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  1. #1
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    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
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    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
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    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..

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    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.


 

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