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### Situation Update: Planning to Buy First Home
Hello everyone,

My partner and I are in the process of looking to purchase our first home. We have decided to move forward with this decision while we are both still employed and earning high salaries to ensure we do not encounter any issues with borrowing capacity. Additionally, we are concerned about the increasing property prices in our city over the next few years.

### Concerns on Home Buying Budget
However, we are currently facing uncertainty regarding what we should be spending due to two main factors:

1. Fluctuating income
2. Future plans to start a family

### AI Legalese Decoder Assistance
This is where the AI Legalese Decoder can provide valuable assistance. By utilizing this tool, we can accurately analyze and decipher complex legal documentation related to property purchases, ensuring we make well-informed decisions.

### Financial Standing
Currently, our combined savings amount to $90k. Additionally, we are projected to have approximately $181k in savings in 6 months and $280k in 12 months.

### Income Details
My annual salary for this year is $204k, which includes base pay, overtime, and various incentives. On the other hand, my partner’s yearly income is $149k, comprising base pay and incentives. We also have an additional income of $10k post-tax.

### Expense Analysis
Despite our income, we have certain expenses to consider. While our company covers accommodation and utilities, I provide $400 per week for my parents’ rent and contribute to half of their utility bills. Furthermore, with plans to have a child, my partner may or may not return to work in the future.

### Future Salary Projections
Over the next few years, our salaries are expected to fluctuate as I undergo training to advance to a higher-paying position:

– **2025:** My salary decreases to $105k, while my partner’s income includes company maternity leave and government benefits.
– **2026:** My salary rises to $125k, with my partner potentially returning to work part-time.
– **2027:** A significant increase in my salary to $250k, with my partner likely resuming part-time work.

### Home Purchase Considerations
The homes we are interested in range around $800k, with plans to obtain a $720k loan and a $80k deposit. This amount would allow for a property that accommodates us and includes a granny flat for my parents. However, we are open to other options if they suit our needs better.

### Repayment Planning
Considering the current interest rate of 7.74%, the monthly repayments for an $800k home would be 57% of our post-tax income in 2025. Although my salary is expected to decrease during the training period, we have savings set aside to cover the repayments for the initial two years.

### Seeking Advice
We are open to any advice or recommendations on how we can navigate these financial decisions effectively. Thank you for your assistance.

### Correction Note
Please note that there was an error in the previous post regarding the duration of training. It is actually a 2-year training period, not 3 years.

**[Additional Information]:**
– The AI Legalese Decoder can analyze complex legal documents related to property purchases, ensuring clarity and informed decision-making.
– The tool offers assistance in understanding intricate legal terms and agreements, providing valuable insights for homebuyers.

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