Buying in 6 months time

[tobe]

30 isnt old generally, and is about average for first home buyers
land will not appreciate much in 6 months. the land asking prices might, from the developer, but the block you might buy wont be revalued in 6 months time more than the purchase
the deposit required for land is about the same for house and land for first home buyers, its easier from a lending perspective, and presents less risk to a lender. do both together, (not necesarily from the same vendor, just at the same time) dont buy land seperately.

this new 'contract role' might be the reason your credit was denied, and it might be an issue for a home loan, especially at 95%, especially for a lender who credit scores. Is the contract role a full time position for 12 months? Or a contract to provide services and be paid by way of invoice? makes a bit of a diference.....

 

[annielee]

the contract role is 12months based on a daily rate and might be renewed, its considered fulltime as i still work 9-5 and not PH and dont get paid for holidays and any leaves i take..

30 isnt old generally, and is about average for first home buyers
land will not appreciate much in 6 months. the land asking prices might, from the developer, but the block you might buy wont be revalued in 6 months time more than the purchase
the deposit required for land is about the same for house and land for first home buyers, its easier from a lending perspective, and presents less risk to a lender. do both together, (not necesarily from the same vendor, just at the same time) dont buy land seperately.

this new 'contract role' might be the reason your credit was denied, and it might be an issue for a home loan, especially at 95%, especially for a lender who credit scores. Is the contract role a full time position for 12 months? Or a contract to provide services and be paid by way of invoice? makes a bit of a diference.....

 

[tobe]

If you dont get holidays many lenders will consider it like casual. Many lenders only use casual income once you have been there a minimum period, and then they discount your income for the holiday you should have taken (so dived by 52 times 48 equals income used for calculation).

I suggest it might be tricky to get a 95% loan in your current circumstances but I and a lot of the finance people here would have seen heaps trickier problems.

House and Land is a specialised area, Id consider it carefully. It suits FHB's who dont have a great deal of deposit, and who arent fussed if the capital value doesnt improve for the first 3 to 5 years. Many investors might view it diferently in Melbourne at the moment.