Hi all,
I am just after some advise or information really regarding purchasing first home..
So here goes, i have a crap credit history, and am on government benefits, now ive recieved a large sum from my late mothers estate (centrelink are aware) and i want nothing more than to own my own home, i have a deposit of 80k but have no clue as to who i can call or go to see if i will qualify for any sort of home loan.. would i qualify on benefits and crap credit, but a substantial deposit would 80k be enough deposit for say a 300k home.. who on earth do i need to contact to get the answers i need before making a decision (Nsw)also i know there are nsw government initiatives for first home buyers.. any info would be great, google is getting me no where
Has anyone else been in this situation but still managed to own their home??
Im clueless.. and google isnt exactly precise...
Buying first home (needing some info)
Buying first home (needing some info)
Posted in:
Life Lessons, Money, FAQ
4 Replies
see if anyone (friends/family/colleagues/banks) can recommend a good mortgage broker in your local area - they will be able to take you through whether banks would even look at you, which loan would be best, how much you would be approved to borrow, what the hidden fees are, conveyancing costs etc. I found mine to be invaluable when i was purchasing my home about 18 months ago.
Use the money to clear your credit rating THEN try for a loan. Bendigo bank does loans for pensioners. I got one.
I had $12 000 from the government stimulus to do mine. But my credit rating was immaculate. Its now shit. So can't get refinanced But you can clean it up.
http://www.osr.nsw.gov.au/grants/fhog/faq
You should be exempt from stamp duty
But make sure you get all building inspections done and hire a conveyancer
Speak to a mortgage broker in your state. They know your chances and what you'd need to do to get where you want to be.
But I'd expect to be needing to clear current debt and credit history first.
Hi, my husband and I just purchased our first home this week (yay!). We both work but We both have crap credit ratings from when we were younger (unpaid credit cards, unpaid electricity bills ect). We only had a 25k deposit. We have had to go on a high interest loan. But once we have paid off our debts (which we are doing weekly in small doses) we will be able to refinance and get a far better interest rate. We got finance approval through Pepper finance. This is a company that lends to the unempoyed or people with bad credit ratings. However Im not sure if you would have to do that because you have a large deposit. If you are after a mortgage broker, Yellow brick road helped us. I am not sure if there is one is NSW, we are in Qld. Good luck with everything and Im sorry to hear about your mum.