CAN I GET A HOME LOAN ON DISABILITY PENSION?

Hi,

I've been quite keen to buy my first home for a long while but thought it was always out of reach, until I found this great website here and read through all the info on it.

Is it possible to buy a home (or land with full service eg power, water, phone, building entitlements) on a permanent pension? I have no debts, I rent at 150pw (for over 3 half years now) my dad will combine his income (age pension) to help with the loan payments, we both have our own cars, and while I did have to declare bankrupty (under 20k, most of that were paid off, due to making mistakes with not being able to pay off credit cards on time, car loan, phone bill, electricity bill etc as I fell behind when I moved houses and lost my part time job due to the location of my move) about 7 years ago, my credit should be all wiped clean by now as I was told that after 7 years of no further debts, I would be all clear.
I pay everything in cash, have not applied for credit cards or loans, the only cash advances I get have been from Centrelink twice a year which is always paid off without any problems.

I would like to buy my own place to get out of the rental market as I am now in my early 40's and sick of wasting my money renting and having to move every time the owner wants to put up his house on the market.

I get about 860 per fortnight, my dad get approx 600 per fortnight.
We have no genuine savings but may be able to get some savings if we know we are eligible to apply for a home loan and what the deposit would cost.


Do you think I would be able to get a home loan? and could we use the first home buyer grant as part of the deposit?

Thank you

Further to the questions, will I be able to get a loan if it's only the land without a house, but with intent to build a house on it? The land would be fully serviced already with power, water, phone, building entitlements etc so I'd only be looking at these sorts of lands.

[maree]

You will certainly need a deposit in order to qualify for a loan based on the fact there is no collateral security.

If i was you i would probably consider Vendor Finance Terms where depending on which State you are looking to buy in you would qualify for the FHOG immediately on possession (Qld is an exception) and could offer this up as part deposit to the Seller.

There are a few good VF websites around which will give you an indication of the type of property that is for sale.

Cheers