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Hoping for a home loan with kids?


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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 jkate_

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 Mozzie1

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.




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