How does this situation work -
Living in Sydney now, wanting to buy first home in Victoria (looking at Frankston area or north Geelong).
I am self employed but only have 1 tax return so far and only earned 30k in my first year being self employed. I have no other expenses or debts.
Partner has a 1 year+ job in Sydney, stayed at previous employer for 3 years. He would have to quit here and find a job in Vic.
So how would they give us a mortgage if he has to find a new job when we move, essentially meaning he has no income for a while?
Would he have to have a job lined up in Vic before we get the mortgage? Thats a little difficult considering its unlikely anyone will employ him if he's not even a resident.
We aim to have a 20% deposit although are in a real hurry as prices are great in suburbs we're looking at and we dont want to miss out, so its likely to only be a 10% deposit (yep i know we'll then be stuck paying LMI, but is it worth waiting another 1-2 years to avoid this?).
Living in Sydney now, wanting to buy first home in Victoria (looking at Frankston area or north Geelong).
I am self employed but only have 1 tax return so far and only earned 30k in my first year being self employed. I have no other expenses or debts.
Partner has a 1 year+ job in Sydney, stayed at previous employer for 3 years. He would have to quit here and find a job in Vic.
So how would they give us a mortgage if he has to find a new job when we move, essentially meaning he has no income for a while?
Would he have to have a job lined up in Vic before we get the mortgage? Thats a little difficult considering its unlikely anyone will employ him if he's not even a resident.
We aim to have a 20% deposit although are in a real hurry as prices are great in suburbs we're looking at and we dont want to miss out, so its likely to only be a 10% deposit (yep i know we'll then be stuck paying LMI, but is it worth waiting another 1-2 years to avoid this?).
