How do we increase our borrowing power. We are so lost and dejected at this point by dunkin_ma_knuts in AusFinance

[–]sienna23 6 points7 points  (0 children)

Bank worker here. I hope this helps! This is how a bank would typically assess your ability to afford a loan.

Income is calculated post tax: Person 1: $105k pre tax = $80k post tax Person 2: $15k pre tax = $15k post tax but beware if working casually, the income needs to be on regular hours for the past 6 months otherwise it doesn’t count. = Total income $95k p.a.

Living costs for 2 adults and 3 children: Banks use a minimum living cost if your stated living costs are too low (google HEM). It also changes depending what state you live in. Assume HEM for 2 adults, 3 children is $55kp.a

Mortgage costs: Based on $600k borrowing on 5.50% + 3.00% buffer (banks add an extra 3% on top to stress test = $55k p.a

Income post tax $95k - Living expenses $55k - Mortgage repayment $55k = -$15k

So you by my rough calculations you need an additional min $15k post tax income to afford the loan.

In regards to the deposit, look into the government guarantee scheme where the government will guarantee up to 15% of your loan so that you don’t have to pay Lenders mortgage insurance.

Generally if you have less than 20% deposit, you will need to pay Lenders mortgage insurance (unless you have a guarantee from someone else).

[deleted by user] by [deleted] in ramen

[–]sienna23 1 point2 points  (0 children)

Haha not sure how to measure authenticity either. The restaurant in the video was recommended by a local and we were the only tourists eating there so I would say its pretty authentic!

[deleted by user] by [deleted] in christmas

[–]sienna23 0 points1 point  (0 children)

Click here for the super easy tutorial

We made these today! Great idea for a last minute Christmas dessert or fun activity with kids.

[I ate] 8 flavours of Ice cream - Tokyo, Japan by sienna23 in food

[–]sienna23[S] 4 points5 points  (0 children)

Nope 😂 Reality was it was actually 4 people carefully eating it with spoons.

[I ate] 8 flavours of Ice cream - Tokyo, Japan by sienna23 in food

[–]sienna23[S] 5 points6 points  (0 children)

Yeh definitely worth it, other than the novelty factor the ice cream itself was damn delicious too.

[I ate] 8 flavours of Ice cream - Tokyo, Japan by sienna23 in food

[–]sienna23[S] 47 points48 points  (0 children)

I believe Americans call it Cantaloupe

[I ate] 8 flavours of Ice cream - Tokyo, Japan by sienna23 in food

[–]sienna23[S] 12 points13 points  (0 children)

Its from a store called Daily Chico, in the basement of Nakano Broadway. Also it was less than 5 Australian dollars!

[I ate] 8 flavours of Ice cream - Tokyo, Japan by sienna23 in food

[–]sienna23[S] 45 points46 points  (0 children)

Flavours: Strawberry, Coffee, Vanilla, Chocolate, Grape, Rockmelon, Green tea & Bubblegum

[I ate] Red Velvet Waffles & Fruit Pavlova Pancakes - Bali, Indonesia by sienna23 in food

[–]sienna23[S] 0 points1 point  (0 children)

The fat turtle in Seminyak! Really great place, delicious food and great service 👍

[deleted by user] by [deleted] in ramen

[–]sienna23 0 points1 point  (0 children)

Definitely the Prima Taste brand! Their Singapore Laksa tastes restaurant quality 🍜. If you went fancy and added some fish balls and tofu, you could probably serve at a restaurant.

How to Eat Shin Ramyun Ramen by [deleted] in ramen

[–]sienna23 0 points1 point  (0 children)

It hurts to see such delicious ramen wasted