Browse Forums Home Finance 1 May 01, 2011 5:22 pm Hi All I am a first time poster but long time lurker and love this forum. I need some advice on finances for a new home. Firstly my husband and I would like to build a new home at One Minto estate rougly max of 550K is what we are willing to spend. Bit of history: At the age of 18 i defaulted on a mobile phone bill and it obviously will effect my credit ( I am now 25) My husband has been in his job for 8 years and currently earns 62K a year but now has been given a pay rise and a different position within the company to the sum of 80K. I currently have taken on a new role and earn 50K. Previously in a contracting role for 1 year. We have rented through the same realestate (richardson and wrench) for 5.5 years throughout our life with no defaults always paying ontime. We have now moved back home to save and pay off debts. We have paid off a whooping 70K worth of debt since being here(cars, wedding loan, credit cards This debt has been paid out 1- 3 years in advance) We have saved 30K and want to have a 100K deposit before going for a loan but this could delay possibly getting a house. So i guess i am looking for some advise and experiences and options that will help shed some light on the situation... and how a bank could possibly look at us as someone borrowing money... Re: Need some Finance help 2May 03, 2011 1:03 pm Don't worry about your default seven years ago, I'm pretty sure it gets wiped from your credit file after five years. To be sure, I'd advise you to get a copy of your credit file and check to see what sort of information is on there. Visit this site: http://www.mycreditfile.com.au/ to get a copy. It's free, but they make you jump through hoops (sign a form, fax it from memory) and you'll get the file ten business days later. Whereas if you pay them the $35 fee, you'll get it immediately. I'm not an expert, but I personally think you're moving towards being in an excellent position to borrow. You've got just over 5% (a bank would probably lend to you now), although if you want to save a further $70k, then you'll just have to be patient unfortunately. Re: Need some Finance help 3May 04, 2011 7:07 pm My husband and I recently got a loan. We made less then you, you've already saved more of a deposit then us and we'd been in our rental and in our jobs for a shorter period of time. Conclusion... I think your a great prospect for a bank. Re: Need some Finance help 4May 12, 2011 9:03 am It looks to me like you are in a great financial position:
I hope this helps. Hi VK, Think it's worth investing time in an Owner Builder course to equip you with basic knowledge on Australian Building Industry and its regulations. Also, I suggest… 11 23590 you were just referred to get advice from your solicitor. This is a legal matter. Separately, why would you use a buyers agent for a house and land package? 3 57678 Hi brains trust, We had Essastone Unique Calacatta specificed for our bench tops. This has now since been discontinued. What is a good equal alternative? Thank you! 0 95 |