Hi, I have two questions:
What are the criterior for people on pensions wishing to borrow for investment, and or to live in? Would I be able to do a Low Doc Loan?
I own land with my son and am considering building on the land.. would I be able to borrow on the above criterior? Thanks!
Loans for people on income from pensions
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
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Re: Loans for people on income from pensions
In some cases you may be able to borrow. Loans such as Reverse Mortgages are specifically designed for pensioners, unfortunately because your son also owns the property you can't qualify for this type of loan.
If your son is working then you may be able to get a loan using his income. The main question a lender will ask if "How can you pay back the loan if you are on a pension?". If you can't come up with a good answer then you can't get an approval. If you have an income source that is sufficient to pay the loan then you may be able to get a loan.
Do you have another source of income?
If your son is working then you may be able to get a loan using his income. The main question a lender will ask if "How can you pay back the loan if you are on a pension?". If you can't come up with a good answer then you can't get an approval. If you have an income source that is sufficient to pay the loan then you may be able to get a loan.
Do you have another source of income?