Will I be able to get a mortgage?

[punkybubbles]

My situation:-

Single mum to a child aged 2.

Fortnightly income of $1450 which is made up of Parenting Payment Single, FTB, Child Support and 3 day a week job.

Have $50,000 deposit plus costs ready to go.

Parents willing to go Guarantor on my loan. Parents own their home, one works full time and the other owns business.

Looking to borrow approx $180,000 for a unit worth approx $230,000.

I have no debts.

Have a credit card with a $2,000 limit but is normally at $0.

What are my chances?

Thanks for your help.:)

[andie_pandie]

Hi Punkybubbles

I can see that I am your first post to Bubhub, what a great name.

First of all thank you for your post, secondly I am more than happy to discuss the possibility for you to obtain a home loan. A little word of warning, please don't put actual figures on the forum as it is very personal information.

I have run the figures through my panel of lenders and there are a few well known (good banks) that you should fit in with regards to servicing the loan. The figures that I have used are taxed figures as I do not know the breakdown between family, parenting and your actual work figures. If you could please PM me your part time income actual fortnightly pay, and the breakdown of the parenting and family allowance then I can get a more realistic borrowing capacity.

You do have a good deposit which will in fact help you in obtaining a good loan, also as long as your income is ok then you may not even need your parents as guarantor which is better for both parties in the long run.

There several other factors when determining whether or not you are able to get a loan over and above your income, such things as Credit History, which is determined by a Credit Report, general asset position, savings history and finally a valuation on the proposed property.

Thanks for your post, I look forward to your PM to discuss your options further.

Kind Regards


Andrea