Hi All
Thanks everyone who are contributing and managing this great forum.
We have finally decided its time to buy a PPOR. I have $40k saved for a deposit, married and get $55k from my primary job and $4k from a secondary job (Working as a casual employee). My wife studying at the moment, and does not have a permanent job.
I am looking at properties with a price tag $350-$375k. Wonder how much I could borrow with my current income, and what my options are.
Any advice would be highly appreciated.
Thanks & Kind Regards,
Lak
Hi Lak
Firstly welcome aboard and I hope you enjoy your time with us.
The deciding factor will be the description of "casual" and how long you have been doing this as a 85-90% lvr not going to have much choice depending on the time.
Would need more information to provide you with a valid response but fingers crossed you have been there .> 12 months.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Need much more information to give you a definite answer but taking into consideration certain assumptions (such as the fact that you don't have any dependents) you do service with a few banks but servicing is very tight. This is also on the basis that the casual employment cannot be used.
Which state are you purchasing?
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Hi Lak
Ok that certainly makes life a little easier.
Tough part will be pure serviceability as a loan of circa $330K is going to virtually impossible on the information we have.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Servicing sounds very tight – and just because a bank will provide the money doesn't necessarily mean you can afford it.
Look at your household budget and list all your expenses down to the dollar – from there, you can work out how much you can put aside for mortgage repayments.
When calculating your mortgage repayments – use a higher rate (say 2% higher) to account for any interest rate increases in the future.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Speak to your banker or broker for specifi advice as the loan is in LMI territory and certain things would need to be verified.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Thanks everyone for your valuable time & advices. I will email you tonight with more details of my circumstance, so perhaps you could provide me some specific advice.
Thanks & Kind Regards,
Lak
Hi Lak,
You also need to take into account costs such as stamp duty, etc which will eat into the deposit. Also in Vic as of 1st July, the government has abolished FHOG for established properties and it only now applies to new properties, so it were counting on that, you would need to re-assess.
Cheers
Tom
PLC wrote:Hi Lak,You also need to take into account costs such as stamp duty, etc which will eat into the deposit. Also in Vic as of 1st July, the government has abolished FHOG for established properties and it only now applies to new properties, so it were counting on that, you would need to re-assess.
Cheers
Tom
Yeah it's a bummer. I bet FHB's kept you nice and busy during the last couple of weeks
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Thanks Tom, yes I was aware of shedding FHOG for established homes.
Kind regards,
Lak
Kept both me and the SRO busy as well. FHOG applications that normally took a few days to approve went out to over 2 weeks.
Not over yet either. Just had one come in that was signed before the deadline
Cheers
Tom
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