My partner and I are watching what is happening in the property market and I’m starting to feel desperate. It seems like things are crazy. We have been saving hard for three years for a home deposit but prices are increasing faster than we can save. Should we take the leap now and how can we do it without over-committing? Is there any help – or even just guidance – for people like us? It all seems quite scary.
The scheme will apply if your household income is less than $125,000 a year. But you should get in quick as the concessional loans have been going fast.With this one, you can tip extra money into your superannuation fund that is allocated specifically for a house purchase. The above measures add to first-home buyer grants and stamp duty waivers that are available, which differ by state, but can apply to homes you build or buy new. For more information, visit your relevant Office of State Revenue website.
Still, make sure borrowing that amount would not put you into mortgage stress – defined as committing more than one-third of your before-tax household income to housing.Be aware that under bank lending restrictions, a lender may “stress test” whatever you borrow for 2.5 percentage points of interest rate rises. That could reduce your capacity to borrow.
Wrong, wrong wrong wrong wrong wrong wrong. Money is cheap and worthless. Borrow as much as possible. If it all goes pear shaped, just declare bankruptcy and move to Barbados.
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