Hi Ladies
I'm wondering is it possible to buy our own home in Western Australia on one income?
My husband earns around 3,000 a month that goes on rent to his parents as we live with them, car payments, our phones, bills, food and daycare. Meanwhile I'm receiving disability, family tax and a study allowance. As nice as it's been living with his parents I'm over it especially when we're discussing having baby no 2, there's no room for another baby here.
Is this possible or am I living in dreamland?
Buying our first home
Buying our first home
Posted in:
Money
3 Replies
It depends on a lot of things. Do you have any savings and how much houses cost where you live. The only way to really know is talk to a mortgage broker based on your combined incomes. Remember you would have to be able to pay mortgage, council rates, home insurance, possibly mortgage insurance, and all repairs to the home.
Most places require a 10-20% deposit. And don't forget stamp duty.
So lots of variables and it's not black and white, speak to mortgage broker.
Do you have any savings at all? Is 3K a month his gross wage? All income is taken into account, so all your welfare etc is counted. But the only way to know for sure is a mortgage broker. They will tell you exactly. Don't approach a bank first, as it looks bad getting knocked back from a bank, if you can afford to get a home loan later. Counts as a strike.
South side has always been alot cheaper. Down near Mandurah/Pinjarra.
I would hold off buying, we recently sold our house down that way and the real estate told us we were lucky our tenants wanted to buy because NOTHING is selling. When nothing sells, prices come down.
Look for your own rental in the meantime, you should be entitled to rent assistance.
Best of luck