Hi all.
We'll hopefully be looking to buy a PPOR in about 6 months. Critical stats are….
Income 1: $1780 per fortnight net
Income 2: $460 per fortnight net3 kids, aged 11, 8 & 2
Will have $60,000-$70,000 deposit.
No other debts, by that time credit cards will be paid off and cancelled, personal loans will be paid out. Clean slate! Looking forward to it.Will be looking at buying in the in outer-outer-south-east 'burbs of Melbourne. FHOG will not apply as I have owned a house previously.
OK, I know that far off time-wise the amount we can borrow is a crystal ball question, but in the current market, what are lenders likely to lend us? Lending calculators on banking websites vary wildly from what I have seen so far. Makes it hard to tell what's realistic.
Cheers,
Dale.daleaporter wrote:No other debts, by that time credit cards will be paid off and cancelled, personal loans will be paid out. Clean slate! Looking forward to it.Thats a good position to be in mate well done good luck
Ben
I believe that if the property you owned previously was an IP you may still be able to claim the FHOG. If it was your PPOR then you will not be able to- check with your solicitor.
Cheers,
Luke.luke86 wrote:I believe that if the property you owned previously was an IP you may still be able to claim the FHOG. If it was your PPOR then you will not be able to- check with your solicitor.No need for me to check, I know that one. It was a PPOR so no FHOG.
Cheers,
Dale.Hi Dale,
Yes, lenders vary wildly based on their internal credit controls and what risk tolerances they have. The best bet is to go and speak to a broker who can go through these calculators with you and help you navigate the journey. They will also be able to help you with servicing based on any additional income you'd receive (such as family assistance etc).
But as a guide, pick out a couple of the major lenders and take the conservative approach, and then have a look at the repayments you'd be up for not just at the current rates, but at rates even 2-3% higher than what you'd be paying now, and that will also help you understand your own loan affordability and comfort into the future.
Best of luck and feel free to come to one of our home buying seminars if you want some further help – details on our website.
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