Government payments
Government payments
Why would a lender not take into account parenting payment from Centrelink when assessing income, but would include Family Tax Benefit? These are not our main income source, but by not including PP they deemed us ineligible for the loan?
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
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Re: Government payments
Hi,
Yes there are many lenders that do not accept this type of income. Generally the PP isn't accepted because it is cut off when your children reach a particular age such as 6 or 8 years old. And for this reason they do not consider it as part of your income for loan assessment purposes.
Some lenders may still accept this income depending on the percentage of the property value you are seeking and the overall risk of your loan. If you are borrowing under 80% of the property value then you have a high chance of getting approval.
Thanks
Yes there are many lenders that do not accept this type of income. Generally the PP isn't accepted because it is cut off when your children reach a particular age such as 6 or 8 years old. And for this reason they do not consider it as part of your income for loan assessment purposes.
Some lenders may still accept this income depending on the percentage of the property value you are seeking and the overall risk of your loan. If you are borrowing under 80% of the property value then you have a high chance of getting approval.
Thanks