Hey me and my partner are looking at buying our first house and
be has an abn and earns roughly 60000 a year and I earn 25000 but my credit score is only 500 so is his as well and he owes tax but his paying it off we have 30000 for a deposit as well what are the chances of us getting approved for 350000?

Hi Cherie,

Thanks for your question. Unfortunately I don't have a straight up yes or no answer for you. A bit more information would be required before a broker would be able to give you an answer on how much you can borrow.

A good idea would be to sit down with a mortgage broker and go over your situation in detail to find out if borrowing that amount would be possible and which lenders would be suitable.

The missing information that you could prepare for said mortgage broker would be;
- Why is your credit score 500? Is it because of defaults or just lots of enquiries?
- How much ATO debt does your partner have and what they repayments are?
- Do you have any children?
- Do you have any other debts?
- How long has your partner had the ABN?
- Is he self employed or more of a contractor?
- Where did the $30,000 come from and how long have you had it?
- Are you full time, part time or casual? and for how long?
- What are you monthly living expenses (groceries, utilities entertainment etc)

There are more questions involved but the above should give you an idea of what sort of information a broker and ultimately a lender is going to be looking for when they work out if you can borrow money and how much.

I hope this helps and good luck.

Feel free to get in touch if you have any further questions

Regards
Nathan

Hi,

Don’t worry about the credit score as many lenders don’t see your credit score.
Please call me at 0426440379.

Regards,

Avijit