Home Buyer Q&A: Loans, Career Changes, and Maximising Your Borrowing Potential - podcast episode cover

Home Buyer Q&A: Loans, Career Changes, and Maximising Your Borrowing Potential

The Elephant In The Room Property Podcast | Inside Australian Real Estate
Dec 08, 2024•43 min•Season 1Ep. 362
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Episode description

Ever wondered if changing jobs or working overseas could throw a wrench in your plans to buy a home? In this episode, we dive into some of the most common questions we hear from homebuyers. How long do you need to stay in a new job before applying for a loan? What’s the deal with borrowing as an expat? And does timing your property purchase around a career change make sense? There’s a lot to unpack here, and the answers might surprise you.

We also dig into a tricky one: Should you push your borrowing capacity to get a better-quality property but miss out on the first-home buyer grants? Or is it better to take advantage of those grants and settle for a slightly lower-tier asset? It’s not always an easy decision, but we break down the pros and cons to help you weigh it up.

If you’ve ever thought about renting out rooms to help you afford a better property or buying an investment property you plan to live in later, this episode will get you thinking. These ideas can work, but they come with their own set of challenges—like tax headaches and cash flow risks—that you’ll want to understand before jumping in.

We also talk about the importance of buffers and why lenders' mortgage insurance can sometimes be a good thing, even if it feels counterintuitive. For first-home buyers especially, having a bit of breathing room in your finances can make all the difference.

This episode is packed with real-world advice and examples, so if you’re in the thick of buying your first home or even your next one, you’ll want to tune in for this one.

Episode Highlights:

00:00 - Introduction

01:57 - How long should I work at my new job to qualify for a first-time home loan?

06:28 - How much of a disadvantage is it to apply for a mortgage as an expat?

11:21 - What’s the smarter choice: higher borrowing power or first-home incentives?

16:39 - Does renting out spare rooms help increase loan capacity?

23:55 - Is it better to buy a house now or after finishing my career change?

37:59 - Chris Bates’ property dumbo

Resources:

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Home Buyer Q&A: Loans, Career Changes, and Maximising Your Borrowing Potential | The Elephant In The Room Property Podcast | Inside Australian Real Estate - Listen or read transcript on Metacast