[Blueberrymummy]

Hi all,

I was wondering if there was anyone out there with similar circumstances to us that has managed to be approved for a home loan? I am a SAHM with one child and one on the way. My husband earns $800 gross per week plus commission and I get rent assistance and FBT. Currently we are paying $1521 per month in rent and are comfortable with this and have no issues with budgeting. We have $30k for a deposit and are also eligible for FHBG. We would be looking to borrow around $220k at the max and are happy to live in one of the very cheap suburbs of Melb until we can afford something better.

Would any lender give us a loan? My grandmother used to be a real estate agent and told me my husband should apply alone and not say he has kids, but I am afraid to get caught and then never be able to get a loan at all. I really wish that we bought a house before having kids but we were living overseas and I guess I was a bit clueless about these things. Can anyone recommend a broker or lender that has really been able to help them against the odds?

[Lees75]

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!

[*melrose*]

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

Agree,

[jks91]

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.

[cantthinkofone]

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???

[Escapin]

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?

[Mozzie1]

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.

[melbelle]

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

[Blueberrymummy]

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.

[YellowKittyGlenn]

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