Getting finance with children

[MadMax]

Currently don't have kids. 2 incomes. Can get finance pretty easily.

Once you have a child how hard is it to get finance? Does it affect you that much or is it just if one stops working

Any insights would be great

[Craig Pope Mortgages]

Hi Madmax, it's difficult to give specific advice without knowing the exact numbers and your exact situation. Whilst the amount of dependents you have can have a slight effect on borrowing power, it's dropping down to one income that has the major effect. Assuming you had 20% deposit/equity and borrowing power was around say 6 times income (can sometimes be more), then take that 2nd salary out and times by 6 and see what figure that gives you. I haven't factored in any existing rental income (use 75% of it as a guide).
So taking a salary out and going to one income will have a big effect. Having two salaries and one dependent maybe not a major dent. But if you have childcare costs then depending on those costs that could also reduce borrowing slightly more. I would recommend you run the scenario past your bank or broker to get more specific numbers.