Hello all,this may be a long shot but i was wondering if anyone knows if a person receiving centrelink payments can get a home loan?
i know most will be thinking "just get a job!" and i agree, to be honest id love to be normal and get a job but i cant i suffer from agoraphobia/emetophobia/panic attacks
the reason i ask is because im 28 and would like to move out of my parents house and gain a bit of self reliance,
there are some 1 bedroom apartments near my sisters house for sale selling for $280,000 so thats how much id like to borrow, i know there is cheaper 1 bedroom apartments elsewhere but i would have to live near my sister so she can get groceries for me since its hard for me to leave the house
any help with information would be greatly appreciated and thank you in advance
Hiya
Some centrelink payments are taken as a form of income.
cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Sorry to hear about your phobias. As Jamie mentioned it is possible but I think you’d have more luck if you were in a joint venture situation(maybe a family member could help use with cash/equity/be security for you and help with the loan servicing). Good luck
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
Yes the answer is it will be considered but the same policy in regards to living allowance expenses apply.
In essence if you can't show you can afford it won't approved.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
DK is on the money. If you've got someone else that's wanting to purchase with you – that could get you over the serviceability hump.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hello again,
Firstly i wanted to say thank you to you all for taking the time to reply and help
I checked out a home loan calculator to see what the monthly repayments would be for a $280,000 loan, after i paid the payments i would be left with $100 a week to pay utility bills and living expenses which cant be done unfortunately
my next option is to rent, i checked out the prices on some rental properties where i want (need) to live and they are the same amount or higher then a loan repayment so im not quite sure what ill do from here but i appreciate you all taking the time to try and help me out
thanks again
Hi again
Without sounding like self promotion – your best bet is to chat with a decent broker about your options. Different lenders will have different policies on what income can be used and what can't. If you were to go direct to a bank – they could only advise on their own policy whereas a broker will have access to dozen of brokers.
If it's easier for you – you could contact one via email and communicate via that method.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Dear Saintd,
It is nice to see that you are ready to take next step in your life. First of best of luck.
You can consider an option to get a rental property which is about 20% cheaper rent as compared to market. These are known as NRAS properties. If you contact good real estate in area they may be able to help you.
Other option to have share accommodation this will provide you two things one potentially half the rent and room partner to help and support you in your medical needs.Also to have half the responsibility of living indecently such as cooking, cleaning etc.
Other option is you can contact disability support advocate they will help you in finding appropriate room sharing partner as well as renting property.
It will be good idea to take a step a time i.e. start living independently first then take responsibility of owning a place. If you are able to manage yourself in rental premised you could go on to live independently after six months.
Good luck.
I would suggest your best option with least risk is to move into a share house, see how you manage your money and go from there. Not only that but it might be better if you can approach a bank/broker having been in a position where you have had to manage your money for a length of time away from mum and dad. Small steps!
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