Hi All,
I'm hoping someone can help us out as me and my partner have found a place casually browsing that we would like to try and get into.
About me:
– I have 3k saved i know not much (only started saving when I was knocked back for 100% loan in april by stgeorge)
– We are elible for the FHOG.
– I have a wage of around 95k pa (currently long term contract work in stable employment with good history)
– My partner has a wage of around 40k pa (fulltime employment)
– I have a unsecured loan 22k
– I have credit card debt of 7k
– I Own a boat im trying and sell for around 20k
– we own 3 cars between us and we are trying to sell one. we will get between 3k -> 8k depending on what sells.
– we pay 420 per week rent and have done for over a year.We are looking at a property around 320k outside of sydney but still in a well built up area.
Do I have any options to get us into that house with interest rates as they are? The repayments will be cheaper then our rent. We could easily pay double repayments while we are earning good to get us infront and potentially in 5+ years use the equity to begin investing
It will be hard for you, as you will need around 5-10% deposit and demonstrate 3 to 5% genuine savings excluding the FHOG. Also you will probably need a financial positive position (ie own more than you owe).
So try to sell that boat and pay off those loans asap and keep saving. And, it may be wise to open an account with ST George now as they will only lend 95% to existing clients with 6 months account history with them. You may not use them for the loan, but best to prepare just in case.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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