Can I buy a unit in Sydney with $45k deposit on a $105k salary?

R

recksavi42

New Member
Hey lads, hope you’re doing well. So I’m 24, living in Sydney, on a 105k yearly salary. Got a work car, fuel, all that. At the moment I’m paying $420 a week rent in a share house, but I’m looking at buying a unit or apartment so I’m actually paying something off in my own name. I’ve got $45,000 saved, no debts, and probably around $10,000 worth of assets—tools of trade. I know I need to chat with a broker, but honestly, is my situation possible and realistic enough to get a decent loan and buy something? I’m in the inner west now and would love to stay around here, but Parramatta, Kogarah, or even the North Shore could work too. I’m a tradie, so there’s work everywhere. Any advice would be awesome, thanks.
 
Your purchase price depends on how much you pay.

Right now, lenders will usually let you borrow about 5 times your income. So your loan could be around $525k.

With the First Home Guarantee and your deposit, you can buy a home for around $565k.
 
I'm a broker in the IW.

I'd say you've got a good chance of getting something in Campsie or else Rockdale/Kogarah.

My sons are in Rockdale and Banksia.

I recently moved to Arncliffe.
 
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