Has anyone bought a house whilst being Single?

[bubbabelly]

Hey there....
I was just wondering if anyone had gotten a home loan whilst being single.

What bank did you use?

How many kids did you have?

Where you on centrelink? Did you have a part time job too?

Even if you just know someone who has done it that would be helpful too!!!

I really want to start paying off a house in the next 5 years but im sure if it is achievable! I am just unsure how kindly banks take to single women!

Thank you

[Sarie]

Hi hon! I haven't done this myself though my sister did buy her town house while single.
Though she did sell her house (that she owned with her ex hubby), she got her loan through Suncorp (though she does work there) and I'm pretty sure she was working part time when she bought this house.
I hope some others with more info can help you out!
Oh and she has one little girl about to turn 4 in a few weeks

[ashleerose]

All i can say is that for some reason banks seem to want to throw credit cards at me but ask for a loan and its rejected.

I have my contents insured for 65,000 and a car that has a market value of 4000 but i cannot get a loan for ten thousand dollars (i wanted to buy a campervan, so i could take the kids on holidays etc).

So as far as i am concerned i feel discriminated against. I work casual (at least 8 hours a week for a retail store). I am also entitled to full family tax benefit and most of my pension but although i have more than enough money it isnt good enough.

[draught]

I was single with no kids and a job when I bought my first house - they had no problem with me being single - and they shouldn't. What they are interested in is whether you will be a good credit risk - they will want to know how are your savings, what is your income, what sort of income are you likely to continue to bring in etc.

You will also need a deposit for the house so having saved that (at least 5% but 10% is going to get you a lot further) will help them to see that you are worth taking the risk.

[sopolicha]

I think I was about 26 when I bought a house on my own. I went through the bank with the big red star.

A million years ago I worked at that bank and I am pretty sure that they don't like giving out a loan where you have more than a third of your income committed in repayments.

[RaryGirl]

I bought a house when I was a sole parent with one child. I worked full-time and didn't receive any pension and saved the 10% deposit and fees before I applied.

I got knocked back from one of the big banks (had no debts, no credit cards, no loans - so no history of paying off debt). I then went to ING and had no problems - got the loan for the house I wanted and went from there. It was easy when I wanted to buy my second house, as I then had a history of paying off my loan.

[lukaelmo]

I bought an appartment when I was single, no kids, with a full time job. The bank didn't care that I was single at all. They only care about your deposit, how long you have had your job and how much you earn.

My loan was/is through Heritage Building Society.

You go for it, there is nothing like owning your own and paying off a hefty mortgage. Puts hairs on your chest :D.

[bubbabelly]

Thank you everyone for your replies... :hugs:

Im beginning to think it might be achievable!:yes:

Ill just have to be real strict and try and save :fingerscrossed:

I was actually considering buyinh a piece of land, paying that off then using it as caladeral against a house!

All ideas at the moment lol.....

Thanks again :D

[bubbles28]

I bought my first house when I was 23 and single.
My loan was with members equity.
I was on a chilcare wage and I still had no problem getting the money.
The only advantage I had was that the house I bought at that time was worth $150.000. Now it's worth close to $300.000.

[wattle]

I bought my first home when I was single, I had no kids then either. My loan was with the National. I had a reasonable deposit and my income was fine..... lucky they didn't find out that I was retrenched 1 week after my loan was approved!!! :eek:

Even though I was living in the country, I got another job straight away, so it didn't really matter.

[Missytia]

I bought the house I'm living in now over 12 months ago. I'm a single mum with a 6yo. I work 3.5 days a week and I do party plan on the weekends.
When I applied for my loan, my deposit was half the purchase price of the house (divorce settlement) and I could well and truly afford the payments on the mortgage. But because half of my income were centrelink payments and child support, they did want to lend me the money, even though I had a huge deposit. In the end it turned out that there was only a couple of the big banks that would use my centrelink payments and child support as income.
I ended up going with the bank that I'm currently with (as much as I think they are rip offs!) and I end up with other benefits coz all my other accounts are with them too.

It's a good idea to get advice from a mortgage broker. I was dealing with one and she was able to give me ALL the information from different lenders. That's how I found out about who would lend me money based on my payments etc......
I didn't end up getting the mortgage through the broker but when straight to the bank with the information she gave me and got a better deal.

Hope this helps.

[bubbabelly]

Ive been looking into this "house buying thing" and i cant believe how much interest they charge!

No wonder heaps of people cant afford houses!!!:no:

I really want to buy an apartment but after reading everyones replies i cant see me getting a loan!