Borrowing Capacity

Discussion in 'Loans & Mortgage Brokers' started by Jamshuin, 8th Jan, 2019.

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  1. Jamshuin

    Jamshuin New Member

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    8th Jan, 2019
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    Melbourne
    Hi all, I've just started a new job where I'm earning approximately $45,000 before tax
    I have a child and my wife is starting to work part time with an income of approximately $30,000.
    My credit score is below average and my wife is on a bridging visa.
    We have about $105,000 in savings and we were wondering what our borrowing capacity would be or would I not be considered due to my credit score.Thanks
     
  2. Property Twins

    Property Twins Finance Strategists Business Member

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    Location:
    Sydney, Australia
    Hi @Jamshuin

    There are a few lenders who do not credit score - however will come down to the VISA your wife is on. What sub class is she on?

    Also, whilst there are lenders who take first payslip, but as you call out there are credit scoring issues, your wife and you may need to get through probation.

    What has lead you to having a below average credit score?
     
    Last edited: 8th Jan, 2019
  3. Jamshuin

    Jamshuin New Member

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    8th Jan, 2019
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    Location:
    Melbourne
    Hi Sana & Mona,

    My wife is on a Temporary Partner visa (subclass 820).
    My wife has been working for the same company for 5+ years but is going to change from casual to part time soon. However she was working full time for the same company before our child.

    It was due to short term pay loans I took 2-3 years ago but they've been paid off since and we have been able to put away saving regularly since then.
     
  4. Simon Moore

    Simon Moore Residential & Commercial Mortgage Broker Business Member

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    Level 2 287 Collins St Melbourne VIC 3000
    Welcome to Property Chat @Jamshuin!

    This is not the right forum to determine your borrowing capacity as unfortunately we need to factor more than just your income and family structure.

    A partnet on a 820 visa is acceptable to some lenders.

    I don't see this being a huge issue, you have obviously put this behind you considering you have been able to save $105,000! I think this explanation would be acceptable to most lenders.

    You are in a position where getting some personal advice is probably warranted. I would get in touch with a broker who can look at your situation in more detail.
     
  5. Property Twins

    Property Twins Finance Strategists Business Member

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    18th Jun, 2015
    Posts:
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    Location:
    Sydney, Australia
    There is good employment history then :)

    820 subclass visa is acceptable to a number of lenders.

    Doesn't look like too much of an issue.

    Just seek specific advice so you can find a good tailored to your circumstances.