Can a single parent on the pension get a home loan? I will soon have inheritance of 200thousand and I would really love to buy a house for my self and my children to live.
I was wondering if any other single mums have successfully been granted a home loan and how you went about it.
Can single parents get home loan
Can single parents get home loan
Posted in:
Money
5 Replies
Single parents can definitely get loans. It will depend a lot on your credit rating and ability to pay off the loan portion and your expenses to income.
Best to speak to a mortgage broker. You may also be able to apply for some grants.
I did.
You need to be able to show steady employment income and job security.
Pensions won’t be used for sold employment. ftb does count.
Speak to a broker!
Goodluck
You will need a job.
You absolutely can, however the pension may go against you. It's well and good to have a deposit, however you need to be able to service the loan with repayments and this also needs to take into account that the rates won't be staying this low forever and will go back to 4% or so in future.
They sometimes will take Centrelink into account, especially if it's a solid income per week as opposed to a casual job where it's sporadic.
Talk with a broker and see your best options :)
Single status is not a barrier. No job is. Each lender has different criteria so a broker can give you a picture of what you'll need to do to qualify. My partner is broker & is always boring me with the things different lenders do with criteria.
When looking to purchase, do consider more than the mortgage right now. Rate increases, council rates, maintenance, insurance, etc. Owning a home can be expensive until your repayments are outstripped by income increase.