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andyjackie

home loan how much

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Hi every one i hope to be moveing to be moveing to WA mid 2012 . with wife 3 kids my question is our conbined income will be $100.000 . how much could we borrow if any bodie has just applied for a home loan ur 6-12 mouthjs a go wouid be great to hear from you :wink:

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It would depend on what deposit you can put down and how soon you want to buy x


If you are depressed you are living in the past. If you are anxious you are living in the future. If you are at peace you are living in the present.

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If you go the websites that each of the main banks has, you will find a "How Much Can I Borrow" calculator (same as for the UK). Your basic tax laiability (inc Medicare Levy) on a salary of $100K is about $25K assuming you don't claim anything.

As moving2melbourne has said, it also depends on what %age deposit you can lay down. Australian banks are less generous than UK banks are (or used to be).

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Hi every one i hope to be moveing to be moveing to WA mid 2012 . with wife 3 kids my question is our conbined income will be $100.000 . how much could we borrow if any bodie has just applied for a home loan ur 6-12 mouthjs a go wouid be great to hear from you :wink:

 

Maximum borrowing power on the income specified with 2 adults and 3 children will be approximately between $340,000 and $400,000 depending upon lender. This also assumes that there are no other liabilities whatsoever as if there are ie loans, credit cards etc then the borrowing power will be different.

 

However as has already been mentioned amount of deposit and type of visa will come into play as well. It may be that due to deposit or visa constraints the maximum may not be applicable.

 

Regards

 

Andy


Financial Adviser (FPA Member AFP ®) Specialising in UK Expat Advice and Pension Transfers / AR-322874 /AFSL-234951

SMSF Accredited Adviser / UK SIPP Authorised Adviser 

Director  - Vista Financial Services – www.vistafs.com.au 08 8381 7177

 

Please note that my advice is general advice only and professional financial advice should be sought for your own personal situation.

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Guest Home Loan Experts

The online calculators are not very accurate. We usually recommend that people first work out how much they can afford to repay and from that work out how much they could borrow. After factoring in the possibility that rates could increase of course.

 

Banks calculators sometimes lend too much or too little so it is best to do your own calculations. Then look at what the banks are prepared to give you once you are sure of your own budget. A mortgage broker can help you compare what several banks will lend you.

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