Could you please explain how this all works? I keep getting confused as to what we can borrow etc..
Our situation is:
We currently have 20k in savings and have sold our land and will have a further 30K from that.
We are looking to buy an established property around the 360K - 370K mark.. We also wanted to buy a car within this for about $20k..
I will be perm part time in another month and I will earning $48k and my partner is full time on 43K.. the only debt we will have it a car loan currently $587 monthly
My question is.. will we be able to get a loan and a car? I understand that we need to pay for stamp duty as well is that included in the loan?
thanks Belinda
A little confused
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: A little confused
Hi Belinda,
If you would like to limit your loan to 90% of the property value then this will use up all of your savings to cover the deposit and expected costs to do with buying. If you borrow 95% then you will have almost enough to buy a car however the increased cost of LMI would make this quite an expensive option.
If you are using us as your mortgage broker then we can do a full analysis for you and work out the best option available. Personally I would consider either not buying the car or buying a car for $10k instead as this would work out much better for you financially. Buying a house and car at the same time generally isn't the best idea.
If you would like to limit your loan to 90% of the property value then this will use up all of your savings to cover the deposit and expected costs to do with buying. If you borrow 95% then you will have almost enough to buy a car however the increased cost of LMI would make this quite an expensive option.
If you are using us as your mortgage broker then we can do a full analysis for you and work out the best option available. Personally I would consider either not buying the car or buying a car for $10k instead as this would work out much better for you financially. Buying a house and car at the same time generally isn't the best idea.