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Homeloan with or without dependants.

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SkyLark View Drop Down
Newbie
Newbie


Joined: 30/August/2018
Location: Australia
Posts: 1
  Quote SkyLark Quote  Post ReplyReply Direct Link To This Post Topic: Homeloan with or without dependants.
    Posted: 30/August/2018 at 10:41
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

smurfergirl View Drop Down
Senior Member
Senior Member


Joined: 18/August/2010
Location: Australia
Posts: 526
  Quote smurfergirl Quote  Post ReplyReply Direct Link To This Post Posted: 02/September/2018 at 18:57
Given that one thing that has come out of the Royal Commission into banking, is that lenders have been forced to tighten their lending criteria and are becoming much more stringent in demanding realistic living expenses, you will be doing yourself no favours in not telling the truth.

You have 4 dependents and they need to be disclosed, otherwise you run the risk of overextending yourself.

Perhaps you may be better off waiting until your wife goes back to work.

Edited by smurfergirl - 02/September/2018 at 18:58

citizen-joe View Drop Down
Senior Member
Senior Member


Joined: 09/October/2005
Location: Australia
Posts: 584
  Quote citizen-joe Quote  Post ReplyReply Direct Link To This Post Posted: 07/September/2018 at 15:30
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.

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