Do lenders accept veteran pension?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: Do lenders accept veteran pension?

Post by Otto Dargan »

Hello 5star, Welcome to the forums.

If you want to take out a home loan using your veteran pension then it is required that it is permanent and ongoing.

However, you may also have to be receiving a certain type of veteran pension for it to be accepted. This may include:
  • Department of Veteran Affairs – Service and Age Pension.
  • Department of Veteran Affairs – War Widow’s or Widower’s Pension.
Other pensions may also be accepted but they have to be permanent and regular.

You may be required to provide the following documents:
  • A current Department of Veterans Affairs statement showing the name of the customer, frequency, and amount, OR
  • A current bank statement showing direct credits identifiable as the government allowance.
Please note that most of the lenders may restrict the amount you can borrow to 80% of the property value or decline your mortgage. If you are financially strong, then some lenders may let you borrow up to 95% of the property value. You may also be able to find some lenders offering competitive professional packages and discounts.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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

Re: Do lenders accept veteran pension?

Post by Otto Dargan »

Hi 5star,

To get a pre-approval, you need to submit a complete loan application. This means that you need to provide the following:
  • A completed and signed application form.
  • Income evidence, e.g. payslips and / or tax returns.
  • Evidence of your savings, e.g. bank statements.
  • Evidence of your current debts, e.g. credit cards, personal loans, and home loans.
  • Identification documents, e.g. a driver's license.
Once you obtain a pre-approval, you may ask your mortgage broker or bank manager the following questions if you are unsure of its reliability:
  • Has the credit department accepted my application?
  • Has my application been approved by the Lenders Mortgage Insurer?
  • What are the conditions on my approval?
  • Can I bid in an auction based on this pre-approval?
If you are interested in buying a property with an acceptable veteran pension then please call us on 1300 889 743 or enquire online and we can help you work out how much you can borrow.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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