We are currently looking at buying a house- we have almost $80,000 deposit. We are a family of 5 and my husband is self employed (pty Ltd company if that makes a difference). He earns around $63,000 per year, I have a small online, from home business and between my wage from my husbands company and my small earnings I make $18,000 per year. We receive around $250 per fortnight in family tax benefits and our company profits for the year are looking to be around $30,000 (first year in profit).
We have been knocked back from ANZ and NAB for a loan (of any amount) and I'm just after experience, or possibly professional opinion, on whether we should continue to try different lenders or if we really don't make enough to service a loan? We're gutted as we are able to pay rent + savings which equate to $600 per week which is more than a loan repayment would be.
Home loan advice
Home loan advice
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Life Lessons, IM's In Business, Money, FAQ
6 Replies
Find a really good mortgage broker in your area, they will help you secure a loan
I was going to say the same thing
Our mortgage broker explained to us that they deduct $22,000 per year per dependant/child so if you have 3 children, that's $66,000 a year accounted for. Banks tend not to take into consideration overtime, bonuses and profits unfortunately. I agree with the other posters, talk to a mortgage broker and see what they can do. Well done on saving $80k also. What an accomplishment especially with children. Best of luck!
Next year they will throw money at you.
We wanted to buy a new car last year, had $25,000 saved and wanted just the balance for a brand new car being about $7000. No one would give even that to us. Hubby works for his self and I worked part time 20hrs.
That was our 1st year of business.
We bought what we could afford. Turning out to be a massive lemon.
We lost $10000 on that car.
They gave us a loan for a brand new van and a brand new suv.
This year I work for him 3days so earning physically less.
Talk to NAB they have been awesome!
A mortgage broker is a great place to start. Try www.accessionfinance.com.au or call Tim on 0434494656.
A mortgage broker is a great place to start. Try www.accessionfinance.com.au or call Tim on 0434494656.