First home loan Questions

[ameliasolis]

Hi, This is me. I am a single 41yr mum with one 11 yo. I work full time and earn around $1100p/f. I have been employed almost 4 yrs in my current job. I receive parenting payments of around $550p/f. I rent and have lived in the same house for 17 yrs, and pay $220p/f directly to my landlords. I direct deposit $680p/f into a rewards savings acc and have $23000 of

savings. I own my car outright. I do not own any properties, My assets are what I own in my home and my car. I do not have a credit card. I have no loans. I have a GE card with a limit of $5000. As far as I know I have no defaults against my name. I only have the normal utility bills annually and car, contents, income protection insurances. No private school fees.

Six months ago I went to my bank to see how best to get to a target. With the same information given to you they told me I could possibly lend $4000000.(no wonder people get into trouble)I would be looking at a max of $300000 ish. I am looking at building with land at $90000 and house around $200000 with a local project builder. I would like to use the FHB

grant of $15000 after October as part of my deposit. My mother is thinking of giving me the difference to make up 20% deposit. As far as I can see I'm low risk with doing your
calculators.

 

[ameliasolis]

Hi, This is me. I am a single 41yr mum with one 11 yo. I work full time and earn around $1100p/f. I have been employed almost 4 yrs in my current job. I receive parenting payments of around $550p/f. I rent and have lived in the same house for 17 yrs, and pay $220p/f directly to my landlords. I direct deposit $680p/f into a rewards savings acc and have $23000 of

savings. I own my car outright. I do not own any properties, My assets are what I own in my home and my car. I do not have a credit card. I have no loans. I have a GE card with a limit of $5000. As far as I know I have no defaults against my name. I only have the normal utility bills annually and car, contents, income protection insurances. No private school fees.

Six months ago I went to my bank to see how best to get to a target. With the same information given to you they told me I could possibly lend $4000000.(no wonder people get into trouble)I would be looking at a max of $300000 ish. I am looking at building with land at $90000 and house around $200000 with a local project builder. I would like to use the FHB

grant of $15000 after October as part of my deposit. My mother is thinking of giving me the difference to make up 20% deposit Broker Price Opinion. As far as I can see I'm low risk with doing your
calculators.

Do you think given the information given someone would give me a loan? Should I stay with my bank or shop around?
Thanks

 

[TheCommish]

This is a Building Code Forum, not a place to post credit history or ask about loans. This site is dedicated to building inspectors, design professionals and other code geeks.

thanks for asking and looking in on us, hope you find what you need

 

[ICE]

Do you think given the information given someone would give me a loan?

In 2006 my home value was rising faster than what made sense. I asked my bank to prequalify me for a loan so that I could be ready to buy another dwelling. The bank charged me $100 for the legwork involved. The bank determined that I could borrow $1,000,000. I asked the bank who would be paying the property tax on a million dollar house because Shirley it wouldn't be me.

The point is that you shouldn't trust the bank to tell you how much you can reasonably afford to borrow...I was conservative and didn't make a move until 2014. The rise in value is still beyond what makes sense.

PS: It might not be apparent, I don't like banks.