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Question - Home Loans

Discussion in 'Real Estate' started by sarahsmith, 25th Apr, 2010.

?

Buy Home or Save and Rent?

  1. Buy Home

    71.4%
  2. Save and Rent

    28.6%
  1. sarahsmith

    sarahsmith Member

    Joined:
    25th Apr, 2010
    Posts:
    5
    Location:
    Melbourne, VIC
    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 :)
     
    Last edited by a moderator: 27th Apr, 2010
  2. sarahsmith

    sarahsmith Member

    Joined:
    25th Apr, 2010
    Posts:
    5
    Location:
    Melbourne, VIC
    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 -
     
  3. Billv

    Billv Getting there

    Joined:
    15th Jul, 2007
    Posts:
    1,796
    Location:
    Sydney, NSW
    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
     
  4. sarahsmith

    sarahsmith Member

    Joined:
    25th Apr, 2010
    Posts:
    5
    Location:
    Melbourne, VIC
    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.
     
  5. realestate_basket

    realestate_basket Member

    Joined:
    11th May, 2010
    Posts:
    12
    Location:
    Sydney, Australia
    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.