Hi everyone
I’m new to this site and would like to draw on some wisdom from the rest of you. I know it’s quite possible this topic has been done to death but I really would like a bit of insight if that’s ok.
I am the sole breadwinner in our house, we have 3 children and my husband is studying at uni. He has 2 years to go and then he will be employable anywhere in Australia and internationally. Our credit rating isn’t perfect as there were quite a few hard times in the past few years but we’re getting on top of everything gradually.
We currently pay $220 per week rent in Townsville which I hate doing as I feel we are wasting money paying off someone else’s mortgage (no offence to the PI’s out there intended). I would love to look at building a house with one of the builders up here who offer no deposit finance etc.
I know nothing is free and the deposit will be included with a jacked up price somewhere else, but if someone would give me some advice that would be wonderful.
[
]Firstly, welcome to the forum Jodee.
I am new here to, but I think being here is the first step to your goal.
Have a look in the Finance section for relevant threads. Also, it may help to speak with one of the Mortgage Brokers lurking around here…
Good luck
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…emotion clouds good judgement but is a defining element of character.For some mortage brokers and or banks, the problem can be as little as a phone payment default.
Most lenders look for at least 6 months saving, real saving…not just lent and borrowed money- to show you are able and willing.
depending on your defaults one or the other partner? you may be able to explain these, for instance you were in dispute with an account etc.
Some lenders are actually very pedantic about this. You can also do the higher interest rate thing, for being in the difficult category, but you will pay for that priviledge.
Are you able to apply for the first home owners grant, either you or hubby?
Most lenders will also require some deposit but that grant can go towards it. the more you borrow or need to, the higher the possibility of having to pay those other little premiums like insurances etc. If you can keep your loan under 80% as a rule you may escape the insurances…I cant think for my life tonight…forget the term…sorry
200 a week wont pay the mortgage on most places. Then you have the added costs
Elves
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