Questions about first home purchase

[Radicals]

Hi everyone, this will be my first post, so please be gentle...

I've finally set the goal for myself that by the end of 2015 I want to be settled into my first home. Some background:
- I'm in my late twenties, unmarried, no kids
- I'm working 2 part time jobs with no chance of going full time
- I have just started a small business as a personal trainer so in future my income may become more varied (but my costs are low)

After doing a borrowing capacity calculation on several of the major bank websites I see I can only get about $200K, which is pretty off-putting...

I have been data-mining suburb data around South Brisbane, and I'm looking to buy my first place down that way eventually.

I know the obvious way to increase my borrowing capacity is to "earn more", and hopefully I will, but I've been reading that banks need at least 2 years of consecutive notice of assessments if you are self-emlpoyed.

Does anyone have any advice, or experience in buying their first home on a not-so-fixed income?

 

[Jamie M]

Hiya and welcome aboard.

Two years for s/e if the norm - some will accept one years but generally want to see that the business has been operational for 2+

Might be worthwhile getting a decent finance person to look into the numbers for you and see where/if the capacity can be improved.

Rolf Latham is up in QLD - can't hurt to give him a buzz. He knows a thing or two - we don't call him rolfucius for nothing

Cheers

Jamie

 

[Radicals]

Thanks for the tip! I'll check it out.