For those in the scheme- what is your long term (or short term) game plan to paying off the government portion? Not worrying about it at all? Or being aggressive about it? I’d like to hear everyone’s perspectives.
Broker told us it would be up to three weeks wait due to application backlogs - now that time is almost up we are being told will now be at least another two weeks? Is this the norm or are we being mucked around - thanks
The calculators make it look fairly straightforward until I start putting my actual numbers in. I’ve got a deposit saved and a rough idea of what I can afford each month, but I’m still confused about how the Help to Buy contribution changes the maximum property price I should be looking at. I don’t want to fall in love with houses that are technically outside what I can afford. How did everyone work this out?
Hi all,
I spoke to a home loan specialist from CBA today and was told that my borrowing power would be assessed as though there were two people (my income + 0) in the household because I am married.
However, my partner is currently overseas and is not an Australian citizen or visa holder, as her visa is still being processed. I mentioned that the property would be titled solely in my name and that I would be the sole applicant for the loan.
My partner is employed full-time overseas and is not financially dependent on my income.
Can anyone confirm whether this is accurate, and whether being married automatically means her living expenses are included in the borrowing capacity assessment even though she is overseas and not part of the loan application?
Thanks
Hi, we are a small family want to buy a house within 600k. Already saw some houses within this range online. We have saved almost half of this amount already after saving for a decade, inheritance from parents overseas and selling all my jewellery. Issue is we don't want to go mortgage route for religious reasons. We had appointment with commonwealth bank and they told us that they don't have anything for us but we can directly contact htb to discuss and if we get lucky we can get approved. Did someone go through this route?
Does anyone know how many spaces are still available?
I'd rather be with BankAust for a few reasons, but they need me to be employed longer on my casual contract to count the income. I'm torn between waiting to pass that milestone and applying with CommBank when I pass the CommBank requirements next week. Basically I'm suuuuper stressed about the possibility of the scheme running out of spots before I can apply with Bank Aust - should I just go for what I can get immediately?
Has anyone found that there was a minimum amount of time that their deposit needed to have been in their account to take part in the HTB scheme?
Also, has anyone had their rent payments and ability to pay off debts work as a positive for being assessed at being able to repay the home loan?
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Background/context info in case it helps (though feel free to ignore it and answer without reading the context obviously. I understand the following may get a lot of “TLDR” responses and they would be justified):
Some of the deposit I’m wanting to use to participate in the HTB scheme will be from a very modest property settlement as part of an amicable divorce.
I’ll be applying as a single parent of two in case that is relevant.
I’d been focusing on paying off ~ $12K of debts incurred during the marriage over the last year and a bit. I’ll have about 6% deposit with the property settlement and money I can put aside after all debts are wiped out this or next month (debts will likely be paid off pre-settlement finalising, as I’ve worked hard to focus on that).
I am looking at apartments in a specific building which consistently sell for $400-$420K. With the government’s 30% equity bringing costs down, owning seems achievable.
With the HTB scheme my loan repayments will be significantly less than what my rent has been (~$2.7k p/m). Even with outgoings including body corp fees, there is a significant buffer for further rate rises.
Hi I’m just seeking guidance on anyone who has got an exemption somehow around the no renting out a room clause.
I’m in the segment of the ‘missing middle’: early retiree for health reasons with very low income but some assets.
Because I’m on low income I need to share ongoing household costs like strata, utilities, repairs/maintenance etc. through renting a spare room out.
People can be running their business from home and that’s okay, but just renting a room in your PPoR to cover some expenses puts you at risk of losing the house.
Going through bank AUS with the help to buy scheme. I’m trying to go with a house and land build and have to sign and pay the deposits for the land and builder to then give to the bank for final approval.
This is worrying because of the deposits I have to pay.
What do they need for final approval. Like updated payslips, bank statements, valuation?
I’m still in the 90 day pre approval, got about 40 days left now.
Anyone been in the process, know?