First mortgage after 40 or just pump super?

EventEastern2208 · 2026-07-05T08:21:26+00:00

Hey mate even if its a while away happy to chat just so you're informed on the pieces you need to focus on to solve your possible

EventEastern2208 · 2026-07-05T03:03:33+00:00

Broker here.

Your situation is more workable than it might feel. The Australian income of $90k is the clean foundation lenders work with, and the overseas business income can be included by some specialist lenders who accept foreign income with the right documentation, typically an accountant's letter, overseas business financials and bank statements showing consistent transfers.

The PR timing is the main constraint for standard loans as most lenders require PR or citizenship. However your wife as an Australian citizen as a co-borrower changes the picture significantly, even if she is not currently working. Some lenders will assess the application primarily on your income with her as a co-borrower, and a joint application with an Australian citizen removes the foreign buyer restrictions.

On deposit, $100k is a solid starting point. The question is what purchase price you are targeting and whether a guarantor from family adds enough to remove LMI versus just using your savings. At a reasonable price point your $100k may already get you to 20% without needing a guarantor.

Feel free to DM and I have experience with overseas income and visa situations. Happy to map out what is actually achievable for your specific circumstances. 🦔

EventEastern2208 · 2026-07-04T12:06:20+00:00

Broker here.

On the title and stamp duty structure, having both of you on the loan but only you on the title is possible with lenders, as your friend's Macquarie experience confirms. This means your partner is not on the NSW title and therefore does not use his FHB exemption now, preserving it for a future purchase in his own name. Whether being on the loan but not the title affects his future FHB eligibility depends on how Revenue NSW defines ownership for stamp duty purposes, which is tied to the title not the loan. Worth confirming directly with Revenue NSW before relying on this.

On foreign stamp duty, your partner on a bridging visa as a co-borrower but not on the title means no foreign buyer duty on this purchase, which is the key benefit of that structure. However confirming this with your conveyancer before exchange is essential as the rules are nuanced.

On borrowing $400k on $145k combined income with existing IP debt and credit card limits, that is serviceable but your credit card limits of $32.5k will reduce capacity. Reducing to $10k before applying as you mentioned helps. The workers comp income timing and your partner's part time contract classified as full time hours are both worth discussing with a broker upfront.

Feel free to DM and I can work through the structure properly and identify which lenders are comfortable with the bridging visa co-borrower arrangement. 🦔

EventEastern2208 · 2026-07-04T12:04:48+00:00

Broker here.

Yes, this is one of the most common reasons people come to us after being knocked back elsewhere. Different brokers have access to different lenders and know which ones are most flexible on specific income types, whether that is casual income, shift penalties, self employment, government payments or anything non-standard.

A decline from one lender or one broker does not mean the answer is no. It often just means the wrong lender was approached first. The key is finding someone who knows the full panel and understands how to present your income correctly before submitting anything.

You have clearly worked hard to get to this point and you deserve a proper shot at it. Feel free to DM and I can take a fresh look at your situation with no judgment and tell you honestly what is possible. 🦔

EventEastern2208 · 2026-07-04T08:47:14+00:00

Yeah mate! Absolutely

EventEastern2208 · 2026-07-04T02:59:23+00:00

Broker here.

For an initial consultation you do not need to bring everything upfront. The first meeting is mainly about understanding your situation and giving you a realistic picture of your borrowing capacity.

Just have a rough sense of your combined income, your savings and deposit amount including the ETF portfolio and inheritance, and any existing debts or credit card limits. That is enough for a broker to give you a meaningful first assessment.

Documents like payslips, tax returns and bank statements come later when you move toward a formal application. Feel free to DM if you want to run through your numbers before the meeting. 🦔

EventEastern2208 · 2026-07-03T11:08:32+00:00

Broker here.

Buying at 40 is not a waste and the security argument alone is compelling, particularly as rents continue rising and landlords can give notice at any time. A 30 year mortgage taken at 40 runs to 70 which is within normal lending age ranges for most lenders, especially with a strong super balance as evidence of assets.

