Hi,

I’m looking for some clarification with regards my situation.

I live in Brisbane and am starting to think about purchasing my first home as a first time buyer. I’m a Professional Engineer accredited by Engineers Australia working within the aviation industry, employed full-time with a basic annual salary of $103,000 – and regular annual bonus of around $2500.

I’m curious to understand what my borrowing power would be as well as where I would sit regarding LMI. I have a deposit of $55,000 available.

Where my situation gets interesting is that I am married with 3kids. Currently my wife is not working and won’t be until my youngest starts school next year – and it wont be immediately back to work until the youngest is settled into the school routine.

How should this work for me? Are we obliged to apply together with a declaration of dependants – as I understand it this will have significant impact on borrowing capacity? Or, does the option exist to apply by myself only for a homeloan with no dependants. My wife receives some FTB – which is in the order of $300 per fortnight.

Many thanks

SkyLark

With a deposit of $55,000 you have a good start to getting a loan. You are not obliged to make a joint application but you must declare all your dependents.

I agree with the above poster, a joint application once your wife returns to work will have a better chance.