Help To Buy Scheme with low income
Hi everybody. I hope this is okay to post here. I was just after some kind of general thoughts/advice on whether I would be able to qualify for the Help To Buy Scheme with a low income? I don't have anybody else to talk to about this and I find it all quite overwhelming so any insight is greatly appreciated!
My details:
-Taxable income is $38,850 per year.
-No debt other than HECS/HELP (approx. $16,000)
-My current rent is $300 per week and I can go an extra $100/$150 per week if need be.
-I can source the initial 2% deposit.
-My monthly expenses are very low. I don't have a car and I rarely travel (and only to other parts of Victoria). I'm pretty frugal haha.
-I am situated in Melbourne.
I would (obviously!) just be looking to get something very small, like a studio apartment. Hopefully in a nice area! I have been living in one for a long time now and it really suits me. So looking at maybe something for $300,000? Then I would hope to get maybe a $50,000 buffer for repairs/unexpected expenses etc (if you are allowed to do this). So maybe the loan amount would be like $350,000?
I am in no hurry or anything, I was just curious at this point as to whether this scheme may be an option in the future.
Thank you in advance for your help! Sorry if I have let out any crucial information.