at the moment your chances would be quite low because your income is not enough to support you and the loan repayments, better of waiting until you have a full time job
Thanks for the detail Gail. Given that it is vacant land, I would definitely recommend going to your local branch (as mentioned by Osman) and having them consider the fact that you dont have living expenses, otherwise your income is considered to barley cover your living expenses according to the national Household Expenditure Measure (HEM) and therefore affordable. Your local branch would be the best avenue for you with this as they will hold discretion.
Hi Gail, this is something I can help you with. If you click on "View Profile" and message me we can talk in more detail. Regards Michael
Hi Marios - Yes when my caring period is over I would be very keen to get back in to the working market. The property I am looking at though is just land not a house so there is no rental return as such. The land is located in NSW and I am in another state.
Hi Gail Living expenses would be deducted form the income you have, and the remaining amount would potentially not be sufficient for the loan amount. As you are in a regional area, best would be to visit your nearest bank branch where your pension is paid into. You could show them that you will buy this $60K or $80K property for investment, and they could add potential rental income to your existing pension income. Give it a try, and good luck and happy Easter to you. Cheers Osman Duman
Hi Gail Your request seems reasonable and based on potential rental income from the proposed purchase, this is something that can be considered for approval. The only question to consider is if you were to ever move into the property and therefore not receive rental income, would you go to working for an income?
New home loans from 2.09%
Find out more
Gail
Thank you Michael, I have booked marked you and will get back to you after easter. Thanks very much