Buying our own home

Any general questions you might have in regards to loans and finance.
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oreilly2573
Posts: 1
Joined: Wed Aug 04, 2010 10:38 pm

Buying our own home

Post by oreilly2573 »

Hi, we moved to Western Australia from Ireland in January. We are currently renting but we want to buy our own home as soon as possible. I am currently earning $70,000 per annum and will be made permanent in December. My wife stays at home with our two children, and does not work at the moment. We own a house in Ireland which is valued at 320,000 Euro. Our Mortgage on this property is currently at 175,000 Euro. We would like to keep this property, if possible. We have a deposit of $50,000 put aside. We have never missed a Mortgage payment and have a good credit history in Ireland. We don't have a car loan and no credit card debts. How much do you think we would be entitled to get? Also, do you think it would be better for us to sell our property in Ireland and have a larger deposit?

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Otto Dargan
Mortgage Specialist
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: Buying our own home

Post by Otto Dargan »

Firstly I have a few quick questions:

* Are you an Australian citizen / Permanent Resident or are you here on a work visa?
* How long have you been in your job for and are you contract or casual?

As a rough guide you can borrow $230,000 to $260,000. Note that I have assumed that the property in Ireland is rented out and that the rent is easily covering the loan repayments.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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