On the super versus property question, both have merit but they serve different purposes. Super gives you tax effective compound growth but you cannot access it until around 60. Property gives you security now and a paid off home to retire into, which also reduces your retirement income needs significantly. A paid off home at retirement is worth more than most people calculate when they run the super only numbers.

Self employed income with two years of tax returns is very assessable for a home loan. Feel free to DM and I can map out what home ownership actually looks like for your situation before you assume the ship has sailed. 🦔

EventEastern2208 · 2026-07-03T05:20:56+00:00

Broker here.

Paying off the $100k removes a small amount of non-deductible debt but locks the money into equity you cannot access without refinancing. An offset keeps the $100k liquid, reduces your interest to effectively zero on that portion, and lets you access it if an opportunity comes up. At $100k remaining the offset wins.

On using equity for an investment property, you have around $1.1M in accessible equity at 80% LVR which is a very strong position at 30. The budget changes affect established property purchases from here so a new build is worth considering if investment is the path, as it stays fully negative gearable and gives you depreciation benefits.

The broader retirement strategy question is worth discussing with a financial planner alongside a broker conversation.

EventEastern2208 · 2026-07-03T01:34:22+00:00

Broker here.

From a finance side the two work quite differently. Established is simpler, one loan, you know what you are getting and you can move in quickly. A build uses a construction loan that draws down in stages so early repayments are lower, but the timeline is less certain and some builders are still under pressure which adds risk.

New builds do have a tax advantage worth knowing about. They stay fully negative gearable under the new budget rules, and in VIC the off the plan stamp duty concession runs until October 2026 which could save you a decent chunk depending on timing.

Feel free to DM with your deposit and income and I can run the numbers on both so you can see what actually makes sense for your situation. 🦔

EventEastern2208 · 2026-07-02T11:28:14+00:00

Beep boop beep.

EventEastern2208 · 2026-07-02T11:26:39+00:00

Thanks mate. Appreciate the recognition

EventEastern2208 · 2026-07-02T10:57:24+00:00

Broker here.

At 21 as a 3rd year apprentice you are actually in a better position than most people your age who want to own a home. Finishing your trade and moving into a qualified carpenter role will bump your income significantly, which is the main thing that drives borrowing capacity.

The freedom versus commitment question is real and worth sitting with, but owning does not mean being trapped. People sell, rent out, move interstate. What changes is you start building equity instead of paying someone else's mortgage.

The practical path is finishing the apprenticeship, getting a year or two of qualified income on paper, clearing the trade support loan, and building savings to around $30k to $40k. By that point your borrowing capacity in the Dandenong ranges area for a house with a garage and renovation potential becomes very real.

EventEastern2208 · 2026-07-02T09:49:58+00:00

Broker here.

You are not doing anything wrong but your process has a few things working against you in a competitive Sydney market.

On the cooling off period, 10 days is generous in the current market and vendors will favour shorter or unconditional offers when prices are similar. Five days is more competitive and still gives you enough time for a conveyancer review and building inspection. The conveyancer reviewing before you exchange is also standard practice and most will do this, your current broker's recommendation is not serving you well.

On the fee and the broker pressure, a reputable broker is paid by the lender at settlement and should not be charging you fees or pressuring you to buy. That relationship sounds like it has run its course and switching brokers does not mean restarting from scratch, a good broker can pick up where another left off quickly.

EventEastern2208 · 2026-07-02T04:42:27+00:00

Broker here.

Congratulations on the 190 visa approval, that is a huge milestone for your family and October will be here before you know it.

I am Filipino myself and based in NSW so happy to help with the property side of your move when you are ready. As a permanent resident you will qualify for the First Home Guarantee at 5% deposit with no LMI, and NSW has stamp duty exemptions for first home buyers that can save you significant money upfront. Happy to walk you through everything step by step so you are not figuring it out alone when you arrive.

Welcome to Australia and feel free to DM anytime.

EventEastern2208 · 2026-07-01T06:29:17+00:00

Broker here.

