Buying New Home and Pensioner

L[Deactivated] on 27/12/2018 - 16:30

Hi

I am looking to buy a new home and i need as much as information you can provide.

let me first tell you my conditions, i have 3 little brothers, me and my dad we are pensioners. no other income other than centrelink. we pay rent $600 a week

i wanted to know is there any way that we can own a home?

i did abit research and i found something called, "pensioner duty exemption or concession". not sure what it is, but it says you may be eligble to reduce or dont pay an interest. such as fixed-rate etc…..

the other thing is that i do not have the other 20% budget which is a requirement.

I just want to know is there anything i can do to buy a new home?

can i start buy applying for 20% loan from a bank? and then maybe i can apply for pensioner duty exemption and it might help with this loan?

if you are reading this, then i really appreciate your time and support.
i am having a hard time, and it might help us to get abit comfortable if we have our own nest

thank you for your time

Financial

closed Comments

  • caramellokoala on 27/12/2018 - 16:32
    +1

    I.e can the government buy me a house.

    No.. No it can’t.

    • [Deactivated] on 27/12/2018 - 17:20

      Yes it can partly, in a way.
      The gov has a part ownership scheme for this very reason.

  • [Deactivated] on 27/12/2018 - 16:35
    +2

    Not sure you can buy pensioners.

    • Some Human on 27/12/2018 - 16:40

      I was going to ask what brand of pensioner the OP was thinking of purchasing.

  • PissLUR on 27/12/2018 - 16:39

    speak to a mortgage broker.

  • Weezle on 27/12/2018 - 16:41
    +2

    I work as a Credit assessor at a bank - I can almost guarantee you that you will not be approved for a loan:

    1) your income more than likely will not be enough to service the loan - Pension income is also mainly used to maintain retirement lifestyle - not to pay off a home loan
    2) Exit strategy is likely to not be sufficient

    Hope this helps.

  • Ughhh on 27/12/2018 - 16:44

    i did abit research and i found something called, "pensioner duty exemption or concession". not sure what it is, but it says you may be eligble to reduce or dont pay an interest

    Are you sure you did some research?

    Speak to mortgage broker, but considering the number of dependents, unemployment and lack of non taxpayers income…

  • Master Bates on 27/12/2018 - 16:44

    I think you’ll have more luck finding an abandoned home and squatting in it till you own it, like this guy

  • [Deactivated] on 27/12/2018 - 17:05

    Firstly, you could work your way up.
    Will you live in a medium to small town? If so there are houses under $20,000 in medium and OK townships in WA, and I think Qld and SA.
    5 to 10 years, sell it and buy bigger price. You save so much once paid off.

    Next idea, The government department regarding housing??? will take partial ownership up to maybe 80% so low income families can do buy a home.
    The drawbacks are pretty bad though, ask and I'll explain. I.E. Read the contract.

    Get a miners right, a caravan or a bus and settle rent free on crown land for a few years to save cash and live in nature.

  • dcep on 27/12/2018 - 17:08

    Disableduser

    That was quick

    OP found abandoned home to squat on

  • boomramada on 27/12/2018 - 17:19

    Doesn't matter how good you are with savings, very less likely to get a bank loan based on your centerlink benefits such as pension.
    Your options would be trust home.
    For loans, guarantor Home Loans perhaps?

    speak to a mortgage broker or your bank.

Login or Join to leave a comment
Login Join