Browse Forums Home Finance 1 Mar 13, 2017 6:13 pm 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! First Home Owners and Builders - building Zara29 with Metricon in 2017. Our Build - https://forum.homeone.com.au/viewtopic.php?f=31&t=87366 Re: Waiting on finance - what do you think? 2Mar 13, 2017 7:33 pm 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!! Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Waiting on finance - what do you think? 3Mar 24, 2017 5:43 pm Thank you!!! We heard today we have been approved! We are beyond excited. First Home Owners and Builders - building Zara29 with Metricon in 2017. Our Build - https://forum.homeone.com.au/viewtopic.php?f=31&t=87366 Re: Waiting on finance - what do you think? 4Mar 24, 2017 5:45 pm Fantastic! Congrats! Happy building Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building No. It's not original. Circa early to mid 90s would be my guess and maybe even as late as early 2000s 1 6633 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 57474 Looking to start the journey of becoming an owner builder in SA. Feeling pretty (overly) confident on the building and construction details, but really struggling to find… 0 8419 |