Adelaide tradie: How to buy a van + house with $65k savings & $30k/mo income?

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Kureijiacmaokai92

New Member
Hello everyone,

I am a tradesperson in Adelaide. I run a new business making about $25,000 to $30,000 each month, and about half of that goes toward costs ad supplies. I have no car loans or credit cards.

I want to buy a new van and a house with my partner, who does not work. We have around $65,000 in savings and are first home buyers.

Are there any financial advisors or accountants in Adelaide who can help with both personal and business finances, accounts, and home loans? I'm not sure how borrowing for a van will affect getting a mortgage.

Thank you in advance.
 
Adelaide tradie here. I was gonna get a truck last year for work like $81k but my accountant and broker said no way. Honestly, our borrowing power took a huge hit.

Btw, we bought our house this Jan, and my partner and I have both grabbed new cars since.

Imo, it’s way easier to lock in a house first, then make business buys later especially as a sole trader. Nvm, we wre about to switch to a company setup before the house too, but we just pushed that off till after settlement.
 
Follow the right steps in order.

First, buy a used van with lower specs that looks professional and can handle the work. Pay in cash avoid debt.

To get a good home loan, you need at least one tax return showing strong finances. You can buy earlier, but you’ll pay higher interest rates.

If this is your first home, plan to buy with a 5% deposit using the government’s First Home Guarantee. This program has no income cap and starts October 1.

Once your home loan is approved, finance a better van.
 
When the vehicle is registered under the company's name, it's considered a company asset and won't impact your personal borrowing power, since it isn't a personal expense. You'll still need to show that your personal income from the business is sufficient. Lenders will want to review your financial records to confirm everything is stable. To demonstrate you can afford the loan, you'll need to pay yourself a visible?income just keep in mind that means paying tax on that money. Some people choose to pay their partner as well, as a way to manage their overall tax responsibilities.
 
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