the other day - down came the fence, and the 1m into B's adjoining garden bed is effectively now part of the building site - builder's wire fence around it, pegs for levelling, abt 0.5m in has been excavated away over about 3m length.

I've texted B to let them know ... hope A told them beforehand!

 

[blackcat20]

Ho ho. Shackie A over the road (never met) is having a garage built up to their boundary with neighbouring shackie B (know quite well).

Excavator crew for slab arrived the other day - down came the fence, and the 1m into B's adjoining garden bed is effectively now part of the building site - builder's wire fence around it, pegs for levelling, abt 0.5m in has been excavated away over about 3m length.

I've texted B to let them know ... hope A told them beforehand!

Sounds familiar.... though I'm guessing our right side fences are on the right hand side block so I can't really be too offended. As long as their build isnt on my land I'm not too fussed.

 

[Denali]

So you might be in for Christmas?

 

[blackcat20]

So you might be in for Christmas?

We're hoping so.

I have a giant inflatable reindeer I'm looking forward to setting up on the front lawn

 

[Denali]

Be that neighbour, hubby has this. They must be popular because his first one was stolen (or the neighbours really hated it) so the 2nd one is cable tied to a pole

 

[blackcat20]

Be that neighbour, hubby has this. They must be popular because his first one was stolen (or the neighbours really hated it) so the 2nd one is cable tied to a pole

Ours looks like this.

Made sure we had an outdoor powerpoint for it.