Phil-UK

I've been playing around with the online mortgage calculators to see what we could possibly borrow. I'm not in Oz yet so I'm using rough figures on expected avg. salaries. The results come out something like this:

2 x salaries with 0 dependants: $387K = nice house.
2 x salaries with 3 dependants: $269K = yucky house or even a tent.

Now I can't give my kids away (or can I !!! ) so we won't get much of a mortgage. What I'm not sure is will the banks take into account the Family Tax Benefit we would be entitled to having 3 kids as income?

If I add in that figure it brings it back up to around $354K = nice house again!

Does anyone have experience of this?

Thanks, Philip

Australia_bound?

Sorry but $269 would depend on where in Aus you want to live! My Grandma's house 3 bed would only set you back $198,000 is in Melbourne and is a nice area right next to a small park, there's a 4 bed with a pool for $234,00 nearby.
Think you need to research a bit more as more expensive is not always better. If you want to go to Sydney you could buy a tiny spot of land and just about have enough left over for a shed to go on it. Adelaide easily get a 4 bed well within your budget, Perth and other areas I don't know as I haven't been there!

Phil-UK

Im only going on what I've been reading and what properties come up on sites like realestate.com.au but the prices you mention, especially for Melbourne surprises me. Hopefully I'll get something for that price!

We will be going to Brisbane so prices should be cheaper (in theory) than Melbourne. I guess being there, on the ground is the best way to see real house prices.

Thanks for your comments A_B

Phil

wengerboy

the answer is yes your family tax benefit is added to your earnings

karenjc

Your family tax credit would not be taken in to account on your attempt to get a mortgage, don't forget the more you earn the less tax credit you get. I don't know where you are bound for but to say the that $269k would get you only a yucky house is not necessarily true, as we have seen some ok houses in that price range as we have looked through the real estate booklets.

wengerboy

my lender has included mine

jarv

If You Are Heading To Brisbane You Can Get 4 Beds On A Reasonable Plot In Forest Lake Or Springfield Lakes For $275,000, Even Cheaper In Collingwood Park Area (friends Just Paid $174,000 For 4 Bed House That Needs Decorasting And Tidying Up Etc.

Siren & Brian

Very much so.... the only way you cant get the Family allowance is if you earn shit loads of money or the kids get old and bugger off so therefore there not dependants.

Phil-UK

Thanks for all the replies folks.

I was actually quite worried about the property prices but your comments reassure me that all is not lost and that we can get something reasonable that doesn't cost the earth.

We will probably play the wait-and-see game for a bit though as most seem to think many properties are over valued (as in the UK) and due for a price correction.

Thanks again
Philip