Hi i'm just looking for any information about buying a home.
Some information about me.. i'm a single mum, unemployed at the moment, as I am a student. Am hoping to return to full time work next year. I am currently saving for a deposit and doing well so far in that area.
But what is my next step... i'd like to buy a home... I didn't come from a wealthy family and not familiar with money manners. who do I go to to get professional advice about my options?
Does the first home buyers still exist? Is it worth building? How do you build and rent at the same time?
Will they even consider giving a single mother a home loan? I already have a car loan that I have so far never defaulted on touch wood.
Is it better to go fixed or variable when it comes to a home loan?
Where did you start? any loop holes I should consider? What about the actual house what should I look out for good and bad when it comes to buying for the first time?
5 Replies
Each state has it's own schemes so if you could tell us your state that might help. Most mortgage places and banks have online calculators but it's unlikely you'd be able borrow anything while not working.
You will probably need someone to go guarantor or you will need mortgagee insurance which will be declined if you don't have a full time permanent job.
Building while you rent would be totally unaffordable unless you wasn't considerable income and paid very cheap rent. Most people I know move in with family or friends during the build.
Go and see a mortgage broker. They can answer many of your questions.
Call one of the big banks they should give you some info. Or a mortgage broker or a financial adviser etc, no one will give you a home loan if you don't have a job. Even if your getting benefits they won't take that into consideration. I would just continue saving as much money as possible so you have a really decent amount for your deposit. And get rid of any credit card debt as some states won't give you a loan if you owe more then 1,000 in credit card debt.
We went with a mortgage broker as well. They will give you step by step everything you need to know. They will estimate how much you will be able to borrow and they will help you apply for a loan when it gets to that. Good luck!
I would do a lot of research - google is a good place to start. Banks have online calculators etc. google home grants etc. I would also take the time now to get budget savy - google is awesome for learning things - teach your self about finances, budgets read books from the library about budgeting, investing in property etc books on personal finances are also informative.
while researching you need to look at your finances and build up a stronger financial position - ie job, safety net of cash for if something happens, reduction of car loan - also if your car breaks down your washing machine dies are you financial enough to sort it? Just saying as buying a house isn't just the house price you will have stamp duty legal costs, property cost, Loan fees etc then repairs andmaintence - not trying to overwhelm you but it is reality. I would found out as much info as possible - and start planning it, and working towards your goal. Good luck!