- March 31, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Situation Overview
Hello everyone! I am seeking some insights regarding my current situation.
### TL;DR: Qualifying for the 5% deposit loans with my partner for the next few months. However, our earnings are expected to exceed the low income limit later this year by $2000, potentially affecting our eligibility for the loan.
Our financial standing:
Savings, investments, gifts etc. (for the deposit) amount to approximately 70k. We have been advised to clear a $10K car loan from this before proceeding with the loan approval process. Furthermore, our monthly car expenses, including loan and insurance, sum up to $420.
### Financial Breakdown
– Monthly Income: $9,300
– Monthly Expenses (including car repayments): $4,700
– Rent constitutes our highest expense at $660 per week.
We lead a modest lifestyle, without extravagant expenses or costly hobbies. While we occasionally dine out, we are willing to make adjustments to our spending habits. We have already optimized our utility providers for cost-effectiveness. Both my partner and I are employed full-time, without any dependents.
### Housing Considerations
Considering properties in the $800,000 range (at the upper limit), our potential mortgage could amount to $1400 per week as per the mortgage advisor’s estimation. While this might be a stretch, we are contemplating its feasibility and seeking practical advice from individuals with relevant experiences.
In essence, we are open to exploring homeownership opportunities but wish to approach the decision realistically to avoid any financial strain in the future. Your real-life insights and advice would be greatly appreciated.
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