Help needed…..
My 60 yr old mum has about 200k equity in her house and wants to take out $40k so I can put deposit on my first home using FHOG, but she works casual cash in hand and is on centrelink payments, the broker is asking for payslips but she doesnt have any. She is single and I am her only child, living with her. Can I put down my name on the loan as a support and use my payslips for the loan?? My income is about $80k, and increasing to $125 after July '09. Any advice would be appreciated!
Check with the broker or mums bank lender , if mum can provide a limited 40k as security towards your loan rather than mum taking out a loan.
I would not advise mum being guarantor for your whole loan as she could lose her whole house if you default on the loan.I would also advise your mum not to try for a low doc loan as her self certified income is cross checked with her tax return by the ATO and she would be called in for an Audit to explain why there is a major difference between the two figures.
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