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  1. #1
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    Default Has anyone bought a house as a single parent??

    I'm beginning to think about a 5 year plan. I've had a look at realestate and I think I'd be better off building another house. I built with my exH but obviously this time it would be a much smaller house. I'm not concerned about anything flash - just standard will suit us wonderfully.

    So I'm wondering if anyone has got a mortgage as a single parent. I'm only working part time but between that and government payments I could easily afford it. Does anyone know if banks look at CL payments?? I can go back to work in a couple of years FT but I wouldn't until DS2 is in year 1.

    So who's done it?? Or looked into it?? Am I crazy??

  2. #2
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    Maybe ask your bank? It's great to have a 5 year plan. Maybe I should do that. Good luck

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    Nope not crazy 😊

    I bought my first house as a single parent, working part time and CL

    I bought my second house as a single parent working fulltime (second mortgage, still owned first house at the time).

    Banks will lend you money 👍

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  5. #4
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    Quote Originally Posted by Super Trooper View Post
    Nope not crazy 😊

    I bought my first house as a single parent, working part time and CL

    I bought my second house as a single parent working fulltime (second mortgage, still owned first house at the time).

    Banks will lend you money 👍
    Do you mind me asking which bank??

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    I bought my house as a single parent, working part time and CL. I got my loan with NAB. They've been great.

  7. #6
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    Quote Originally Posted by nudge88 View Post
    I bought my house as a single parent, working part time and CL. I got my loan with NAB. They've been great.
    Did you have much of a deposit??

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    I had 10%, but I borrowed 95% and used the extra cash to fix things up on the house. 2 years later, and my loan is down to 76% of the loan. I obviously had to pay LMI. It was around $2.5k I think.

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    I kinda did.
    When my ex left, I got the house, which meant I had to have it re-mortgaged in my name. Which as I found out, means applying for a homeloan from scratch.

    I was only working PT, so CL and even CS was taken into account. I was only approved for $200k though (which was exactly how much I needed).

    I have now sold that house for financial reasons and basically ended up with nothing.

    In my area now there is no way I'd be able to buy a house. So I guess it really depends on the house prices in your area.

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    It depends on which bank you go to. Some banks won't accept centrelink payments. I would strongly recommend chatting with a lender at your local bank, getting them to do a borrowing capacity on your income, so you know if/what you can borrow. They take a number of factors into consideration when evaluating your lending criteria. I would aim for at least a 10% deposit, as a single income family your borrowing capacity will be lower, therefore your surplus income after taking into consideration living expenses, any existing debts & the costs of the proposed mortgage may deem you as a slightly higher risk. Contributing a larger deposit will work in your favour. Chat to your local lender, they will be able to let you know what income they can take into consideration. It's definitely achievable - best of luck!

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    Hey thanks so much for responding ladies. I've mulled over this for a while and I'm thinking that I'm going to knuckle down and do some serious saving for the next 3 years. I'll probably go back to FT then or at least increase my fraction. After a few lengthy phone calls with a couple of wise friends I've decided not to rush into it just yet. I'm on a good wicket in an NRAS place with rent assistance to my rent in minimal. I'm really in a good position to save if I stop wasting money. I'm really great at budgeting when I have a goal so this is it. I hoping to save $30000 in 3 years. I think it's doable.

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