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@sarahrachel Advice in this thread is awful, I am a mortgage broker and can tell you the only thing likely stopping you is your defaults dropping off and possibly affordability depending on the car loan repayments and your partners income. You look like a good candidate for a 5% deposit loan...

@izzygiessen Fair question. You would do it if your goal was to buy a house because the payment would typically be ~$500/month which would reduce your borrowing power by ~80k. If your goal was to pay as little interest as possible (if you had a bunch of consumer debts say) you would pay them...

@dbhedden OP asked about whether they can get approved for a home loan so I am responding in that context. A loan on, say 400k (as per your original post) would be ~$600/week at 7%. For a couple on over $2000/week net that is affordable with room to spare.

@dbhedden You said OP needs a 20% deposit, can’t afford a house and isn’t close. You clearly have no idea about any of this and shouldn’t be offering advice. You should delete your post.

@dbhedden 65 Upvotes for a post full of complete bullshit. This sub is the worst place to go for advice and it would be better if posters like this were banned. OP, Jump on First Home Buyers Group on Facebook if you’re really interested in buying a house and you may get advice like this...