Borrowing Capacity

[w4k1ng]

Question for finance brokers, lending staff etc.

Q: How will the bank likely treat the following situation?

We are a couple with a 50-60k deposit. I have a secure, permanent full time job and earn 60-70k. My gf works full time hours and earns around 50k a year, however her job is technically casual. I am worried that due to the nature of her employment the bank will only really take my income into account. I've been encouraging her to get a permanent job for some time. I also have an IP which is slightly cash negative.

Realistically we'd need to borrow around $450k. Is this possible? Would my gf need to get a full time job or would we just need a bigger deposit?

Thanks

 

[Rolf Latham]

Subject to deposit verification ( ie gen savings etc) , a number of other things and the Casual role having been there at least 90 days, 450 is achievable on the surface

ta

rolf

 

[w4k1ng]

Hi, The deposit is genuine. So the main factor with my gf's income is that she'd be required to have been employed for > 90 days? (which is fine, she's been there 3 years).

 

[D.T.]

Any kids?
How much debt in IP or cards etc?

 

[Mick C]

Presuming no liabilities ( cc, personal loan, car loan store card, kids etc) it looks ok.

Regarding causal employment ( generally speaking as each lender is slightly diff):

<80% LVR -- 2 years in the same industry, min 12 month in current role as causal ( income is annualized) * There's 2 lender that will consider 3 month in current role...

>80% LVR --- 12-24 month with the same employer depending on lender + Same industry for min 2 years....a majority of lender requires 24 month

 

[w4k1ng]

No kids, 200k debt on IP, worth $230. no cards or other debt (except help debt).

 

[Singo]

No kids, 200k debt on IP, worth $230. no cards or other debt (except help debt).

With a combined income of 80k, we have bought 3 IPs. One of them was bought when one of us was only 6 months at a new place (but same role). With genuine savings history, borrowing shouldn't be a big issue to you.

You should buy according to your strategy. But you may consider buying two IPs at around 250k instead of one for 450k. Best of luck.

 

[Aaron_C]

Your borrowing power is fine. Casual is ok as per Mick's post.