Hi
I'd like some advice on starting out, we are a young family (just one child) and are looking at buying our first PPOR soon.
We have cash savings of around $28k which we have saved over the past few years, and have company shares that are valued today at around $37k with an interest free loan tied to the shares at around $20k. There are restrictions on selling the shares, I can only sell each lot after Ive had them for three years, unless I resign from my job.
The problem is our serviceability. What are our chances of getting a loan with my husband earning $550 per week after tax, and me only earning $240 per week after tax working part time? Im actually on maternity leave at the moment and if I returned to my job would earn $630 per week after tax working full time, but with child care costs, petrol etc..I am financially better off earning $240 per week part time in the evenings and having my husband look after my daughter thus cutting out child care costs.
I dont think our chances are good. We are in Melbourne, looking at the Altona Meadows area, around $300k.
Any opinions or advice? My parents are willing to help us out, however I dont think that they can do much about the serviceability issue. Also, my husband only started his job two weeks ago, how long does he have to work for before it is deemed that he is in a stable job, is it still six months?
I'd like some advice on starting out, we are a young family (just one child) and are looking at buying our first PPOR soon.
We have cash savings of around $28k which we have saved over the past few years, and have company shares that are valued today at around $37k with an interest free loan tied to the shares at around $20k. There are restrictions on selling the shares, I can only sell each lot after Ive had them for three years, unless I resign from my job.
The problem is our serviceability. What are our chances of getting a loan with my husband earning $550 per week after tax, and me only earning $240 per week after tax working part time? Im actually on maternity leave at the moment and if I returned to my job would earn $630 per week after tax working full time, but with child care costs, petrol etc..I am financially better off earning $240 per week part time in the evenings and having my husband look after my daughter thus cutting out child care costs.
I dont think our chances are good. We are in Melbourne, looking at the Altona Meadows area, around $300k.
Any opinions or advice? My parents are willing to help us out, however I dont think that they can do much about the serviceability issue. Also, my husband only started his job two weeks ago, how long does he have to work for before it is deemed that he is in a stable job, is it still six months?