Waiting on finance - what do you think?

Hi all,

First time poster. My husband and I have just signed contracts on our land and house. It is (hopefully) going to be our very first home, we are excited but nervous. Everything is pending finance so it is just a bit of a waiting game. Our broker is very relaxed and seems to have a 'it'll be right' attitude. Which is great but I'm a worrier so would like to get some other opinions. Below are our details:


House/Land/Pool/Landscaping/Fencing - 540k
Husband Income - 80k
My Income - 67k (Hecs debt)
Credit Card Limits - 20K
Dependents - 2 (but they are very cute)
Other - $640 per month in car loans for our two cars. One has 19 k remaining the other has 7k remaining.
We are eligible for the first home owners grant. It is our plan to use the 20k grant to wipe out credit card debt.
We have currently been in a rental for 7 years (our broker said banks like this too!)

Deposit is in the form of family equity, my parents house will provide the 20% security against the loan.

I'm just looking for brokers (or bankers or anyone else who knows how banks crunch the numbers). We applying through Westpac.

What do you think? Will crossing my fingers work? As a family who has been working hard to save and also provide for our children the idea that we will actually own our own house seems ridiculous!

Without doing the math on affordability I think your broker is right to be confident based on the rest of the info. 20% deposit, stable residence and employment, they won't love the cards and loans but that can be mitigated...and there's the two cute dependants, that's a clincher

Westpac are very good in this space, I think you have a good broker.

Be mindful the grant isn't paid until the slab goes down so it will look more like pay the cards from the loan and use less loan + the grant towards the slab/build.

Fingers crossed for you!!

Thank you!!!

We heard today we have been approved! We are beyond excited.

Fantastic! Congrats! Happy building