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Michael

10 months ago

Hi Joshua, I have a couple of options for you to consider in purchasing your first Home? Your borrowing power is based on your current income, which is the same if your parents helped with a guarantee. In looking to give you the best result we have the following to consider; 1. Purchase a 3 Bedroom Townhouse for up to $440,000 at a low interest rate with a major bank 2. Choose a Non major bank and increase the purchase price up to $465,000 but at a higher interest rate Nb ( Out of the two options which one would suit you? )

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David

10 months ago

Hi Joshua, you could borrow around $420,000 with a couple of lenders on my panel, of course conditions apply. Happy to discuss your capacity.

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Suman

10 months ago

Hi Joshua, Assuming you close your CC and there are no other loans, some lender will lend you money for purchase of upto 500K. I have just settled loan for client on same scenario. You cannot include rental for spare rooms as it would make your purchase investment property. Contact me through my profile for further information.

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Brendan

10 months ago

Joshua, unlikely in the current climate that a lender will use the potential rent from renting out your rooms. Currently there are no lenders which will allow for your parents to go guarantor on your servicing your repayments. An option would be for your parents to go on title with you and therefore they could then be used for servicing repayments (however this would open up a number of questions around what benefit they are getting, their age, etc). There are a couple of lenders which will look at a 40 year loan term for a first home buyer, which may give you the extra borrowing capacity. My recommendation would be to connect with one of the Broker Partners on HashChing, we will be able to get to understand your income and expenses and then calculate your borrowing capacity using the calculators that the lenders use. This will give you a better understanding of what is possible and allow you to make an informed decision.

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