Hey Guys,
My partner and I took the dive yesterday and put a small holding deposit on a House and Land Package ($479K).
Our situation is as follows and we are wondering how we are looking finance wise:
Combined income - $80,000/year
Genuine Savings - $45,000 - We are also planning on using the full $20,000 FHOG Grant as part of our deposit to push it to $65,000.
We have no debt currently and no defaults on record, partner just paid off her 5 year car loan in 1 year (not sure if this looks good).
Never had a credit card between us either.
We recently relocated to QLD from Sydney and have been in our jobs for about 1.5 months each but previously were in stable employment for about 2 years. We have both remained in the same industry which I believe plays into our favour and we have signed full time contracts with pay etc.
We also have the necessary 3 recent pay slips from our current positions.
Everyone we have spoken to has told us our significant deposit and lack of any debt mean we are in a very comfortable position to receive the loan.
Based on the figures I have looked at if we put $65,000 towards the purchase of the home we should only be requiring a loan of around $425,000 however I suspect we will apply for somewhere around the $430,000 just in case there are any small surprised, but we aren't too worried as we have signed a fixed price contract.
Any advice or re-assurance would be amazing.