Just wondering how significant an effect getting a car loan can have on loan servicability for a PPOR?
Currently wife and I earn 50k and 52k plus super so 102k combined p.a. f/t perm employment. we have 5k credit card limit. we had a 15k car loan from a few years ago which we now owe only 7.5k on it. repayments on that are $75pw.
We are tossing up buying a new car now, which would mean the car loan amount would be $27000. based on current interest rates this would mean the repayment will increase from 75pw to 125pw (50 extra) over a 5 yr term.
in the next 6 mths we plan to get a LVR95% loan on either an IP or PPOR around the beenleigh qld area for approx $300,000 purchase price (so 15k deposit, 285k loan amt).
If we get this 27k car loan, will this mean it will be a push to get the home loan in the coming 6 months? I don't want to risk getting the new car if it will put us years back with being approved for a home loan.
we have a great credit history and have had home / pers loans in the past which we have paid back full on time every time. my income is likely to increase in July this year by around 5%.
Currently wife and I earn 50k and 52k plus super so 102k combined p.a. f/t perm employment. we have 5k credit card limit. we had a 15k car loan from a few years ago which we now owe only 7.5k on it. repayments on that are $75pw.
We are tossing up buying a new car now, which would mean the car loan amount would be $27000. based on current interest rates this would mean the repayment will increase from 75pw to 125pw (50 extra) over a 5 yr term.
in the next 6 mths we plan to get a LVR95% loan on either an IP or PPOR around the beenleigh qld area for approx $300,000 purchase price (so 15k deposit, 285k loan amt).
If we get this 27k car loan, will this mean it will be a push to get the home loan in the coming 6 months? I don't want to risk getting the new car if it will put us years back with being approved for a home loan.
we have a great credit history and have had home / pers loans in the past which we have paid back full on time every time. my income is likely to increase in July this year by around 5%.