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  1. #31
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    Quote Originally Posted by babyno1onboard View Post
    Yes, it sure can - well it did a few years ago. It’s like your parents ‘gifting’ you money for a deposit. Best bet is to talk to a broker about how it could work.
    Thank you.
    I was going to get around to talking to our bank when I could and just get a good idea on what they would like to see....

  2. #32
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    Default Thoughts on the government's 5% housing deposit scheme?

    Quote Originally Posted by turquoisecoast View Post
    unless that’s something specific to this scheme, i’ve never heard of that and wouldn’t be too confident in hanging my hat on it without seeing more in writing.
    Just because you’ve never heard of it doesn’t mean that it’s not a thing. My brother did it. It has nothing to do with the new scheme.
    https://www.homeloanexperts.com.au/p...e-below-value/
    https://www.finder.com.au/favourable...ase-home-loans

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    turquoisecoast (12-11-2019)

  4. #33
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    Quote Originally Posted by Rachel3072 View Post
    This doesnt affect me because I took out a home loan before having children, however, for anyone who already has more than 2 dependants, it makes it extremely difficult to get a home loan. A huge barrier to getting a home loan is how many dependants you have, the bank subtracts around 12-15K from what they will lend you for EACH dependant you have.

    I really think that whatever you pay in rent should be considered in your ability to pay a loan back, because if you are paying $300 a week in rent, then a mortgage that requires you to pay $600 a fortnight is obviously not going to be an issue. Why don't banks consider that?

    It must be so hard to pay rent AND prove you can save on top of that rent.
    Well we’re screwed! 6 dependants, single income. Thankfully our broker has access to lenders who do consider rent paid as genuine savings and has a couple in mind that we will have a good chance with providing we have 6 months of savings (even small amounts, as long as it’s consistent and we don’t make any withdrawals) and at least enough equalling the cost of legal fees and rates.

  5. #34
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    Quote Originally Posted by Rachel3072 View Post
    This doesnt affect me because I took out a home loan before having children, however, for anyone who already has more than 2 dependants, it makes it extremely difficult to get a home loan. A huge barrier to getting a home loan is how many dependants you have, the bank subtracts around 12-15K from what they will lend you for EACH dependant you have.

    I really think that whatever you pay in rent should be considered in your ability to pay a loan back, because if you are paying $300 a week in rent, then a mortgage that requires you to pay $600 a fortnight is obviously not going to be an issue. Why don't banks consider that?

    It must be so hard to pay rent AND prove you can save on top of that rent.
    There are some lenders that do take into consideration rent paid. Friends of mine have 3 kids have rented their entire lives and bought their first house earlier this year. The lender took into account the rent they had been paying which was something like $450 a week. I mean they are living 25kms from the CBD rather then 5kms but they have a house.

    I know anz use $1000 per adult and $500 per child per month for living expenses with some of their loans.

    I was just lucky when I bought into RE 20 yrs ago before the boom. Paid $98k for my first house and now those same places are going for $500k they are a knock down and redevelopment the land and put 3 on the block then flog them off for $550k each

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