financial advice needed please (Home loans)?
its coz im magnetic asked:
Hi my partner and I want to buy a house. Together we earn just under $100 grand a year. He currently has no debt however i have 15 grand debt. I want to get a new car and a laptop would increase my debt to about 25 grand. My partner seems to think I shouldnt get the car as this will make our chances of being approved for a hom loan very difficult once they see that im in debt, I understand where he is coming from I just think that people who approve home loans would take in consideration some previous debt. Please if your a home loan lender or anyone been in the same situation please help and advice me what i should do? by the way I live in QLD australia.
This entry was posted
on Monday, June 28th, 2010 at 11:34 pm and is filed under Home Loans.
You can follow any responses to this entry through the RSS 2.0 feed.
Both comments and pings are currently closed.
Hi my partner and I want to buy a house. Together we earn just under $100 grand a year. He currently has no debt however i have 15 grand debt. I want to get a new car and a laptop would increase my debt to about 25 grand. My partner seems to think I shouldnt get the car as this will make our chances of being approved for a hom loan very difficult once they see that im in debt, I understand where he is coming from I just think that people who approve home loans would take in consideration some previous debt. Please if your a home loan lender or anyone been in the same situation please help and advice me what i should do? by the way I live in QLD australia.
July 1st, 2010 at 9:12 am
Home buying has always been a tedious process. The home buying journey is fraught with winding turns and crossroads, making buying a home complex and difficult. The complexities of the real estate and mortgage market are not easy to decipher. So, the more prepared you are before begin home shopping, the easier it will bepurchase a home that is about 2.5 times your annual salary. But use our extensive online mortgage calculators to better understand your affordability. Learn how your income, expenses, and debts can affect what you can afford.
July 2nd, 2010 at 1:23 pm
On a total salary of $100,000, I wouldn’t go any hirer than $250,000. Of course, the mortgage co will tell you could afford about $400,000 but once you get approved, then it becomes your problem. You should wait to buy the car after settlement. Make sure you get a fixed rate open end which means you can pay it down anytime without being penalized. On a 30 year mortgage, you pay about 70% in interest on the first 15 years. Also request an amortization that will give you a break down between interest/principal