Jump to content

Hoping for a home loan with kids?


  • Please log in to reply
13 replies to this topic

#1 Blueberrymummy

Posted 13 January 2013 - 01:06 PM

Sorted thnx all.

Edited by Adeia, 24 June 2013 - 10:21 AM.


#2 Lees75

Posted 13 January 2013 - 03:14 PM

I think you would be in with a chance, given that you have a 10%+ deposit, plus the FHOG. But, dependent on your state, the stamp duty and mortgage lenders insurance will eat into your deposit.

Admittedly it was before the GFC, but I got a mortgage of $242k  as a single parent, on $37k plus part PPS, FTB. I had an $80k deposit but no FHOG.

Go and see a broker as they will be able to indicate if you have any chance or not.

Good luck!

#3 *melrose*

Posted 13 January 2013 - 06:02 PM

QUOTE
Go and see a broker as they will be able to indicate if you have any chance or not.

Agree,

#4 jks91

Posted 13 January 2013 - 07:48 PM

Your deposit is strong in relation to what you want to borrow so that will help greatly.  Get in touch with a good broker and they will be able to advise which institutions will be favourable given the kids.

#5 cantthinkofone

Posted 13 January 2013 - 07:53 PM

Sorry I personally have no idea but wanted to ask a question. Is there even such thing as the FHOG anymore? I thought it was scrapped this year unless you're building???

#6 Escapin

Posted 13 January 2013 - 07:58 PM

And your grandmothers idea is a REALLY BAD one. To pretend you don't have dependents when you do would now constitute a breach of contract and you could be in all sorts of trouble.

People used to try on all kinds of rubbish, but post GFC, when the pigeons seriously came home to roost, new laws have been brought in to really tighten things up.

On your original post though, why don't you just use one of the bank's online calculators and see what it says? Or go into your local branch and ask?

#7 Feral Mozzie

Posted 13 January 2013 - 08:00 PM

I just used a quick online calculator and according to it you wouldn't get the loan, but it's probably worth going and talking to a broker.

The big question I have is how much is the commission and is it regular? That will make a big difference.

#8 Epitome

Posted 13 January 2013 - 08:01 PM

Can you still get a house for $250k within 50km of Melbourne?

#9 Blueberrymummy

Posted 14 January 2013 - 02:31 PM

Thanks all for the replies. My husband does earn a steady commission, it's normally around $150 - $200 extra per week on average. There is still a FHBG of $7000 as far as I'm aware. We were living overseas as well so I think he hasn't even been working here long enough. I was looking at Melton, I've seen some really cheap houses online out that way... I've heard it's not a great area but we are willing to start anywhere and compared to where we were living before it's paradise lol. Working isn't an option for me at this stage because I am heavily pregnant and have Rheumatoid Arthritis so I guess I just have to be patient and wait til we are in a better position to buy, but I guess I can speak to a broker and see what they say.

#10 #YKG

Posted 14 January 2013 - 05:16 PM

If the broker says no keep building on your deposit. The larger the deposit sometimes the easier it is to get approved as you borrow less.

All you can do is see a broker for advice. As far as I'm aware commission isn't considered stable income, do whilst your DH has a base don't be surprised if the commission isn't taken that much into account

#11 jewel2

Posted 14 January 2013 - 06:07 PM

I am a SAHM,  we have just been to AUSSIE Home Loans (Mortgage advisor).

They were very helpful, if you pop in for a chat they will go through your income etc and tell you exactly how much you can borrow.
Amount of deposit you need etc.
They use various lenders so can usually find you a mortage.


* Do you have any credit cards or car loans?  As we were advised that if we did it would mean we could borrow less. Luckily we do not have debt so are ok.

Our advisor gave us some great info so we can go ahead and buy later in the year.

I would go an see someone like AUSSIE as they will be able to work out everything and the info is free.

