Browse Forums Home Finance 1 Nov 18, 2013 2:19 pm Hello everyone out there. I need some help as I cant get the information I need from any bank or Lending Company. My Wife and I would like to get ahead and buy a house. Now what I would like to know is what Combined Income we both need to get a loan. We have 3 young children. I have tried many ways to find out this and no luck. I hope someone has been through this and could give me some information. I would be greatly appreciated. So here is an example: We would like to buy a house for $500,000........Ok we need money for a deposit and also stamp duty, Insurance etc. We have 3 children. So the next step is what Income does my Wife and I need per year to apply for this kind of loan. Eg: Combined Income: $60,000, $80,000, $100,000, $120,000 or $160,000. I really would like some facts and just cant seem to get the answer. I hope someone out there can help me. Thank you Steve Re: Help for first home buyer! 2Nov 18, 2013 7:30 pm Hi Steve, There is no easy answer to this as all lenders have different ways of calculating serviceability, and as each individual may be in a different tax bracket it will differ again (i.e. two wager earners earning $50K each will generally be able to borrow more than one sole wage earner earning $100K). Normally brokers work the other way around and use your current income/liabilities amongst other information to come up with a maximum borrowing amount figure for different lenders. Then you have lender and LMI policies to meet as well. In summary, you really need to see a decent broker who can then go through your full situation and then come up with a course of action. Cheers Tom Re: Help for first home buyer! 3Jun 02, 2014 8:53 pm Hi Steve, for a very rough indication you should look at the 'how much can I borrow' calculators on bank websites. I think they are very generous with what they say they will loan you, but it will give you some idea. Re: Help for first home buyer! 5Nov 20, 2014 7:11 pm Hi, Different lenders calculate borrowing power differently, for a rough guide you can use an online calculator but beware these calculators do not consider the bank policy and most do a crap job. You are better off going to a good broker before you start looking and before you sign anything. You don't want to lose your deposit or end up with a crappy home loan deal because that is all you could get with the amount you need to borrow. Re: Help for first home buyer! 6Nov 25, 2014 7:05 am Hi Steve, Yeah being a first home buyer is hard especially when you aren't sure where to even start. You generally need a minimum of 5% genuine savings + costs as a deposit, but there are some loop holes with different lenders/products depending on your individual scenario. Same applies to how much you can afford to borrow as it varies from lender to lender depending on your situation. I would recommending speaking to a professional mortgage broker as with years of industry experience we are able to assess your individual situation and give you the best options available for your scenario to help you get into your first home as soon as possible, as well as guide you through the tricky construction process Grant Martin - Snr Mortgage Broker Not much in this responce. My suggestion is, what are you looking to build and why. This will all be impacted by the local councils planning scheme. Familiarise yourself… 6 5862 So it looks like we finally have some movement on site! Definitely later than expected, but I'll take any progress at this point. I'll drop by over the weekend to get… 5 27713 We already paid for somfy motors for the blinds. The quote above was purely for “pre-wiring” so the blinds company can install the motors and blinds. That’s why we… 5 16275 |