Take at least your 2 most recent payslips, any statements of debts or other accounts if they are with another bank. have a rough idea of the current value of your assets.
Your hecs debt shouldn't come into play at all really. If you were earning enough to have the deductions taken from your pay it would show on your payrolls and they would use your net income figures. Brokers are good to shop around, but personally I would rather go through the bank directly, they have better follow up service in my opinion
Our morgage broker has been awesome, they even sent us a list of current sales in the area last year over 2 yrs since we had bought the property and let us know that our fixed is up this year and they can help us negotiate a better rate. We have much more follow up from them than the bank we got the loan with.
Banks all seem to be using computer systems now, since the GFC the banks have been made to tighten up and they take everything into account and if the numbers don't add up on their computer they can't seem to help you. I would go with a broker too and see what they can offer, they do everything for you and it should take a bit of stress off you as you won't have to be dealing directly with the lender.
I would definitely recommend seeing a broker. They are there to play to your favour, not necessarily their own back pocket. Also take as much info as you can to back up your situation (eg, payslips, budget, even samples of ads for houses which interest you). Know what area you are keen to buy in & watch prices (not just list prices but sale prices also) as this could be a good indication of how much you will be able to borrow. Some banks will do up to a 97% lend with mortgage insurance if you can't find one to help with family pledge loan.
I know we borrowed 100% when we bought our first house about 5 years ago. From there we have stepped upwards, & more recently with the arrival of our DD downwards. Just remember it is only your first house, so try to think of it as a stepping stone.
I see you're north brisbane. Give me a PM if you would like a recommendation on brokers, I work for an Accounting firm & we have contacts in banks & broking. I'm on the sunny coast, but most are willing to travel & help out where they can.
I would still see the bank & just see what they have to say.....you might be pleasantly surprised. But yes, I agree with most above, the computer does the sums these days. If you're lucky you will land a good broker or lending officer & then you can keep going back to them forever more. Best of luck with it!
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