Originally Posted by RobKarin
I've been trying to work out which suburbs of Melbourne we will be able to afford by doing some research into how much we would be able to borrow on a mortgage once there. The trouble is every site I visit seems to give me considerably different results.
Thanks for your help :-)
Generally speaking, u would need to pay an absolute bomb in stamp duty to purchase an established property.
The further u go out frm the city the cheaper it gets.
The upper class suburbs of Melb are located in the east.
There r land parcels opening up in the North (eg Craigieburn, 35km from CBD), West (eg Wyndham Vale, 30km from city). As an indication a new house & land package can be had for $350K in Wyndham Vale. This will not even entitle u to get a small apartment in inner city or inner eastern suburbs.
With finding a suburb u also need to establish (i) where u r working (ii) whether u need a car or happy with public transport (iii) general character of the area. Most of the new estates have all the mod cons but none of the inner city grunginess/old world charm of the inner suburbs...
The banks are interested in yr employment history. With me I had to wait 8 months b4 I found a lender who would get me the mortgage. I would select an area that I intend to buy in, rent for a while n c how it goes. Good luck!