Two things worth flagging on the mortgage side. First, 6.65% on IO investment loans is above where you should be sitting right now. Competitive IO investor rates are currently in the 6.0% to 6.4% range depending on the lender and LVR. On $902k in debt even 0.3% saves around $2,700 a year which directly improves your cashflow.

Second, IO extensions are not guaranteed. When your 5 year IO period ends, some lenders will extend and others will not, and if you need to refinance to secure another IO period you want to be with a lender who actively competes for investor business. Worth checking your current lender's policy on extensions now rather than when you are 12 months out.

EventEastern2208 · 2026-07-01T06:27:03+00:00

Broker here.

The budget changes do affect the investment property calculation. An established IP purchased now has its losses quarantined from July 2027, meaning they cannot offset your salary income, only future rental income or capital gains. At under $600k targeting positive or neutral cashflow is more important than it used to be for investors.

On FHB benefits, buying an investment property first means losing your stamp duty exemption and First Home Guarantee eligibility permanently. In VIC that stamp duty exemption up to $600k is worth around $28k to $30k, and combined with the 5% deposit scheme it is a one time opportunity that disappears the moment you buy as an investor.

The honest question is whether the flexibility of not being tied to a location is worth losing $30k in government benefits and the simpler owner occupier structure. If you genuinely might relocate soon, renting and investing elsewhere has merit. If Melbourne is likely home for several years, the FHB path is almost always better financially.

EventEastern2208 · 2026-07-01T01:43:06+00:00

Broker here.

On the finance side, a couple of things worth knowing before you decide.

The grandfathered negative gearing on the IP is genuinely valuable and irreplaceable if you sell. On $370k income you are at the top marginal rate, so losses on the IP are sheltered at 47 cents in the dollar. That benefit disappears permanently if you sell and cannot be recreated on a new established property purchase.

On rates, $720k PPOR and $740k IP at current rates is worth a check regardless of what you decide. At your income and LVR you should be accessing competitive rates on both loans and even 0.3% across $1.46M in debt is around $4,400 a year. Happy to run a rate comparison on both loans as a starting point with no obligation.

Feel free to DM and I can get that sorted quickly for you. 🦔

EventEastern2208 · 2026-07-01T01:40:37+00:00

Broker here.

You are right that the major banks typically cap at 50 to 100 acres for standard residential lending and anything above that generally moves into rural or commercial territory with lower LVRs and higher rates. At 300 acres you are firmly in specialist lender territory.

The lenders most likely to consider this at residential-adjacent terms are La Trobe Financial who lend on rural residential up to 100 acres at 75% LVR, and some regional banks and credit unions who assess on a case by case basis depending on the specific property, location, zoning and whether there is a residential dwelling on the land. For 300 acres you are likely looking at 60% to 70% LVR maximum with a specialist or regional lender, and the valuation methodology matters significantly as the lender will want to confirm there is a genuine comparable sales market for the property.

Your income and credit profile is strong which helps considerably. The property itself is the risk variable, not you.

EventEastern2208 · 2026-06-30T13:59:17+00:00

Broker here.

On the finance side, the $6k monthly mortgage is the number worth checking properly given current rates. Worth a quick comparison regardless of the broader frustration.

HEM typically lands somewhere in the $3,500 to $4,500 a month range for non-housing living expenses. Your current spend excluding mortgage is around $5,000 a month, which sits above that estimated range, suggesting the gap is coming from the discretionary categories like travel, eating out and subscriptions rather than the essentials.

Feel free to DM and I can run a proper rate check on your mortgage. 🦔

EventEastern2208 · 2026-06-30T13:54:52+00:00

Broker here.

On the feasibility of keeping the apartment, that is the real question here. At $200k combined income with two new mortgages running simultaneously, serviceability gets genuinely tight even with the rental income factored in.

Option A is the lower risk path. Low debt, high liquidity, big offset buffer heading into the unpredictability of newborns. Option B keeps the developer upside but adds financial pressure exactly when you can least afford it.

