+ Reply to Thread
Results 1 to 4 of 4
  1. #1
    Join Date
    Oct 2008
    Location
    .
    Posts
    542
    Thanks
    1
    Thanked
    5
    Reviews
    0
    Achievements:Topaz Star - 500 posts

    Default making the right decision...

    HI,
    DH and I cureently have x2 children 5yo and 2yo.
    We desperately want to have #3.. soon so we keep the age gaps close.
    We have been saving for a home... although we are not looking to buy for another 2 years.
    Just wondering if having a extra dependent 3 rather than 2 would effect our chances of loaning for our home loan in a couple of years...
    We will have aprox 50k deposit(prob buy a $200,000 - $250,000k home max amount). We earn over 120k pa combined working income. No debt etc..
    And buying earlier than 2 years is not a option for us at this stage as I have made a commitment to my family memeber who I am renting off to stay here for another 2 years..

    Sorry for the boring post and any answers will be greatly appreciated..

  2. #2
    Join Date
    Oct 2008
    Location
    Sautéed with bacon
    Posts
    6,070
    Thanks
    271
    Thanked
    2,695
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts

    Default making the right decision...

    I'd be putting my family first and apologising to the family member. House prices are going to be very different in 2 years.
    I'd be buying ASAP and having a third baby afterward. A third child affects your borrowing capacity greatly.

  3. #3
    Join Date
    Oct 2011
    Location
    Gold Coast, QLD
    Posts
    3,594
    Thanks
    1,292
    Thanked
    1,105
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts

    Default making the right decision...

    ^^^ I agree I would be putting yourself first and attempt buying now..
    As for borrowing for a house that price with 3 dependents it should be fine but every bank is different of course..

  4. #4
    Join Date
    Aug 2012
    Posts
    74
    Thanks
    10
    Thanked
    5
    Reviews
    0
    Having an extra dependant will definitely affect borrowing capacity. The bank has minimal amounts which they have to apply to your incidentals (groceries, bills etc). When we went to get our loan, for 1 dependant it was around $2400 a month *I think* in incidentals which was the minimum that they had to put into their calculations, even though we were spending nowhere near that amount. Could you go into the bank and ask for some numbers and the difference in lending with 2 dependants over lending with 3 dependants? That way it will give you an indication on what option might be best for your situation.

    You seem to have a pretty good set-up at the moment, and considering your proposed deposit, loan amount and income, I don't think you should have much trouble should you decide to have #3 sooner rather than later.


 

Similar Threads

  1. Making the tough decision of leaving or staying.....
    By lozza35 in forum Feeling alone
    Replies: 1
    Last Post: 26-09-2012, 17:44
  2. Replies: 25
    Last Post: 17-05-2012, 14:41
  3. Ok girls I REALLY need your help making a decision PLEASE
    By mordygordy in forum Product Recommendations & Questions
    Replies: 14
    Last Post: 12-01-2012, 23:08

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
free weekly newsletters | sign up now!
who are these people who write great posts? meet our hubbub authors!
Learn how you can contribute to the hubbub!

reviews
learn how you can become a reviewer!

competitions

forum - chatting now
christmas gift guidesee all Red Stocking
Tambo Teddies
Visit our online store and select your individually handmade natural sheepskin teddy bear. Our soft and loveable bears come in a range of styles and colours. Created in Outback Queensland each bear is unique individual. 100% Australian made!
sales & new stuffsee all
Pea Pods
Buy 2 Award Winning Pea Pods Reusable One Size Nappies for only $38 (in your choice of colours) and receive a FREE roll of Bamboo Liners. Don't miss out, we don't usually have discounts on the nappies, so grab this special offer!
Special Offer! Save $12
featured supporter
Wendys Music School
Wendy’s Music School. Experience, Quality and great service! For qualifying students we will get you playing or singing your favourite music in 90 days GUARANTEED! Book a free assessment online now!
gotcha
X

Pregnant for the first-time?

Not sure where to start? We can help!

Our Insider Programs for pregnancy first-timers will lead you step-by-step through the 14 Pregnancy Must Dos!