Buying on my own despite having a partner/family - am I dreaming?

Long time lurker first time poster wanting to eventually become a first time home buyer but not everything is black and white...sorry about the long post.

My partner and I (both 40) have three dependants (1 primary, 2 high school age) and we both contribute to their care, however we keep our finances completely separate. He manages certain bills while I manage others etc.

While I have always been fairly financially independent, it became more relevant when he had a business fail. He is currently an undischarged bankrupt and earns $52K gross + $3K per year bonuses with 2 years until discharge. He uses all of his income on living expenses (the bills he is responsible for).

I earn $115K gross per year. My monthly expenses are $4100 including $1920 rent of which I pay all the rent (we've lived here for 8 years). I have a CC limit of $6000 however I never carry a balance and it's the only debt I have. I've only got just under $40K in the bank and can reasonably save about $2K per month (more if I'm being particularly frugal) - I'm big on saving little bits per month for future bills so not all of that would be deposit.

I'd ideally want to buy when my lease is up in about 8 months though I could extend to 12 months if I needed a bigger deposit. A cheap home in our area is currently around $550K, we have some new home options a bit under $650K and I'd be eligible for FHOG (currently $20K in Qld).

My credit history is "good" but annoyingly shows two enquiries (one from 2013 which I didn't even realise would be a hard enquiry) but doesn't show loans I've paid off or even my current credit card.

Given I would have to purchase the property in my name only, am I dreaming about being able to make this happen??? Will three dependants and no partner on the loan be an issue? Are there any tips on how I could put myself in the best position for lender consideration given these circumstances?

Any general feedback on my situation would be warmly welcome. It's been a hard couple of years for us a family and I guess I'm just hoping not all is lost.

 

Yes I have purchased 3 homes in my home alone. I am married but my husband is medically unwell and is basically a stay at home Dad, I support the family. Each home is in my name alone and the two homes I have paid off, the title deeds are in my name alone.
I've never had any trouble getting a loan, and I only earn $50K a year...

 

See my legal tips. i recommend buying in one name only

 

I've bought a few on my own. You sound very capable so speak to a broker, @Simon Moore on here is amazingly helpful.

 

I should say I actually discourage couples from jointly owning assets in most cases.

 

Thanks Terry, I must admit that that I was glad of my independence when the other half went through the bankruptcy and I feel better knowing that just because it's 'normal or expected' to do joint applications by those around me doesn't mean it's necessarily the best approach.

I guess I just expect lenders to look poorly at our situation.

 

Should not be an issue. One name on title and one on the loan.

For servicing, provided you can demonstrate your partner is working (which he is) you could have his living expenses removed from the servicing calculator. This will increase your borrowing capacity (and if things are still tight, close of the credit card and opt in for a debit card)

 

The challenge you're going to face financing on your own is lenders will see you as the sole income provider with 3 dependants, your partner won't be using their income (in the lenders eyes) to support the family. This is going to restrict your serviceability a lot faster than it would if you're bringing two incomes to the lending table.

That said, if he's an undischarged bankrupt, that alone will create all sorts of challenges, so being the sole financier is probably the best solution regardless.

 

Having one on title means you have the option of having the other on the loan as well - if and when you choose.

 

Having only one partner purchase isn't impossible - the issue is that in reality having this many dependants will eat into your capacity substantially. A quick calculation of the numbers puts your capacity for a loan at 460k-500k dependent on lender - so you are short on your expected price range. Removing your will help but still not there, so its either a case of waiting out until your partners file is cleared, high school children 'age out' to 18 or look within a lower range.

Obviously you need to get specific advice for your situation - I'd suggest speaking with an experienced broker who can give you an understanding of *exactly* what is available to you so you can make a more firm plan to get towards buying yourself a property.