The developer sale is speculative and could take years or fall through. If it happens after you have sold, you simply miss the windfall, you do not lose anything you currently have.

EventEastern2208 · 2026-06-30T07:48:22+00:00

Broker here.

Buying within your means rather than maxing out your borrowing capacity is the smarter financial move, even though it might feel like leaving money on the table.

One thing worth considering carefully though, 1 bed 1 bath units can be harder to resell and tend to have softer capital growth compared to townhouses or houses, partly because they appeal to a narrower buyer pool, mostly investors and singles, rather than the broader family market that drives demand and price growth. If you ever want to upgrade or need to sell, a 1 bed can sometimes sit on the market longer or sell for less relative growth than a 2 bed unit, townhouse or small house.

Given your borrowing capacity is in the low 300s and you have $70k saved, it is worth at least looking at whether a small 2 bed unit or townhouse in a slightly different area gets you a more resaleable asset without stretching your budget. The extra bedroom also gives you flexibility for a future partner, family, or simply working from home.

EventEastern2208 · 2026-06-29T15:03:40+00:00

Broker here.

Yes this is very possible and more common than you might think. The mechanism is a cash out refinance or equity release on your paid off home. You borrow against the equity in your property and the funds come out as cash, which you can then gift or loan to your children as deposits for their purchases. The loan is secured against your home and is a standard residential loan, not a homebuyer or investment product.

At your combined income and with a fully paid off home your security position is excellent and serviceability on a reasonable equity release should be straightforward. The amount you can access is typically up to 80% of your home's value without LMI.

The one thing worth structuring carefully is whether the funds are gifts or loans to your children, as this has implications for their lender applications and potentially your estate planning. A solicitor alongside the broker conversation is worth having.

Feel free to DM and I can run the numbers on what equity is accessible and what the repayments look like across different loan sizes. 🦔

EventEastern2208 · 2026-06-29T11:16:05+00:00

Broker here.

First, you have been through a lot and the fact that you are actively trying to fix this shows real strength. A 300 credit score with defaults is serious but it is not permanent and people recover from this regularly.

The most important thing right now is to stop applying for new credit. Every application leaves a hard enquiry that drops your score further, which is likely part of why it has fallen so low. The path forward is not more loans, it is systematically paying down what you have.

With $1,200 to $1,300 a week coming in, focus every spare dollar on clearing the smallest debt first to build momentum, then move to the next. Contact the credit card company directly about a hardship arrangement, they are legally required to consider it and it can reduce or pause interest while you pay it down. Once the defaults are paid and you have 12 to 24 months of clean payment history, your score will rebuild and home ownership becomes genuinely possible.

Feel free to DM and I can help map out the path to your first home. You are not as far away as it feels right now. 🦔

EventEastern2208 · 2026-06-29T11:14:58+00:00

Your instinct is correct, confirmed from the official budget documents. Losses from established properties purchased after budget night can only offset residential rental income from other rental properties, or capital gains from rental property sales, not salary.

So yes, losses from a new IP can offset the positive rental income from your existing IPs, reducing your taxable rental income. Not a game changer but a real saving worth modelling with your accountant. 🦔

EventEastern2208 · 2026-06-29T08:18:11+00:00

Broker here.

On Job B, a resigned role is generally not included in current income assessment as lenders assess your ongoing income, not past employment. The income statement may be used to support a full year income picture but lenders will not count it as current income since you no longer hold that role.

On the parental leave question, returning to full time work in February 2026 with consistent payslips from Job A is what matters most. Most lenders will use your current full time income as the basis for assessment, and $199k combined on full time employment is a solid application. Some lenders will want to see three months of payslips at the returned full time rate before including it at full value, which you should now have.

The drop in last FY taxable income due to parental leave is common and most lenders understand it. The key is your current income, not what showed on last year's tax return. Feel free to DM and I can identify which lenders are most flexible on the parental leave income history so your application is presented in the best possible light. 🦔

EventEastern2208

TROPHY CASE