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Home loan with 4 dependants. What's your experience?

I am interested to know how much you were able to borrow for a home loan with kids. We have 4 kids and earn 120000 a year combined. I have used multiple loan calculators and all given me very different results. We will have approximately $40000 in genuine saving and this would me our first home. We have a HECs debt of $8000 and a car loan with $12000 remaining.


Answers (1)

I'd estimate $700k on that income. You only need 5% genuine savings for a deposit, but if you are going for less than a 20% deposit you'll need 5% of the property cost + 5% for additional costs (insurance, conveyancing, etc...). We have a similar income (but no debts) and that's the info I received the other day.

 Thank you for your reply.
helpful (1)