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 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.




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users

 

11 things that will happen when you're breastfeeding

After having three children and various degrees of success feeding them all, there's one thing I can tell you: virtually nothing will go as planned.

Surgery for baby born with a tail

A baby born with a tail has had it removed after doctors feared the birth defect might cause long term damage to his lower body.

When 'skin to skin' becomes a family affair

An adorable photo of a little boy and his dad enjoying skin to skin contact with newborn twins is melting hearts everywhere.

35 hilariously weird 'top tips'

Who would have thunk it? We never knew there were so many uses for feminine hygiene products. 

Pregnancy skin woes: acne, dry skin, itchy skin

Here are some of the most common skin complaints in pregnancy and how to tackle them, face on.

Watch this fun dance class for babywearing dads

Is there anything sexier than a babywearing dad?

Parents, this is how to cut grapes to avoid choking

One mum has learnt a harrowing lesson about the best way to cut grapes to make it safe for toddlers and little kids to eat.

When your kids have totally different temperaments

Sometimes it has felt like whiplash parenting. She perches watchfully while I vacuum; he tries to climb on and go for a ride.

How do our stress levels influence our baby?

Since having my second baby a number of people have commented on how placid, content and settled he is and, similarly, many have commented on how this is a reflection of how I am with him.

Separation anxiety isn't just for kids

Despite its prevalence, most doctors tend to be reluctant to diagnose adult patients with separation anxiety.

A charm bracelet, a boy, and my beliefs questioned

I was staring at the face of my son, realising that my once steadfast decision to be open minded was quickly unravelling at the seams.

Why I'm so grateful for Hayden Panettiere's PND honesty

There are baby steps and giant leaps forward. But there are steps backwards, too. And, oh, how they can hurt your heart.

The heartbreaking story of little Moko

The mother of 3-year-old Moko Rangitoheriri said she should have picked up on the signs. {Warning: distressing content}

Kate Beckinsale and teen daughter recreate birth photo

Kate Beckinsale has recreated her daughter Lily's birth photo, 17 years after she was born.

The adult-size stroller you'll want to test drive

It's one of the biggest baby related purchases they will make, so it makes sense that parents-to-be get a chance to road test a stroller.

Pregnancy announcement shows the reality of IVF

It's a long way from baby booties or bump shots people have become accustomed to in social media pregnancy announcements.  

Soleil Moon Frye welcomes fourth baby

"Punky Brewster" is a mom again, for the fourth time. Soleil Moon Frye announced the birth of her baby boy, Story, on Instagram Wednesday.

Mum breastfeeds baby found abandoned on the street

A woman has been praised as a "beautiful mother" after breastfeeding a baby which had been abandoned at the side of a street. 

A birth with a difference: the 'natural caesarean'

We've shared stories of gentle caesareans before, but a new video shows a new option called a 'natural caesarean'.

Baby name inspiration by music genre

If you're all about the music, then you'll need a musical name for that baby. We've got all the lists for you by music genre.

Giving effective instructions to toddlers

One of the most common errors made by parents is in how they give instructions to their children.

 
Advertisement
 

Top 5 Articles

Advertisement
 
 
 

What's hot on EB

The babies who are one in 70 million

Bethani Webb was excited to find out she was pregnant, but the first time mum did not realise she was carrying four babies not one.

Cafe offers breastfeeding mums a free cup of tea

A Sydney cafe is offering breastfeeding mums free cups of tea in a bid to show support for the right of women to nurse their babies wherever they choose.

To snip or not to snip? When the decision is not clear cut

Jamie Oliver, who considered a vasectomy, is to be a father again. A fellow dad reflects on his own decision 11 years ago

Doctors stunned by rare twins born almost six weeks apart

To everyone's surprise, Kristen Miller "kept doing better each day", keeping her second baby safe.

Baby book ideas for modern parents

Before my son was born I was given a lovely baby book full of blank pages waiting to be filled with weights and heights and first words.

The adorable smile of a baby seeing his mum clearly for the first time

There is no doubt seeing their child smile for the first time is an unforgettable moment for parents everywhere.

Mum tells how toddler 'nearly hung himself' in cot mishap

When Alison Johnson put her 18-month-old Caleb down for a nap, she had no reason to believe her son was in any danger.

Babies are still switched at birth? Yes, it can happen

All my panic and tears aside, my biggest question looking back is about the kind of security measures used in the maternity ward.

Doctors slammed for taking selfie with newborn

Everyone who visits a mum in hospital in the days following childbirth wants to get a photo with the new baby.

ergoPouch Twosie Sleepsuit for winter breastfeeding

Finally, there's a way to keep warm while breastfeeding through winter.

Health check: How long does sex 'normally' last?

What to do with this information? My advice would be to try not to think about it during the throes of passion.

When breastfeeding sucks: fixing common problems

From niplash to tight boobs, biting to milk supply issues, Pinky McKay looks at common breastfeeding issues and how to solve them.

10 things I've learnt in my first six months with twins

Six months on we're all still alive, and the more we get to know each other the easier the days become.

Mum's loving kiss leaves baby fighting for life

Kirsty Carrington thought nothing of giving her newborn son a kiss, little did she know it would leave the baby fighting for life.

When doing chores is your new 'me time'

After children, 'me time' looks a little different.

Get going: 14 travel strollers for families on the move

A stroller can make or break travelling with a baby or toddler. Here are 15 great single travel stroller options.

10 ways toddlers are terrific

It always pays to remind yourself of how terrific toddlers can be - they're little like this for such a short time

 

Vintage Toys

The toys of your childhood

Take a trip down memory lane with these vinage and retro toys that you may have had in your childhood or your parent's childhood.

 
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.