Again using the ANZ how much I can borrow calculator. "Maried $65K (average) gross income 2 kids no car loans/credit cards $350 week living expenses
came back that i can borrow $218K " Based on how much you have estimated you can borrow you have used a 13/14 year time frame. Using a 25 year time frame you can borrow: $279000 Using a 30 year time frame you can borrow: $391000
"Married $55K P.A income 2 kids $200pw car loan $350pw living expenses hold a credit card of $5K limit
came back i can borrow $36K !!!!" Based on how much you have estimated you can borrow you have used a 5 year time frame. Using a 25 year time frame you can borrow: $88000 Using a 30 year time frame you can borrow: $92000 In this case the car loan and the credit card is the killer - if these people are serious about owning a home they need to get rid of these liabilities first.
"Married $85K P.A 2 kids $200pw car loan $350pw living expenses hold credit card with $5K limit
this one can borrow $237K" Based on how much you have estimated you can borrow you have used a 15 year time frame. Using a 25 year time frame you can borrow: $290000 Using a 30 year time frame you can borrow: $303000 Again if these people are serious about wanting to borrow more they need to get rid of the car loan and credit card liabilities.
"not bad when the median house price in Melbourne is $480K he just needs $243K deposit!!" 1) There is plenty of property below the median price. 2) You don't need anywhere near a $243000 deposit as you can borrow money for more than 15 years. 3) Don't expect to be able to borrow a large amount if you have allot of expenses for liabilities such as car loans.
