Vacant land loan chances?

Hi members, i am a hospital doctor earning 125k/ annum (3 yrs stable govt hospital job)
Hubby earns 100k/ yr (4 yrs old stable job)

I have a car loan of 70k on salary packaging
Another car loan 17k
12k credit card limit

Hubby has 15k credit card limit


- now we want to buy a vacant land in Sydney west for 600k
- 60k genuine saving
-25k gift for stamp duty
- no family to give security


We the above car loans in our current credit file. can we get a vacant land loan with 60k deposit? Or will we get rejected for having too much car loan and credit card limit?

(We are 31 and 33, no kids, 2300/rent on top of those credit card fees, monthly savings 7000+ after all outgoing)

Hubby will have 20% salary increase in September. Ill have 5% increase in October.
But we don't want to wait that long as the land price will increase by then.

What are our chances of getting a vacant land loan in a popular growth area of sydney?

In terms of a loan, everything is taken into account. So the liabilities of the car loans and the credit cards will be looked at as part of the scorecard that most lenders do, and if it passes that, it all depends on the rest of the deal.

In saying that, the cars would be secured loans I presume which are less risky than the credit cards. You do have strong income and stable employment length. The deposit is only 10% but not the end of the world and being a doctor there may be a way to have LMI waived under a medico policy.

Until your finances are looked at in more detail in terms of the liability repayments (car loans) and living expenses, then a conclusion cannot be made on whether the land loan is affordable. If it is, then you also have the issue of getting a construction loan down the track which means more borrowings and realistically more deposit.

Cheers,

Tom