Can only 1 person working+the other on Centrelink get a home loan?

[*Bec&Bel*]

My Df is working a full time stable job, its not the best of pay but its good and will be getting a payrise in the next year.
I'm in the process of starting my own business so i wont always bring in a wage.
Im on centrelink benifits at the moment.

Q:Are there home loans out there that help people like us, Df has a job and myself being on Centrelink wages? Can u reccomend any?

[andie_pandie]

Hi Bec

Thanks for your enquiry. With regards to Centrelink payments, generally most banks accept Family A & B as income. However there are some restrictions depending on the policy of each bank. Most banks do not accept Newstart allowance as income, however disability can normally be used.

The banks look at a variety of different factors, two of the main factors are the servicibility and equity. If the centrelink payments are allowed to be used along with DFs income and you can service under the banks policy then you should not have any problems.

With the equity side, there are several banks now whom do no deposit home loans, however it is always a good idea to have a deposit if you can as this can help reduce overall costs. If you are a first home buyer then you can also gain access to the first home owners grant.

Other factors that a bank will look at is your overall asset position, your liabilities ie: Credit Cards, Personal Loans etc. They will also conduct a credit report to make sure that you have a good credit record.

If you would like me to do a servicability for you to see your borrowing capacity please PM me and I can look into it further for you and ask you more questions to ascertain your eligibility.

Thanks again for your enquiry.