I work fulltime and my annual salary is $97,000 and we are first home buyers and have $80,000 in savings and looking at a house for $625,000. Married with a one year old. My wife is not working at the moment and we have no debts and currently pay $350pw rent. Could we get a loan of $500,000?

Hi Lee,

Looking at everything briefly you should be close to getting the amount you are after.

I can run actual numbers for you but would need a couple more details.

If you would like me to have a look for you please give me a call. I am in the office today and could get back to you by COB.

Thanks,
Jacqui
0431.156.001
mobilelender.com.au

Hi Lee,

Would be happy to assist you! I have access to over 40 lenders and am confident I can get you close but as mentioned above I would need to confirm a few more things first.

Feel free to give me a call on 0401586901 at anytime.

Zaid
SB Finance

Hi Lee,

I’ll play devils advocate here and ask have you run the numbers on affordability? I’m a single income family with two young kids and know the pressures that brings.

I’d hate to hear of you really struggling after you’d bought a house.

Your currently paying rent of $350 pw, repayments on a $500k loan are going to be something like $535 pw - that’s a huge increase to try and cover.

If your household income is going to increase considerably in the not too distant future (eg your partner goes back to work) then ok. But otherwise, please give some serious thought to the lifestyle impacts such an extra commitment will have on you.

All the best.
James