I'm a single mother of a 4 year old child. I work part time and also receive some Centrelink benefits. I have always wanted to own a house but on my own, the banks won't allow me to borrow enough money - even for a 1 or 2 bedroom unit. Does anyone know if I can buy a home with a close friend who works full time and doesn't receive benefits, and not have it affect my payments? I hope my question makes sense.
3 Replies
Contact centrelink, and remember if you buy a home you will loose rent assistance.
Agree that it will affect rent assistance, but will most certainly make it possible to purchase a property for a higher value. Your bank will take into consideration both sets of income - thus a higher borrowing capacity. Both names should be on the contract of sale plus you'll still need 5% deposit saved up.
I would talk to a finance broker because I know of several people on benefits that managed to get home loans, just not with the big banks. The interest rate might be slightly higher but if it means that you get your home than that's a cost worth paying & you might not need to get your friends help.