My parents have a defaults and they want to guarantor for me. I qualify for FHOG. My deposit coming from my parents. I earn $1700 p/f before tax. I have a car loan but this is for my dad. Bought 3yrs ago $20k now owing $15k. Can I get a homeloan?

Hello David,

At first glance, your income appears to be around $44,000 per year Gross.
With this income you may find it difficult to "service" a homeloan. Depending on $ize.
( servicing = wether the banks think you earn enough to pay back the loan.)
When we add your car payments into the figures, the servicing will get even harder for you.

The FHOG applies to the purchase of a new or never lived in property.
SO you would need to buy new.

I am happy to investigate the actual numbers that apply to you, if you would like to contact me.
I would need to know more about the type of default, and some information about your parents to properly answer.
Jason Hulbert
Online Homeloans
Port Melbourne
0477 402 710

Based on this info, most likely no. After living expenses and loan commitments you would have little servicing to support a loan.

will depend on how much you want to spend
and if the deposit is enough. parents going guarantor will probably be of little advantage. the car loan will also make it more difficult.

Hi David - based on what you provided as your income $44,200 year with no other liabilities (like the car loan or credit cards) you can borrow around $280k - some lenders slightly higher. I would need to know the repayment amount for the car and if you had any credit cards - to see if this amount is suitable for the home you look to purchase.

I checked with lenders about defaults and they would need to learn more about both the amount - how long ago it occurred - and if it has been paid.

Happy to help and love to hear more.