J



#12 Orangecake

Posted 14 January 2013 - 09:06 PM

We have just bought a house, while I'm on unpaid maternity leave. In our situation we were able to just use DHs income. We were fortunate that we didn't require mortgage insurance, our broker said once the insurance company's are involved the banks are a lot more stringent. I've heard some lenders will lend without mortgage insurance on deposits of less than 20℅ - a good broker will know your options.
Good luck!!

#13 rob6712col

Posted 15 January 2013 - 04:11 PM

Hi, I am a mortgage broker and I have just run your figures through the banks servicing calculators. The banks can't take your rent assistance into account as this will stop once you buy a home. I have taken about $8k a year for FTB?  With no other debts - not even a credit card limit- your maximum loan is $185,000. So not enough to buy a home for $250k.  The FHOG is still available in Victoria but not in NSW so it is different in every state and territory at the moment.  The fees to buy in Vic will be about $10-$12k in that price range so that will need to be deducted from your deposit. You will need to save more money for deposit or increase the income.  Your DH's commission can only be used if he has been with his current employer for more than 12 months. If we could take the commission of say $200 per week your maximum borrowing goes up to $230-$235k.  Hope this helps.  If you want to talk to a broker that is local to you, then send an email to National Mortgage Brokers and they will get you in contact with someone who is local.  (i am not local to you...)

#14 mummyheartsmoney

Posted 15 January 2013 - 06:22 PM

Check out this calculator by AMP - its a good indicator for most mainstream lenders on how much you can borrow.
Don't factor in any commissions or bonuses that hubby recieves, although you can certainly factor in any FTB (but not rent assistance, since you won't be getting it anymore).
If the amount you can borrow isn't quite enough, thats OK! Just take a little longer to save a little more and wait for hubby's commissions to become more regular. Once he has received a regular commission amount that can be demonstrated by group certificates over 2 financial years most lenders will consider it.
Good luck with your next baby, I hope you can buy a home soon.




1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users

 

Ada Nicodemou: 'I can never be completely happy again'

Home and Away actress Ada Nicodemou has opened up about the loss of her stillborn baby.

10 things to consider when you're thinking about trying for a baby

Before you start tracking your menstrual cycle and reading up on the best positions to get pregnant, there are a few other things you may want to consider.

Baby Gammy's dad tries to claim charity money

The biological father of baby Gammy has reportedly tried to access charity money raised for the little boy's medical costs.

How special surgery and IVF can create a post-vasectomy baby

Cricket legend Glenn McGrath and his second wife Sara are expecting their first child together, thanks to IVF and a delicate surgical sperm retrieval process that helped the couple to conceive.

Belle Gibson's mother 'disgusted and embarrassed'

The mother of disgraced wellness blogger Belle Gibson has accused her daughter of lying about her childhood in an attempt to garner public sympathy.

Life On Mars

It's men who need 'retraining', not women

We are all responsible for our own behaviour. Telling victims to harden up is wrong.

Doctor's mobile phone 'left inside c-section mum'

A new mum claims a doctor left his mobile phone inside her after delivering her baby via caesarean section.

I'm a mum and I'm following my dreams

I want my kids to know that no matter what happens in life, you can still be who it is that you've always wanted to be.

Those first daycare days

I had this innate 'mum' moment the other day.

'If one person had listened, my life would have been so different'

Katherine's father will die in prison for the horrifying sexual abuse of his daughter. Yet she is the one with the true life sentence.

Couple to celebrate terminally ill baby's birthday in unique way

Baby Jai Bishop has lived at Starship Hospital for the past seven months, with his parents flying back and forth from Hokitika, 1100km away, to be by his side.

This new plan undermines breastfeeding and baby health at everyone's expense

Mothers, babies, the health system and the wider society are going to pay the price of this new budget.

Trying to understand why your baby is upset

Working out what?s underlying your baby's fussiness can be a case of trial and error. Here are a few common causes and how you can remedy each one.

When those you love judge your parenting

In today's society, never has it been harder to parent without judgment. But what about when judgment is coming from closer to home?

