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Not meaning to be rude but I don't think its possible to be approved for a home loan if you are both on centrelink
I won't pass judgement on your situation :-)
we went through Rams for our first home loan when my husband was our sole earner and was only an apprentice (aka low paid worker haha). We got a really good deal where we could opt to pay extra on our loan and it would come straight off the principle amount rather than off the interest. So we did pay extra. With every week we paid extra we owned a little bit more and owed a little bit less. When our weekly payment came to be a minimum of $235 we'd pay $350 direct debit. This was back in 2009 when we got it.
Hard part :(
Thank you so much you have been very helpful. :)
Being on centrelink creates some road blocks regarding serviceability. Just as people on centrelink payments, apart from some disability payments, won't get approval for a credit card. Centrelink payments are only meant to cover the bare minimum of living expenses, not luxury items.
Try a mortgage broker. They might know a way around it?
Hi make sure you have all rental receipts or your rent ledger some lenders would take that as part savings toward a deposit
I can tell you that sadly you will be unable to get a home loan whilst your sole income is Centrelink. My partner and I were both employed fulltime on a low income and we were unsuccessful in securing a loan 3 years in with pay rise and some hard savings. We were able to purchase our forever home. Good luck
Good luck!! If being on centrelink isnt what you want then go study a course while youre receiving centrelink whom will help fund the costs? Then when you qualify and have a profession and get a job im sure you have a much higher chance.
Ive tried several home loan groups and my partners on 45,000 a year, im a SAHM. I am now finishing off my cert III and diploma so I can get a career and THEN apply for a home loan. Centrelink isnt designed to help you pay off a home, its designed to get you by bare minimum. With the exceptions of carers, disabilities and the like.