Hi everyone,

I’m in a similar situation and thought I’d ask my question here instead of creating a new topic.

My questions are concerned with the process of getting a home loan (or pre-approved at the very least).

Like naledge, I am only 19. I never had a small loan. I also don’t have a credit card. Basically, my credit history would be non-existent(?). Furthermore, I don’t really have any assets.

I was wondering if this would be a hurdle for a lender to pre-approve/approve a home loan. Would it be necessary for me to establish my credit history?

I would also like to confirm whether you would need to show a period of time where you’ve made “genuine savings”. If so, generally how long would this period be?

Are there any other issues that I need to address in order to be successful in getting a home loan pre-approved/approved? Would a lender even consider lending 90-95% of the property’s value to someone like me?

If it helps, I live at home with my mum. So my expenses are fairly low. I should have approximately $400/week after expenses (this amount also considers some property related expenses, such as, council, strata and water rates and insurance). (I guess it’s obvious that units are a suitable entry point for me). However, I’ve only had my current job since November and I’m employed on a casual basis. However, the hours are predictable and consistent.

Finally, I would like to know how you would go about paying mortgage insurance? Is it possible for it to be added onto the loan or would you have to pay upfront or something? Sorry for my ignorance.

Anyway, thanks in advance for your words of wisdom