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Can Single mums buy a house

Answered 3 months ago

If love to hear if you are a single mum who has brought a house! This seems like a pipe dream to me. I have 3 kids with asd. I have my own business but I am looking for a job job to look good on application. I would like to buy a house in max 5 years. So 5 years to save up and get a good income. But I worry as I am single!


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ANSWER
3 months ago
It is possible, definitely. However, you will need to guarantee your income. Can you cover the mortgage if you are unable to work? If you have a great deposit, this may be possible as the repayments will be lower, but it's high risk for a bank to take on your loan. You will also not receive help from Centrelink as you would if renting. Take that into consideration. You could possibly rent out a room to help with the mortgage, but this could be tricky with kids. Good luck.

ANSWER
3 months ago
I did and just on a part time income. I had a decent deposit. I was declined at bank and I just went back in and asked what I needed to do to get the loan. I needed someone to bank guarantee their wage if I failed, this meant they went on the title as well. Its a huge ask of anyone and something I appreciated so much from the person that did that for me. I was able to take them off the title after 1yr and I poured all my $$$ into my loan and paid it off in 10yrs. Good luck best thing i ever did.

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REPLY
3 months ago
Asking someone to go guarantor on your home loan is completely selfish. People don't really understand the risks. If you go down you'll be taking them with you. If the interest rates go up like they're predicting it's going to carnage out there.

ANSWER
3 months ago
What are easy loan site I can apply without stress