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Do you think banks take personal circumstances into account when you apply for a homeloan?

I need to talk to a bank (i know) but just wondering if anyone else has been in a similar position. Im by choice working 25hrs a week- because i was finding it hard to come home and mum on after a hard days work, i can increase hours if i want too/need too. My husband is injured and cant work, he is on centrelink. I know a bank wouldnt give us 350k on my wage alone (1200 per f/n). But we have a 200K deposit, and only need to borrow 100K, 150k would be nice to do some mild renos. 100 or 150 over 20yrs are small repayments that i could easily afford- less than rent. Insurance etc is just another budget bill- so no biggie there. So had anyone borrowed abit even though they have a small income, with a decent deposit?

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Answers (11)

YOud be better off speaking to a mortgage broker they will go above and beyond to try and get you a loan

how does he get centrelink with that much in the bank?

Not sure if that much per fortnight will be enough to get you over the line, even if it's only 100k they will still take everything else into account which unfortunately doesn't leave much on 1200 a fortnight.

They have strickened the rules up A LOT recently. They do like to see 2 earners due to less risk. But the fact you have a large deposit will go a long way in your favour. Could you work a bit more and leave your husband to 'mum'?

 I can 😁 but he doesnt mum well. Doesnt make the kids do homework, feed them/ organise dinner, do washing or sort out normal shit mums do. Like if i finish at 5, im home by 5:30, ive got to do lunches, cook dinner, bath and feed both kids- one is a toddler, one is in school, have to sort uniforms, check school folders, do homework, wash clothes, deal with sookie toddler that doesnt like being put down in the night times, deal with sookie 6yr old that needs help with homework but hates doing it. Since ive cut back hours my mental health has improved lol! Some nights i get home at 6 and hubby is like 'whats for dinner' like mate- i hvant even been here how the f**k do i know? No, i dont have time to do a roast di*****d 😣
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Thanks everyone 😁 will look for a broker. Congrats to everyone that got home loans, and the others wlout there working towards it 😆

 Out there 😉
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Go see a mortgage broker not a bank. And ask for recommendations first because not all mortgage brokers are the same.

I got $175,000 loan on single person wage of $40,000

We were able to get a mortgage of $300k on my partners income of $40k, with just a 5% deposit.
A good mortgage broker will be able to find the best deal for your circumstances :)

You can always increase your hours for a few months to get the loan then cut back your hours. Just make sure you can cover all your costs and allow for interest rate rises.
Banks dont take anything into special consideration. They put all your financial info into a computer and it decides how much the bank will lend you.
Seeing a mortgage broker is good advice

My ex and his partner are both on the disability pensions. They just got approved for a loan. They used the first homes owners grant as deposit, and purchased a $170k house.

As others have said, find a good mortgage broker, they will be able to tell you what you can do and who will give the best deal. They also take a lot of stress out of the process and hold your had the whole time.

We borrowed $150k on my husbands wage alone which was about $50,000 at the time I also know my aunty borrowed money for a house working part time hours as a carer so I think that it can be done.