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HashChing is Australia’s first online marketplace allowing consumers to access great home loan deals without having to shop around. Completely FREE to consumers, HashChing connects you directly to verified mortgage brokers who can further negotiate a better rate from the lenders and save you time, hassle and money.

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Lawrence

1 year ago

Hi James, Thanks for the update. Contact me if you wish to discuss what you need to do (and the timeframe) to prepare yourself to be able to purchase your own home. Regards Lawrence

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James

1 year ago

Hi all, thanks for the all advises and opinions. I have just finished my first year rent and extended the rent for half more year. It costs me $350 pw. That is why we are thingking why dont we get our own home with the same amount of money we are paying for rent if we could. Seems that deposit if very crucial in getting a home. Maybe I will have to wait and save up a bit for the deposit.

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Abraham

1 year ago

HI James, thanks for your question and congratulations on your new job and the great income. You have provided some information but not all that is required to give a close estimate of your maximum borrowing capacity. As you are aware deposit is very important also so at the moment i would recommend to sit down with a mortgage broker who will capture all the required information and create a path with you to enable you to purchase a home. All the best, Abraham Tuckett

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Michael

1 year ago

Hello James, Is there a family member that is prepared to help out with a guarantee and do you have any current rent history? If so there may be a way we can help you now, otherwise you will be needing to get a savings plan in place.

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Morris

1 year ago

Hi James, it sounds like you need a plan for next 3 months: 1- you need 5% deposit showing that you have been saving in a bank account for 3 months (genuine Savings). 2- if you are self employed or a contractor, so long as your an ABN holder for 2 years - No Problem. 3- if you are PAYG in the same industry for more than 12 month, regardless of your new job, also OK. based on the information provided $700 car Loan and $100K income with no other debts and with the basic WA monthly living expenses, your max borrowing capacity will be $460,000 with an expected monthly repayments to be between $2490.00 and $2600.00 all depends on the Rates offered at the time of application. don't hesitate to contact me as i am in your local area and can catch up for a chat.

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Nathan

1 year ago

Hi James, Based on that further information, a very rough figure that you could borrow would be around the $400,000. Lenders unfortunately take a very conservative view on everything. In this case they will treat your wife and unborn baby (congratulations) as dependents. They also will not take into account your wife going to work I the future as it hasn’t happened yet. Your monthly expenses of $1000 is also well below the statistical measure for what someone in your situation would spend so they will automatically increase it to that figure ( approx. $3000 per month or more). As your situation changes you may be able to borrow more but it will depend on how bank policy changes over time. I hope this helps, please let me know if you have further questions or if there is anything else I can do. Nathan

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Lawrence

1 year ago

Hi James, I would need more information to provide you with a reliable borrowing capacity figure and to advise on the best options available to you. Typical information required is: Whether there is a probationary period? Is the job similar in nature to your previous job? Are you single & do you have dependants? Is there overtime, allowances, bonuses or commission included in your income? Please contact me for an obligation free discussion. Lawrence

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James

1 year ago

Hi Nathan, thanks for your long explanation and here I will try to give more info. My income is derived from hourly wages from a full time contract courier driver. I have been working for the same company for over a year but just recently offered a contract. I am now married and my wife is 5 months pregnant for our first kid. She was not employed but will be looking for job after the baby birth.

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Nathan

1 year ago

Hi James, First things first is you are either going to need some sort of deposit (min 2% plus costs but in reality 5% plus costs is what you should be aiming for) or you are going to need a guarantor. In terms of your ability to borrow the amount of money you are wanting, some more information is required to give you an accurate figure. Some Information a good mortgage broker will want to know is; How is your income derived? - Is it all base wage or is some of it overtime or allowances or commission or bonus. These factors all effect how a lender will treat the income. What is your job? Some professions allow for discounted Lenders mortgage insurance premiums or in the case of emergency service workers, overtime is treated as base wage. How long have you been employed and are you on probation? Different lenders will not lend to you if you have only been in the job 3 months and on probation, whilst others won't care if you are full time and today is your first day. Are you married or in a defacto relationship? Does your partner work? Do you have any dependants? All of the above questions plus many more are standard questions a mortgage broker will need to know the answer to before they can accurately tell you if you can borrow enough to cover the repayments on a $500-$550k home. If you would like to discuss in more detail in an obligation free phone call, please feel free to reach out. Nathan

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