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??
+ Reply to Thread
Results 1 to 10 of 11
18-01-2015 20:15 #1
Has anyone bought a house as a single parent??
18-01-2015 20:35 #2
Maybe ask your bank? It's great to have a 5 year plan. Maybe I should do that. Good luck
18-01-2015 20:36 #3
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 👍
18-01-2015 20:42 #4
18-01-2015 20:56 #5
I bought my house as a single parent, working part time and CL. I got my loan with NAB. They've been great.
18-01-2015 21:06 #6
18-01-2015 21:18 #7
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.
The Following User Says Thank You to nudge88 For This Useful Post:
18-01-2015 21:30 #8Senior Member
- Join Date
- Feb 2006
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.
The Following 2 Users Say Thank You to CMF For This Useful Post:
18-01-2015 22:51 #9Senior Member
- Join Date
- Nov 2013
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!
The Following 2 Users Say Thank You to dee1 For This Useful Post:
19-01-2015 00:08 #10
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.
By ziara in forum Single ParentsReplies: 6Last Post: 21-08-2014, 11:18
By Super Trooper in forum General ChatReplies: 38Last Post: 18-08-2014, 18:43
By Isabellabean in forum Single ParentsReplies: 9Last Post: 23-01-2014, 16:35
KindyROOKindyROO offers activities for babies & toddlers in a fun learning centre, focussing on developmental education. ...
LATESTWhy it is OK for your child to be differentWhat is a blessing way? How is it different to a baby shower?7 ways to break the ‘mumnotony’ at home
POPULARWhen can I start giving chores to my children?New baby nursery checklist – a guide to newborn essentialsWhat to pack for labour and hospital – a checklist
FORUMS - chatting now ...
IVF babies due Sep/Oct/Nov 2017pregnancy and babies through IVF
Pregnancy test recall!!!Conception & Fertility General Chat
IUI - first time fertility treatmentNon-IVF fertility assistance
IVF babies due June/July/August 2017pregnancy and babies through IVF
Lite & Easy ???Second Trimester Chat
A - Z of baby girl namesGames & fun stuff
Happiness thread.General Chat
A - Z of Baby Boy NamesGames & fun stuff