Guest Deb17

Income/deposit needed for mortgages?

    Recommended Posts

    Guest Deb17

    Having now discovered that I can actually buy a house here I really don't want to wait much longer and miss the boat completely...I hate to talk money, but what kind of income do you have to have coming in/size of deposit to purchase a bog standard house, below the 300 grand mark?

    With only one average income coming in, we can just about survive but am hoping to find a job soon...fingers crossed, and could still put down a 10 to 15 percent deposit if required. I really hate going to financial institutions begging for a mortgage with so little money coming in, imagining their sneering expressions, and thought I would ask first here, as there seem to be so many of you financial whizzkids out there. All the loan calculators I go through on different mortgage sites say we've no chance at being offered a loan...

    Any indicators/pointers as to whether we might be granted a loan in the near future?

    Thanks,

    Deb.

    Share this post


    Link to post
    Share on other sites

    Last time we wanted to change our loan we got one of those mortgage brokers to do it for us, they take your details and do the loan shopping for you. We went through home start for our first loan, but i think you might need to have PR to use them. They used to lend upto 2.8 times your income plus there was a top up loan for low income earners.

    Share this post


    Link to post
    Share on other sites
    Guest Deb17

    Yeah, thanks Andrew...we will be applying for PR next month, but apparently may have to wait months for it to be rubber-stamped...more waiting, while the house prices go up. I think other people are optimistic about buying something for 200 grand though, the only homes I've seen for that price in Adelaide are units, not houses.

    When I get my job...(being optimistic here) and when we get our PR maybe I'll give you an e-mail about finding us a decent mortgage then? You're probably getting snowed under with all the work you get through this site...

    Share this post


    Link to post
    Share on other sites

    Hi Deb17,

     

    I totally understand where you are coming from. We are on a temp resident visa and only have one income coming in at present. If we do get a mortgage then the rest of our savings has to go into the house too, leaving us with no money in the bank and little left to live on.

     

    We would love to buy a house, but at the moment it is cheaper to rent than buy. You are in a better position as we have only recently arrived and have a few years yet before we can apply for our PR.

     

    Best of luck to you and hope it works out in your favour x

    Share this post


    Link to post
    Share on other sites
    Guest Deb17

    Post below submitted twice, don't know why, silly computer.

    Share this post


    Link to post
    Share on other sites
    Guest Deb17

    Best of luck to you too...I think we all need to find a place of our own eventually or Adelaide will never feel like home. It just worries me how much the house prices have risen.

    Share this post


    Link to post
    Share on other sites

    well im in the same boat as most people needing to get back on the housing market ive got about $120,000 for deposit but need to know how much more i can borrow as well...i must point out that new home buyers are eligable for a $7000 first time buyers payment from goverment dont know why but hey free money makes me feel like im back in uk like all those free loaders :arghh: while we pecked it across the drink lol

     

    alex

    Share this post


    Link to post
    Share on other sites
    well im in the same boat as most people needing to get back on the housing market ive got about $120,000 for deposit but need to know how much more i can borrow as well...i must point out that new home buyers are eligable for a $7000 first time buyers payment from goverment dont know why but hey free money makes me feel like im back in uk like all those free loaders :arghh: while we pecked it across the drink lol

     

    alex

     

     

    Hey Alex

     

    If it is your first home in Australia that you'll be buying then you may also get the $4,000 bonus grant that has just come out.

     

    Give me a bell on 83631755 if you like and I can go through the amounts that you could potentially borrow.

     

    Andy

    Share this post


    Link to post
    Share on other sites

    Create an account or sign in to comment

    You need to be a member in order to leave a comment

    Create an account

    Sign up for a new account in our community. It's easy!

    Register a new account

    Sign in

    Already have an account? Sign in here.

    Sign In Now