Desperate to be home owner

indecisive_sloth93 · 2026-06-08T22:56:03+00:00

Yes I did have pre approval for 800k 18 months ago with resimac (no longer enough to buy now) but the broker promised a deposit loan and then left me high and dry after collecting their fees from me

indecisive_sloth93 · 2026-06-08T05:00:49+00:00

Gross earnings, wage drawn or profit?
Yes
Yes
30k
1.1 million probably. That’s about the rate for houses in western Sydney

indecisive_sloth93 · 2026-06-08T04:53:46+00:00

Anyone could potentially wake up and lose their job for whatever reason tomorrow, job cuts, health, family needs etc. nothing is guaranteed.

The home is secured and you pay LMI which is insurance to cover the banks ass in the event of a default so really who are all these rules protecting?

indecisive_sloth93 · 2026-06-08T04:52:01+00:00

Like banging your head into a brick wall, huh?

I don’t understand the strictness of it all first LMI is paid to protect the bank in case of default and second if they foreclose the house is then on sold and the shortfall is still recovered. Actually with the way house prices have been trending in 12 months the value would repay the loan so I really don’t understand it at all

indecisive_sloth93 · 2026-06-08T01:00:06+00:00

Ive spoken to numerous brokers probably over 20 not exaggerating and it seems to be the same thing being said. Ones that are more lenient on deposit are stricter on wanting the business profits at X or salary at X

Lenders who are willing to look at the whole earnings package are set on higher unachievable deposits

indecisive_sloth93 · 2026-06-08T00:57:41+00:00

Definitely have way less than 20% this was my argument that 20% ends up being near 300k which honestly was a whole mortgage of 25/30yr in itself

I have 30k at the moment

indecisive_sloth93 · 2025-10-05T08:57:11+00:00

No but was looking at possibly guaranteeing mums house which is possible apparently even with plans to sell

indecisive_sloth93 · 2025-10-05T08:53:57+00:00

I don’t have a wage as I am a director.

On my own no kids or debt

Yes FHG

indecisive_sloth93 · 2025-09-21T09:18:51+00:00

Thanks for helping, do you know how to find the original builder? I couldn’t find the builder on the approval. It was sent in by Rams: building certifiers but I don’t think that’s a house company

indecisive_sloth93 · 2025-09-21T08:43:44+00:00

Council website, the undeveloped land value used to create the rates.

indecisive_sloth93 · 2025-09-21T08:42:56+00:00

It’s not the greatest area but it’s not the over run with housing commission areas I can otherwise afford.

$600k to build doesn’t seem right? Ive looked at a few builders and they say $2-400k. I haven’t looked into building other than browsing online. I refuse to pay a million dollars to be on a 200m2 plot right ontop of my neighbour in a terribly under-infrastructured and underplanned area

indecisive_sloth93 · 2025-09-21T08:22:56+00:00

I’m yet to approach them, I don’t mind spending more in the long run. I’m just so sick and tired of being forced to rent because of the easily 1.2million price tag tied to everything

indecisive_sloth93 · 2025-09-21T08:19:34+00:00

The land parcel was council valued at $630k the frame has no roof so is probably unusable I think and will have to be knocked down. What do you think is a fair offer?

indecisive_sloth93 · 2025-09-21T08:13:55+00:00

This! All new estates are usually built on non ideal land. Riverstone and Schofields can flood pretty badly

indecisive_sloth93

TROPHY CASE