Hi, I'm wanting to know people's advice on how I would go about buying a house on my own. I am single with 2 children I work part time with a contract of 10 hrs a week but average 20. I also receive Centrelink benefits.
Wage $800 P/f minimum, FTB $800 P/f and pension 650 P/f.
I have no debts and have about $20000 saved. I would be needing to borrow around $200000 .
Do I have a chance. Would it be worth talking to a broker or would I be wasting their time.
Thankyou
Buying a house as single parent
Buying a house as single parent
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Money
9 Replies
Just letting you know, lenders don’t count parenting payments as income. Only ftb
They will base a loan off of your minimum hours of 10 a week, so sit down and go off of that :) anything extra will be taken into account though but they do everything based on worst case scenario. It definitely IS worthwhile talking to a broker x
To give you an example.....I got a loan (single mum) for 250k, pay per week 900, cs 170 Per week, Centrelink 80 per week, no debt.
Deposit 39k, they wanted 10 percent plus expenses.
Gow much do you pay back weekly?
I pay 270 but I think the minimum is down to like 255.
That’s with a full time permanent job, not relying much on Centrelink.
How do you get 800$ ft.?
Wow I feel so attacked on the post that just went up on Facebook.
I wanted to clarify a few things but don't know how to update on there. I didn't choose to be a single parent I was with my partner for 12 years before he decided he didn't want to be in a relationship or be a father anymore. He always worked and wanted me to be a stay at home mum. In the past 2 years I have scrimped and saved whilst trying to start a career in a tiny little town with limited employment. I'm doing the absolute best I can with 3 kids on my own with little to no help.
So I've accidentally put I have 2 kids, I actually have 3. And also when I have looked at my ctrelink income I've included the corona virus supp which I know will end soon so obviously won't be considered.
I can guarantee I report every fortnight and actually over estimate my income so I'm not doing anything wrong. I'm so upset that people would think I would cheat centelink. I hate that I have to receive it and am trying so hard to be independant financially.
I will be asking to up my contract next year so my hours will hopefully double. I actually work more close to 30 hrs a week but they are not contracted hours.
Thankyou to everyone who has given advice I appreciate it.
I'm doing the absolute best I can with 3 kids on my own with little to no help.
I’ve been through it, honestly, with casual work, including corona supp and your deposit, I don’t think you have a chance. Wait until your hours are contracted and more, then you might have a chance.