is this feasible?

[chrysalis]

Hi andie pandie

Not sure if you can help on this one - I only need to borrow around $60 000 to buy my own home outright. I cannot currently borrow as I am reduced centrelink benefits (newstart). I will be on parenting payments from July, with 2 dependants. I have no debts and will not have a credit card.

Do any lending institutions give loans to people on the parenting payment? I will be getting approximately $950 per fortnight and think I could manage maybe $350-$400 per fortnight repayments? Is this feasible at all, or should I be looking at other alternatives re accommodation? I am currently looking at properties in the $250 000 range, which are not great but I figure better than renting.

[andie_pandie]

Hi Tuttifruiti

Congratuations on your pregnancy and also for having two in the bundle.

Yes there are banks that do look at parenting payment. I am assuming as you said that you are looking at a property for $250K and only want $60 then you have a deposit for the rest including government fees?

Another question with the parenting payment, does that include Part A & B or will you be getting that on top of the figure that you have already given me. Also I need to know if you have a partner as this will also determine how much you can borrow.

If possible could you please PM me the answers to the above questions and I can look at your borrowing capacity with banks that do take parenting and part A & B.

Regards Andrea