single mum

Any general questions you might have in regards to loans and finance.
Post Reply
kb1968
Posts: 1
Joined: Thu Jul 01, 2010 7:04 pm

single mum

Post by kb1968 »

I am a single mum, I have a permanant parttime job have only been there 2 months. I currently pay $335 per week rent but am hoping to buy my own home. I have $50.000 in a investment account and waiting on settlement from ex. I am also eligible for first home buyers. What are my chances of getting finance?

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: single mum

Post by Otto Dargan »

Your ability to get approval will depend on several key factors:

* What were you doing before your current job? Was it in the same line of work / industry?
* Is your credit history clear? Often people get a default during the divorce process due to arguments over who pays what.
* Is your income sufficient to repay a loan and pay for yours and your children's living expenses?

Likely you can get a loan for up to 90% of the property value as you have significant savings. Generally we find the sole parents have a hard time proving they can afford the loan due to higher than normal living expenses and only one income. It really depends on how much you want to spend on a property.

I'll send you a personal message with some more info.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Post Reply