Best place for low income loans?

[Netix]

The Man and I would like to buy our own place (well, actually I have seen the house I LOVE, but it is currently under offer ), but we don't have a very high household income.

Does anyone know who would be the best place for us to go, or who to talk to?

Short of winning lotto, I feel like trying to get a house of our own is a hopeless endeavour. I really wish (and I'm not a wishing person) that we could have got this house.. Its silly, I am actually feeling really down over it, and hope that for some reason the sale won't go through for the current prospective buyers (nothing bad though) and that something wonderful will happen so that we can get it.

[Karina]

Hey, I'm sure you would be able to get a loan for something. We got a homeloan on one income, and DH is a teacher so its not exactly a huge income either. I think they really prefer that youre in a permanent job, rather than casual/temporary/contract etc.

We got our home loan through a credit union and they seem to have pretty good loan products compared to what else is out there. I have found that alot of credit unions dont rip you off with as many fees as the bigger banks do.

Or maybe you could have a look at talking to a mortgage broker? They should be able to give some ideas of what you can get. Just make sure you know what type of loan you want (variable, fixed, split) and do you want a redraw, also if you have a deposit. I think lots of places prefer that you have a deposit, otherwise you have to get insurance (to protect the bank in case you cant pay) and its pretty exxy.

Have a look at some of those home loan calculators and they should give you some vague idea of what you might be able to borrow. and they will also give you an idea of what you will pay for your loan repayments. Have you done up a budget of all your income/expenses to get an idea of what you can afford?

good luck! I hope you find a place you love (or that the other place doesnt sell, lol)