Browse Forums Home Finance 1 Feb 06, 2020 6:56 pm Scandinavian living in beautiful Australia. Hoping to become first time home owner in 2020 Re: Very Low Income - Large Deposit - will I get a house loa 4Feb 06, 2020 7:48 pm Scandinavian living in beautiful Australia. Hoping to become first time home owner in 2020 Re: Very Low Income - Large Deposit - will I get a house loa 6Feb 06, 2020 7:57 pm Scandinavian living in beautiful Australia. Hoping to become first time home owner in 2020 Re: Very Low Income - Large Deposit - will I get a house loa 9Feb 07, 2020 6:47 am Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Very Low Income - Large Deposit - will I get a house loa 10Feb 07, 2020 8:38 am 3in1 Supadiverta. Rainwater Harvesting Best Practice using syphonic drainage. Cleaner Neater Smarter Cheaper Supa Gutter Pumper. A low cost syphonic eaves gutter overflow solution. Re: Very Low Income - Large Deposit - will I get a house loa 11Feb 08, 2020 3:21 pm Scandinavian living in beautiful Australia. Hoping to become first time home owner in 2020 Re: Very Low Income - Large Deposit - will I get a house loa 12Feb 08, 2020 3:24 pm Scandinavian living in beautiful Australia. Hoping to become first time home owner in 2020 Re: Very Low Income - Large Deposit - will I get a house loa 14Aug 19, 2021 10:27 am Some very good answers here but the most important issue is to find a very good finance broker. It may make all the difference, for example the fact that you have been paying rent means you have payment history but as others have said you need to increase your serviceability. Finance brokers have their bag of tricks, they will know how to present your application to a lender that is most likely to listen. A lady I know was putting her clients on a six month saving plans then getting them home and land loans when no one else could. It reminds me of a story I heard about Walt Disney meeting three bankers for a loan for Disneyland. After the presentation of the concept the first banker said, no way, the second, I can't see it and the third said , you have your money Mr. Disney and the rest is history. Foremost Building Expert in Australia,assisting with building problems/disputes, building stage inspections,pre-contract review advice for peace of mind 200 blogs http://www.buildingexpert.net.au/blog Re: Very Low Income - Large Deposit - will I get a house loa 15Aug 22, 2021 6:15 pm OP here! Thank you for all the great replies. Your input was much appreciated as I am a complete novice when it comes to buying a home! I am happy to report that in the year and a half since writing the original post, I have received the inheritance and also a pay rise. I found myself a great morgage broker and was last week informed that I can get a loan of about $450,000. Thus, I am now looking for homes up to about 830,000. In the area I am looking to buy this won't get me much, but that's a whole different discussion! Thanks again to everyone who contributed to this thread. Scandinavian living in beautiful Australia. Hoping to become first time home owner in 2020 Re: Very Low Income - Large Deposit - will I get a house loa 17Sep 13, 2021 8:24 am [quote="jakec":2jgu1d7f]It's understandable for income to be a key criterion, but it shouldn't be the *only* one. Frustrating that many banks seem to disregard other factors.[/quote:2jgu1d7f] It's not the only criteria. Expenses, location, marital status and how many dependant children you have are also factored as key criteria. Those factors are used in calculating benchmarks and stacking customers against them as a bare minimum. Income is objectively the only criteria that can be used to determine whether after handling the other factors stated above, whether there is enough for a loan to be paid. Income is key to litterally all lending. If you can't prove you can afford to pay something ongoing, what other factors do you propose a bank use to mitigate the risk of lending hundreds of thousands of dollars? The subjective value of your project car in the garage, your stamp collection, an inheritance which may or may not eventuate in an indeterminable amount of time, the idea that you're a fast learner and you expect to get a job before the first payment is due? That said there are lenders that do custom lending that considder different criteria if you're not a standard wage earner. People who are self employed or own a business often don't have regular incomes. So those get looked into differently. Income is still a factor, but where and how it is derived becomes more flexible. Though it's important to factor in the increased risk of such customers and often results in a much higher interest rate. Dark matter scientist, can breathe underwater, mind reader and can freeze matter just by willing it. Trust me, its in my sig. Re: Very Low Income - Large Deposit - will I get a house loa 18Sep 13, 2021 2:26 pm I would say go for Rentvesting strategy. Rentvesting is a home-owning strategy where you rent a property to live in that's right for your lifestyle, while you own an investment property that's right for your budget. Google above term or look on youtube, you will learn more about this new strategy going in the market. Basically, it allows you to live where you like and own to rent the property somewhere, with this one day you will be in position to buy the home to live. The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 20084 Hi - thanks for your reply. Yes I think 'Ill go for whitish with very speckly bits rather than pure white something like this. PS was actually 2008 I built the… 2 12436 consider putting in wall WC instead of robe in the same bedroom, then it might be doable to hook up to the existing piping. 4 7013 |