Government payments

Any general questions you might have in regards to loans and finance.
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EjRs
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Joined: Wed Aug 12, 2009 1:17 pm

Government payments

Post by EjRs »

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?

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Otto Dargan
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Re: Government payments

Post by Otto Dargan »

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
Otto Dargan
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P | 1300 889 743
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