Single Parent Loans Are Possible!

Single Parent Loans Are Possible!

Getting Finance When On Centrelink Or A Single Income

Update: As of 1/7/2021, the Government will release 2,500 places per year over the next 4 years for the Family Home Guarantee.  This will require a deposit of 2% from you as the client.  Your income will need to be sufficient for the loan to qualify for the loan amount.

Do you need to be a First Home Owner?  The answer is no.  If you have owned a property beforehand, you are also eligible for these loans.  As a previous home owner you will need to pay stamp duty but we may be able to find a solution for you if you find yourself short of funds.

Parenting on your own can be difficult.  Buying a home with one income can be daunting as well.  Separation within a family can leave it’s mark, and you might find yourself wondering if you will ever be able to buy a home for you and your family.

It is absolutely achievable and we have an impressive track record in this area of finance. We have written a guide to getting a loan on Centrelink
Each situation is different, and there are some amazing stories out there about single parents finally being able to buy their home.

Some parents are lucky enough to several sources of income which includes Centrelink Payments:

  • Income from employment
  • Single Parent Benefit
  • Family Tax Benefit
  • Child Support
  • Spousal Maintenance

Some of the sources of income are tax free and could be used – depending upon the lender and the age of the children.

Lenders like to see payments continuing for 5 years at least but there are variations around this requirement.

The one thing that usually holds people back from successfully being approved for a loan is a a bad credit file.

Often these happen for the silliest of reasons as times and they can quickly be cleared up with Debt Consolidation – Read more here
A missed payment or a late payment late payment, an existing debts, credit scores, defaults – It can all seem overwhelming but when you tackle it from the right direction – This can all be cleared up so that you are able to start a loan application

So this definitely not a one size fits all!!

If you would like to know your options, and create a strategy to own your own home, please call 0403 211 361 to discuss.