Hi guys,
I've been lurking on this forum for years.
About time I actually tried to buy a property. I respect the brokers and advice on here so thought I'd ask.
My partner and I are first home buyers.
I am 31 and an accountant.
Base salary of $120k + $30k distribution so say $150k per annum. I haven't included other commissions that we receive as difficult to predict.
My wife earns $40k per year as a hotel receptionist.
We have an 8 year old.
We have $12k saved. Yes I know this is low and am fully aware of mortgage insurance.
I had some credit problems in the past helping family out due to illness and parents being out of work. It almost killed us but we stuck at it. I will spare the sob story.
Current vedascore is 448 however improving every month. No defaults just too many inquiries. I monitor it monthly. Wife's vedascore i have no idea but I imagine better then mine.
Looking to buy a new home in nsw in spring farm south western sydney (around $500k) understand we would be eligible for $15k from osr and stamp duty concession. Could we possibly use fhog as part of the deposit? I believe we can as its payable on settlement if we use a deposit bond.
Are we jumping the gun with $12k saved? Probably and not sure that my vedascore helps due to past problems.
Current income is very solid obviously just the past coming back to haunt us.
Any advice appreciated - just concerned about property prices and how much they have risen. We could easily afford the loan just not sure we conform to banks.
Look forward to any help. I'm probably 6 months ahead but again appreciate brokers thoughts.
Cheers
Bern
I've been lurking on this forum for years.
About time I actually tried to buy a property. I respect the brokers and advice on here so thought I'd ask.
My partner and I are first home buyers.
I am 31 and an accountant.
Base salary of $120k + $30k distribution so say $150k per annum. I haven't included other commissions that we receive as difficult to predict.
My wife earns $40k per year as a hotel receptionist.
We have an 8 year old.
We have $12k saved. Yes I know this is low and am fully aware of mortgage insurance.
I had some credit problems in the past helping family out due to illness and parents being out of work. It almost killed us but we stuck at it. I will spare the sob story.
Current vedascore is 448 however improving every month. No defaults just too many inquiries. I monitor it monthly. Wife's vedascore i have no idea but I imagine better then mine.
Looking to buy a new home in nsw in spring farm south western sydney (around $500k) understand we would be eligible for $15k from osr and stamp duty concession. Could we possibly use fhog as part of the deposit? I believe we can as its payable on settlement if we use a deposit bond.
Are we jumping the gun with $12k saved? Probably and not sure that my vedascore helps due to past problems.
Current income is very solid obviously just the past coming back to haunt us.
Any advice appreciated - just concerned about property prices and how much they have risen. We could easily afford the loan just not sure we conform to banks.
Look forward to any help. I'm probably 6 months ahead but again appreciate brokers thoughts.
Cheers
Bern