32M, $100k savings, $90k salary + overseas business income — can I realistically buy a home?
Hi everyone,
I’m 32M and fairly new to the Australian workforce, earning around $90k per year. I also have a small business overseas that brings in roughly AUD $60k per year, and I currently have around $100k in savings.
My wife is Australian but isn’t working at the moment. I’m currently waiting on my permanent residency application, so I won't qualify for a first-home buyer scheme.
I’d really appreciate some advice from people who have been in a similar situation or understand home lending.
Would I realistically qualify for a home loan based on my current income and savings? Would it make more sense to use a larger deposit, or potentially use a family member’s property as a guarantor? With my status what would my average monthly mortgage be?
I’m honestly unsure and confused about the smartest next step. I don’t own a home and would like to make a good decision with the savings I’ve built up rather than rushing into something.
Also, if anyone has worked with a good mortgage broker or adviser, especially someone experienced with overseas income and visa/PR situations, I’d really appreciate a recommendation.
Thanks in advance. I appreciate any advice or personal experiences you can share.