Don't play the victim blame game with family violence

It's not a woman's job to teach violent men how to behave.

11 truths about having two under two

When I told my mothers? group that my husband and I had started trying for our second baby they told me I was crazy. Now I can see why.

'How do you say goodbye to someone you've only just started to get to know?'

New mum Sarah Sutton was faced with a shattering scenario no person should have to endure.

It's a ... boy! Couple welcomes son number 13

"It's a boy!" That's the phrase Kateri Schwandt has heard in labour delivery ward for the 13th time in her life.

Six reasons to go for a walk

Can't find time to get to the gym? It could be just as beneficial to put your baby in the stroller and go for a walk.

Seven questions you should be asking about your health cover

If the last time you assessed your health cover was five years ago, there?s a chance it may no longer suit your needs. To ensure it?s still right for your family, click here for seven questions to ask.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

How to use gas effectively in labour

Many women in labour don't use gas effectively and suffer more side effects than benefits. Here's how to get the most out of this pain relief option.

'He has gastro but that's okay, right?': sick kid etiquette

We cannot place all children who are sick in a bubble till they recover, but we can give other parents a choice about exposing their kids to them.

Ada Nicodemou: 'I can never be completely happy again'

Home and Away actress Ada Nicodemou has opened up about the loss of her stillborn baby.

10 things to consider when you're thinking about trying for a baby

Before you start tracking your menstrual cycle and reading up on the best positions to get pregnant, there are a few other things you may want to consider.

How special surgery and IVF can create a post-vasectomy baby

Cricket legend Glenn McGrath and his second wife Sara are expecting their first child together, thanks to IVF and a delicate surgical sperm retrieval process that helped the couple to conceive.

Belle Gibson's mother 'disgusted and embarrassed'

The mother of disgraced wellness blogger Belle Gibson has accused her daughter of lying about her childhood in an attempt to garner public sympathy.

Doctor's mobile phone 'left inside c-section mum'

A new mum claims a doctor left his mobile phone inside her after delivering her baby via caesarean section.

I'm a mum and I'm following my dreams

I want my kids to know that no matter what happens in life, you can still be who it is that you've always wanted to be.

Those first daycare days

I had this innate 'mum' moment the other day.

'If one person had listened, my life would have been so different'

Katherine's father will die in prison for the horrifying sexual abuse of his daughter. Yet she is the one with the true life sentence.

This new plan undermines breastfeeding and baby health at everyone's expense

Mothers, babies, the health system and the wider society are going to pay the price of this new budget.

Couple to celebrate terminally ill baby's birthday in unique way

Baby Jai Bishop has lived at Starship Hospital for the past seven months, with his parents flying back and forth from Hokitika, 1100km away, to be by his side.

Life On Mars

It's men who need 'retraining', not women

We are all responsible for our own behaviour. Telling victims to harden up is wrong.

Baby Gammy's dad tries to claim charity money

The biological father of baby Gammy has reportedly tried to access charity money raised for the little boy's medical costs.

Where are the childcare places?

It?s all very well to encourage women to work if they choose to, but how can the measures lead to increased workforce participation when women are once again left holding the baby?

The pain of not having babies and not knowing why

After seven years of wishing, hoping, crying, punching pillows and shouting "why me?!", the end result is more than I ever thought possible.

Getting your family finances in order

Whether you're after a new car for a growing family, a bigger house, or are just fixing up your finances, here are the basics on borrowing.

Mum shares graphic selfie to warn against tanning

A mum has shared a graphic photo of her skin cancer treatment as a warning to others.

Does parenthood make us happier?

We can certainly gain higher levels of happiness when we become parents, but the trick is to not get overwhelmed by the pressures of raising our kids.

No, having a dog is not like having a human child

It's obvious these people dote on their pets, but they're barking up the wrong tree.

 

Top baby names

Baby Names

The numbers are in and we can now bring you the 2014 top baby name list for Australia.

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.