First home buyers looking for some advice

My partner and I are wanting to buy a property we have 2 children and a combine income of only 130k. Has anyone got there loan approve with a low income like this? We have no loans/credit cards and 80k in savings.

 

Your income isn't really that low and there are plenty of families in a similar situation.
It will depend a lot on your living expenses and your purchase price expectations but there is no obvious reason why you can't buy a home for about $600k.

 

We currently have no loans or credit cards. Just basic essential living cost. We are looking at properties between 600-650k to ensure we get stamp duty exemption. Question being should we wait until we have complete 20% deposit?

 

If you can afford to buy something that will meet your requirements, you might as well buy asap.

Chances are that the longer you save, property prices continue to increase, so you might as well try to get into the market.

If you get pre-approval, you will know what you can afford and be in a position to buy, if you find the right place.

You might be able to get a place on the FHLDS, which would mean that you don't have to pay LMI.

 

Just off the top of my head you borrowing capacity could be up around the $800 - $900K mark with the numbers you've provided (subject to an actual serviceability check based on payslips etc) so certainly could afford something for $600 - $650K

Good time to engage a mortgage broker that can show you what borrowing options you have. You don't need 20% deposit to purchase and potentially by the time you save that amount you may be outpriced from the market increasing in value.

 

Talk to a good mortgage broker. Just assume everything you think is true, isnt.