Question - Home Loans

Is it possible to get a $60,000 home loan on a disability support pension?


Current situation:

• DSP = $700 per fortnight.
• My rent is currently double what the weekly repayments would be
• Currently rent is :$200pw
• Home loan repayments would be :$100pw
• If this is possible which bank?
• I have clear credit history - I have always pay bills on time
• Have been renting for 18yrs - rent has increased by 80% in last year, even in the cheapest run down bedsit in the area-(1 rent increase every 6 months -this is what/where i rent now)
• I am Elligible for the first home buyers grant also of $7000
• I have been saving $100 per fortnight in a first home saver account. (this is very hard to make ends meet and very slow)
  have seen about 4 property's in this price range - in the right country towns for me)
• have one credit card $500 with nothing on it - for emergency's
• No car loan - payed off - when working
  

Thank you

 

There must be a HUGE demand for 1 bedroom/bedsit affordable rentals for single people with no familys/children, for rent to increase so much?
- someone should build it, and rent it out -

 

I'm not an expert in this area but I'm guessing that it will be hard to find a lender brave enough to lend you the money because the DSP is basically survival money

 

Thank you, have gotten a little scared...and decided to just keep saving for a little longer , and maybe when I can get back to some part time work in a year or so, hopefully - I'll have another look.

 

Hi Sarah,

Do you have a deposit? and how much is it? I think as long as your deposit to equity ratio is more than 10%, you should try to ask for a loan from a bank.