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Home loan

We live in Sydney, my husband earns about $150k. I'm a sahm with 3 kids under 5. Do you think we can afford to buy a house in Sydney? My husband thinks no...
As I'm not working. Surely we can?


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Answers (7)

For real? Why bother living there if your high income won't get you the basics? Move to my small city op, on one side we have the beautiful indian ocean and on the other we have pitcuresque rolling hills, you could get a very nice house for that- executive houses go for under a million and you can get a newish large house for well under 500 thousand. You could stay home and still not struggle. Why live where such a high income doesn't help you get in front ?

According to an online calculator you can borrow up to $685,000.

 Aha yes, but that is without the OP inputting their daily living expenses. Which the lender will want to know.
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We live in Western Sydney, hubby on $100k I work part time now (roughly $18-30k a year depending on work)
When we got our home loan hubby was only on $90k and I was a sahm.
We got fixed interest only for 3 years as we knew eventually I'd be going back to work, and the way the process were going we wouldn't be able to afford it in 3 years even with me working. We just refinanced as our 3 years was up. We added money to buy a new car and split the loan in 2, so 60% is on interest only fixed for 3 years again, and we are finally paying off the other 40% on variable with offset accounts and redraw.
Hubby catches the train to work in the city from St Marys. He leaves at 7 and some nights doesn't get home til 7 or 8. But that is the nature of his job.
For us we couldn't go to a different city, because there just isn't work for him anywhere else, unless we went overseas.
Good luck OP - it takes a bit of sacrifice - like we don't have holidays often, or buy fancy new things. But it's doable. If you can compromise where you want to live. Do you have to live near the cbd? Probably not. We are in St clair. It's a great family suburb. Do your research, don't just think "oh that suburb is so bad" a lot of the reputations are from 10-15 years ago, a lot of suburbs around here have improved. Sure there are still many I wouldn't go near haha.

 The reputation 10 - 15 years ago was a lot better than the reputation now... I don't mean to be offensive, every suburb has good and bad but St Clair has definitely had more crap happen in the last 5 years.
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 We have been in St Clair for 3 years. Great school. Great neighbours. Hardly hear of any trouble. Compared to some places. Or maybe I'm just lucky and have a good little pocket of St Clair
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Not in sydney no. Unless you have a super huge deposit saved. Houses are crazy expensive in sydney.

OP It's ridiculous!
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you have a champagne lifestyle on a beer budget
u sealed your fate with breeding 3 kids under 5
u and hubby might be lucky to afford a crack wh**e house

 From the sounds of it you'd be a good employee.
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 Sometimes I imagine these comments being written on a note out of a fortune cookie. Just makes it funnier.
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