Hi all,
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?
Happy NY.
B.