Put yourself first
I read this week that residents in Glenmore Park were amongst those most likely to be suffering from mortgage stress in the country. Seemed crazy to me that a suburb so close to home was in this category but things happen sometimes that can't be avoided and other times we get caught up in the moment. Without going into details of the things that can be circumvented in a finance application there are certain ways you can look out for yourself.
I often meet young couples looking to buy there first home. First we go through all of their finances and make sure everything is fine there but then I like to look ahead at what the next couple of years will bring. Babies happen occasionally and unless you're expecting one when you apply for a loan they're generally not taken into consideration. They get expensive though. It is worth considering;
1. Are you thinking about having children?
2. What does your work situation look like with a child?
3. How much will this cost?
Other times the numbers just don't add up. The amount of income doesn't match the amount required to pay a loan. It is not worth making up extra income in the short term to make your application appear better than it is. You may get your loan but you could come unstuck and lose it all. The remedy is save more money so your loan is smaller or reassess how much you need to spend.
In the above scenario, something I'm a big advocate for is renting. Use your deposit and buy an investment property. You still get to own a house, you have the opportunity to make money from capital growth and technically you have a better opportunity to make money as you can buy a house anywhere in the country as opposed to needing to live some what close to where you work. As well as those two things you can also take advantage of negative gearing if the property makes a loss year on year. Rent a house where ever you want and to whatever specification you want (provided it fits within your budget) and if you get sick of living there no worries, rent somewhere else for a while.
A couple of things worth keeping in mind when looking at buying anything using finance. If you have to get creative, is it really a good decision in the long run