$32k, full time? Thats like $2k above minimum wage? And did you say you've been working at the same place for 9 years? WTF kind of company pays a loyal employee of 9 years so close to the bare minimum? Not to mention that many award minimum rates are far higher than that.
Get yourself a different job mate. Any job. You can work in retail and gets $40k as an assistant with minimal experience. What did you study at tafe?
All of that said, $120k is a cracking deposit, great work!
Assuming no debts, even on your current wage, I reckon you could get a $150k loan if the property was your PPOR and assuming you have no debt (source:borrowing power calculators). Taking into account your savings history (which is awesome) you could probably borrow more. If you got a 2br, and let out the other room, you could push it up a little more again. Even on your current wage, all is not lost!
Get yourself a different job mate. Any job. You can work in retail and gets $40k as an assistant with minimal experience. What did you study at tafe?
All of that said, $120k is a cracking deposit, great work!
Assuming no debts, even on your current wage, I reckon you could get a $150k loan if the property was your PPOR and assuming you have no debt (source:borrowing power calculators). Taking into account your savings history (which is awesome) you could probably borrow more. If you got a 2br, and let out the other room, you could push it up a little more again. Even on your current wage, all is not lost!