FHO-Newbie Question,Advice Please !!!

[Perth]

Hi all,
I am so excited that I found this great forum.

I am looking to buy my PPOR in Perth with around 55k deposit. I am watching a few properties under 400k at the moment.(380k ish). Problem is I just receive a contract for 6 months with a view to permanency in Accounting.I was a full time employee in my previous accounting position for 3 years.How would the bank view this, and if there is any lender interested in my case.
Or should I just save up a bit more to reach the 20% deposit to make things easier while gaining a full time job. It looks like the market is shifting to a buyer market here with a lot more stocks so waiting would be a great move in my opinion. But it is really hard to resist the urge of owning your first home

 

[Jamie M]

Hiya

Would be easier if LMI wasn't involved - but it may still be possible due to history in the same industry. A lot will depend on the overall strength of the application.

Are you purchasing alone?

Cheers

Jamie

 

[Perth]

Hi Jamie,

Thanks for your reply. Yes I am buying under my name only. Any one here try keystart home loan in WA ? They don't charge LMI but I think the rate is higher.

Thanks

 

[D.T.]

There's an income limit on Keystart. The criteria is on their website.

I don't recommend using it though. Your circumstances don't demand it, you might just need to wait a bit longer at your job. That's not a bad thing, surely? It'll probably take you longer to find a place you like anyway. And by then you'll satisfy a proper bank and probably have a little bit more saved.

Sounds like a win all round.