Dec 31, 2017 8:00 am
My partner and I have recently signed a contract (subject to finance) to purchase our first home in one of Melbourne's middle ring suburbs. Our household income is circa $200K.
Purchase price is $580,000 less 58,000 deposit. So we are seeking a loan of $522,000. I understand this will attract LMI of approx 13K which we can pay up without getting it capitalized on to the loan.
We have about 95K in savings between us and $2K in debt which is minimal. No fancy cars, no living on credit cards.
I am a little nervous about the whole finance process. Our broker has advised that all should be fine.
I would love your opinion as to whether or not these numbers work?
Re: FHOB - Newbie nerves2
Jan 02, 2018 12:29 am
You should be fine. They mostly care about income, savings and debts and you can tick all three boxes. I know when we were in a similar financial situation and went for a pre-approval amount the bank was willing to lend up to $700k from memory. Hopefully it works out the same for you
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