Mortgages on Low Incomes
Apr 12th 2007, 12:14 pm
#1
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Thread Starter
Joined: Jan 2007
Location: Newry, County Down - now Melbourne, Home
Posts: 81
Mortgages on Low Incomes
Hi
Just interested to see what the lowest income was for people who have got mortages in Australia.
The reason I'm asking here because I'm a stay at home, and was hoping to do the same in Oz.
Are there any families in Oz (Melbourne specifically) who have managed to get a mortgage on just one income? Can it be done?
Cheers for any advice.
Just interested to see what the lowest income was for people who have got mortages in Australia.
The reason I'm asking here because I'm a stay at home, and was hoping to do the same in Oz.
Are there any families in Oz (Melbourne specifically) who have managed to get a mortgage on just one income? Can it be done?
Cheers for any advice.
Apr 12th 2007, 12:20 pm
#2
Lost in BE Cyberspace
Joined: Nov 2005
Location: at the bottom of a wine glass
Posts: 28,176
Re: Mortgages on Low Incomes
Hi
Just interested to see what the lowest income was for people who have got mortages in Australia.
The reason I'm asking here because I'm a stay at home, and was hoping to do the same in Oz.
Are there any families in Oz (Melbourne specifically) who have managed to get a mortgage on just one income? Can it be done?
Cheers for any advice.
Just interested to see what the lowest income was for people who have got mortages in Australia.
The reason I'm asking here because I'm a stay at home, and was hoping to do the same in Oz.
Are there any families in Oz (Melbourne specifically) who have managed to get a mortgage on just one income? Can it be done?
Cheers for any advice.
My Oh's basic wage before OT (which he gets quite a bit of) is $56k a year. I'm not working just now and we got a $225 mortgage.
We would have got more if I'd been claiming the family tax benefit that we could have (I'm saving it up
) as they take it into consideration when deciding how much you can borrow.There is no real formula to what you can borrow, each bank is different. For instance we could have had $270k with ANZ, but only $215 with the Bank of SA.
Get a GOOD advisor, and they'll go through them all with you. Get someone who is recommended, because we didn't and we nearly lost our house because he applied to the wrong banks
(They wanted 3 years residency or 2 years AUS employment history, which we didn't have!)
Apr 12th 2007, 3:20 pm
#3
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Joined: Oct 2002
Location: Bayside Brisbane
Posts: 321
Re: Mortgages on Low Incomes
Hi
Just interested to see what the lowest income was for people who have got mortages in Australia.
The reason I'm asking here because I'm a stay at home, and was hoping to do the same in Oz.
Are there any families in Oz (Melbourne specifically) who have managed to get a mortgage on just one income? Can it be done?
Cheers for any advice.
Just interested to see what the lowest income was for people who have got mortages in Australia.
The reason I'm asking here because I'm a stay at home, and was hoping to do the same in Oz.
Are there any families in Oz (Melbourne specifically) who have managed to get a mortgage on just one income? Can it be done?
Cheers for any advice.
however you could look at a 'lo doc' loan which enables the borrower to be creative with their income (and not have to prove it) downside: higher interest rates
Apr 12th 2007, 8:17 pm
#4
Forum Regular
Joined: Sep 2006
Location: Ellenbrook, Perth
Posts: 226
Re: Mortgages on Low Incomes
My Oh's basic wage before OT (which he gets quite a bit of) is $56k a year. I'm not working just now and we got a $225 mortgage.
We would have got more if I'd been claiming the family tax benefit that we could have (I'm saving it up ) as they take it into consideration when deciding how much you can borrow.
There is no real formula to what you can borrow, each bank is different. For instance we could have had $270k with ANZ, but only $215 with the Bank of SA.
Get a GOOD advisor, and they'll go through them all with you. Get someone who is recommended, because we didn't and we nearly lost our house because he applied to the wrong banks (They wanted 3 years residency or 2 years AUS employment history, which we didn't have!)
We would have got more if I'd been claiming the family tax benefit that we could have (I'm saving it up
) as they take it into consideration when deciding how much you can borrow.There is no real formula to what you can borrow, each bank is different. For instance we could have had $270k with ANZ, but only $215 with the Bank of SA.
Get a GOOD advisor, and they'll go through them all with you. Get someone who is recommended, because we didn't and we nearly lost our house because he applied to the wrong banks
(They wanted 3 years residency or 2 years AUS employment history, which we didn't have!)Hey Wendy
Thanks for being honest about your income/outgoings - I was a bit worried that we would have a big mortgage in Oz - ours should be about $250,000 - but it just goes to show that other people do it and manage!!!!
Our mortgage will be more expensive than here - with the interest rate out there being higher.
Do you live quite comfortably???
Cheers for that!
Laura
Apr 12th 2007, 9:43 pm
#5
Lost in BE Cyberspace
Joined: Nov 2005
Location: at the bottom of a wine glass
Posts: 28,176
Re: Mortgages on Low Incomes
Hey Wendy
Thanks for being honest about your income/outgoings - I was a bit worried that we would have a big mortgage in Oz - ours should be about $250,000 - but it just goes to show that other people do it and manage!!!!
Our mortgage will be more expensive than here - with the interest rate out there being higher.
Do you live quite comfortably???
Cheers for that!
Laura
Thanks for being honest about your income/outgoings - I was a bit worried that we would have a big mortgage in Oz - ours should be about $250,000 - but it just goes to show that other people do it and manage!!!!
Our mortgage will be more expensive than here - with the interest rate out there being higher.
Do you live quite comfortably???
Cheers for that!
Laura
The difference in mortage payments etc to the rent we pay now is lower than what we save so we should be fine. We may have to tighten our belts a little bit, but we don't mind that.
Apr 13th 2007, 4:48 pm
#6
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Thread Starter
Joined: Jan 2007
Location: Newry, County Down - now Melbourne, Home
Posts: 81
Re: Mortgages on Low Incomes
Hi Guys
Thanks for the responses and thanks for being so honest. It really does put you at ease to hear other people doing the same and surviving. But sure, doesn't everyone say that it's worth it all for the lifestyle? Let's hope they're right!!
Thanks again!
Thanks for the responses and thanks for being so honest. It really does put you at ease to hear other people doing the same and surviving. But sure, doesn't everyone say that it's worth it all for the lifestyle? Let's hope they're right!!
Thanks again!
