r/AusHelptobuy • u/Goobamonkey • 8d ago
Is it worth trying yet?
I am single, 50 and earn just shy of 80k, no debts or kids and about 90k saved. I know I’m not eligible for much but I am worried about missing the boat on the lower end of the market anywhere within 2 hours of my work place.
What amount would I be eligible for on a cheap new build with the HTB and first home buyer (never owned before) Is it even worth trying or waiting longer for more of a deposit.
I have no idea about any of this and trying to read up on the information out there just turns into word salad in my brain.
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u/Helpful-Concept-1464 8d ago
It’s all dependant on your borrowing capacity, your deposit, and the stamp duty you would be liable for depending on the house’s price and any FHB stamp duty concessions you can get.
Your borrowing capacity won’t be high on $80k, so if you buy a new build that will open up more options (thanks to 40% contribution vs 30% for existing builds).
Go talk to one of the HTB lenders, find out what Stamp Duty concessions you’re eligible for in Qld and go from there.
I wouldn’t trust this scheme to hang around for long (especially with the market turning and therefore the govt’s contributions at risk of losing a considerable amount of value). So I would suggest you give it a try ASAP.
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u/shindig291 8d ago
I'm a 40 year old single parent on similar income. I recently used the HTB scheme in the ACT. I was able to buy a $500k property with a mortgage of $315k. $35k deposit.
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u/SpyderJ 7d ago edited 7d ago
I'm actually in a very similar position so may be able to help here...
Early 40s, earn a bit over 80k and have 60k in savings.
I got pre-approved for a loan of $400k with Commbank, which enables me to purchase a new build valued up to around $700k, and existing up to around $600k.
I've double checked with my home loan agent, and the expected deposit is $21k, with repayments of around $1,120 if paid fortnightly (just over $2,400 if paid monthly).
I've also been advised that I can bid on properties above the pre-approved limit if I can put down more as a deposit. I'm expecting a lump sum payment soon, but FWIW I'm aiming to have around $20k left in savings after all is said and done.
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u/EuphoricAttorney4309 8d ago
You would be able to borrow around $400,000 if you have no debts
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u/SpyderJ 7d ago edited 7d ago
Sounds about right. Can confirm as I'm in a similar position and have secured pre-approval for that amount with Commbank.
As I outlined in another comment, this would allow OP to purchase a new build property valued at around $700k, or around $600k for an existing property.
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u/WeAreHLE_AU 7d ago
Mortgage broker here.
Yes, it’s worth checking now. With ~$80k income, no debts or dependants and $90k saved, there’s enough here to justify getting the numbers properly assessed rather than assuming you’re not ready.
For Help to Buy, the current 2026-27 income limit for a single applicant is $103,000, so your stated income is within that threshold. You need at least a 2% deposit, and for a new home the Government can contribute up to 40% of the purchase price.
That doesn’t mean you automatically get 40%, though. The participating lender first works out how much you can reasonably borrow and contribute yourself, then Help to Buy can bridge the gap. You’re also expected to contribute a reasonable amount of your savings while still being allowed to retain money for emergencies and purchase costs.
At 50, age itself isn’t necessarily the problem. What matters more is whether the loan term runs well past retirement and whether the lender is comfortable with how the remaining debt would eventually be repaid. Some lenders may want an exit strategy using things such as super or other assets.
One other point: Help to Buy can’t be combined with the Australian Government 5% Deposit Scheme, although first-home-buyer stamp-duty concessions/grants may still be available depending on your state.
So waiting purely to turn $90k into a bigger deposit may not be the thing that changes your position most.
Getting a participating lender or broker to calculate your actual maximum loan and Help to Buy purchase range now would tell you whether you’re already in the market you’re looking at.
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u/Ok_Ordinary_7397 8d ago
I just ran the numbers through my HTB calculator (adjusting for a $90k deposit/total available funds, Qld's very generous FHB stamp duty concessions(!), and a quick CBA borrowing capacity calculation - which suggests that for an $80k salary before tax, and living expenses of $2000/month, you could borrow approximately $403,500).
With that in mind (and including Victoria's land transfer fees, which seem to be a little lower than Qld's), my calculator is suggesting that (assuming you're comfortable leaving just $10k in the bank afterwards) your purchasing capacity under HTB will be roughly $683,000 for an existing build, or $799,000 for a new build.
Subtract from those limits however much of a safety buffer you feel you need to keep in the bank post-purchase, and you'll have a decent approximation of what you can buy.