my brain is spinning with too many question so im hoping someone out there can answer at least part of my question(s).......thanks
been here 7 months hubby been employed continuously since,we have the 10 % deposit needed plus fees to buy but here's the tricky bit,and im not sure of any answers............
1.when i put in our household income into the mrtgage calculators(just the ones that pop up as advertising and on real estate.com) the borrowing capabilities are soooo low,but many friends with similar incomes,same number of kids have all had 'no worries' in getting a mortgages,why????whats the secret???
2.is there a common calculation to obtain borrowing figures ie x amount times annual income???
3.although hubby is employed right now,he may be changing to self employed ,what implication will this have if we dont buy property before he goes self employed???? ive heard 2 years tax returns???but say for example hes been working solidly employed for 1 year,we find a house 2 or 2 months after he goes self employed is it 2 years tax records from that point???? basicly his employed job isnt gonna last forever and in his trade most jobs are on abn,we dont think we can buy quickly enough to do it before he goes self employed,so will we have to wait 2 years from this date.
sorry if that was confusing,hope you understand what im asking,and thanks in advance to anyone who can offer some input,haley xx