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Also as a contractor you might be able to do a full doc loan. If contract has an hourly pay rate and set / minimum hours essentially you can be viewed as payg by some lenders.
i'd hate to see what you could borrow if you were earning UNDER $75k self employed - the serviceability calcs are shocking.
Geesh - how much is 'not much'? I think we eventually got assessed at about $50k because they still didn't take some of our income streams or potential rent into account, and we got $200k total - with 3 kids. Which I guess is way less than your average house these days.
I think our lender actually realises that with someone in the house on DSP we get crazy concessions on stuff. Only just put the forms in for the concessions and we're still getting refund cheques in the mail from government departments we didn't even know we'd get a concession for
Edit: DSP isn't taxable income and neither is FTA/B so between low income rebates and pension concessions we don't pay tax ...
Majority of lenders work on the Henderson Poverty Index
A married couple is just over $1700 in living expenses and each child is just over $400 each, so married with 3 kids is almost $3000 net income you have to earn per month before you can borrow a dime.
As an aside, the HPI will be replaced in due course with something a little more realistic.
Now, full price childcare ... that's another matter. $60 per day each.