I am on a single mothers pension and want to by an investment property. How do I get a loan from the banks and how can I still keep my pension? Or do I need to be employed fulltime to begin? I have no assets.
Hi There
]Best to talk to a mortgage broker, there are no documentation loans / asset lends out there but at a higher interest rate usually for the first two years until they see you’ve settled well then it usually drops back to the market rate but then again that’s something that you can discuss with a broker. You will however need a deposit, seeing as though you have no assets then you would need 10-35% deposit (depending on lender) in the form of savings to place as security otherwise It might be best to perhaps find a partner to help solve the financial conundrum.
I am on a single mothers pension and want to by an investment property. How do I get a loan from the banks and how can I still keep my pension? Or do I need to be employed fulltime to begin? I have no assets.Rennie,
I would need more info before I can advise you what you might be able to do. Obviously a FT job will make life easier for you but there may be avenues to explore. Perhaps all the brokers on this forum could advise you publicly on some ideas if we have some more info.
If you are unwilling to post it here please email me a description of your financial situation, whether you are entitled to the FHOG and also how much you need to spend in your area.
I think you might need to speak to centrelink about any impact on your pension.
I hope between all of us we can find a solution to your problem although I hope I don’t give you false hope.
Cheers,
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985
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