I was wondering if any single mums
( I have 1 child age 7) have managed to buy there own home? .. I'm currently on a low income and work 28 hrs a week and receive part pension with FTB A+B. All up around $48000 per year. I have $6000 saved (child's braces fund). No debt or credit issues. Is it even possible or am I just dreaming of an unrealistic future?
Is it even possible or am I dreaming??
Is it even possible or am I dreaming??
Posted in:
Life Lessons, Money
3 Replies
It is possible and depending on where you and where you want to live it is easier or impossible. In South Australia there are special low interest loans reserved for low income families plus there are ex housingSA properties that are reserved for sale (at cheapish prices) for low income families.
There are things to take into account though. As soon as you buy you loose rent assistance. You are totally on your own and there is no relief. Plus you have to factor in costs of repairs and upkeep to your home (not being able to afford to fix, and upgrade means your property can loose value and be hard to sell). Plus you have to pay council rates and the full water bill.
So there are pluses and minuses and I've had some friends who got caught out not realising how tight it would get. So while it might be doable I would definitely do my sums very carefully before doing it. I personally decided I'd never be able afford a social life if any kind or get my hair done etc and i would be screwed not being able to claim rent assistance.
Good on you Mumma for having the ambition and wanting your own place! Being a single mum doesn't mean you can't do this.
I think it will depend on where you want to buy and how big the mortgage will be.
Our mortgage is 500k and repayments are 2700 a mth so $32400 a year. That wouldn't be doable on your income we are living in a expensive close to the city area so it will depend where you want to buy.
It's definately doable but you may need to look at increasing work hours and income a bit to satisfy bank criteria
Good luck and I really hope you get your own place
It is possible the challenge will be finding a house in your budget