How Much Can I Borrow

linnellio · 13-06-2008, 01:58 PM

Hi everyone. I am coming over to NSW next year and expect to earn between 50k and 60k on the railways. Is there any way I can work out how much I could expect to borrow on this sort of salary. I should have a deposit of around 70k Aussie. Cheers.

Quoll · 13-06-2008, 11:18 PM

This site seems to give you a bit of a guide Home Mortgages Australia - Mortgage Australia Dont forget to take out legal fees, stamp duties etc in your calculations as well - stamp duty can mount up. BTW interest rates have gone up a couple of times since that table was designed so bear that in mind.

You may also be entitled to a first home owners grant if you have not owned property in Aus before but I dont know what the regulations are for that.

linnellio · 14-06-2008, 09:52 AM

thanks jo. got a good reply from an aussie mortgage arranger. Says 4x salary is the norm. Gonna be taking massive pay cut to come out but no it will be worth it!!

linnellio · 14-06-2008, 09:53 AM

Cheers for advice. Am gonna use FHOG to cover expenses. will check out that site.