Hold onto the dream! Owning a place of your own may still be possible even if you are a
low income earner.
It can be tempting to think that everything would be so much easier if only we earned a higher income. But achieving personal goals can come down to making the most of what we have. And that can be the case if you’re a first home buyer on a low income.
Sure, it may be harder to get a home loan when you’re a
Income can cover a variety of things
Your income will help to shape how much you could borrow for your first home. But a variety of receipts can fall under the umbrella of “income”. Along with any wage or salary income, regular government payments such as Centrelink allowances plus other receipts like child support may be taken into account as income by a lender.
Your expenses matter too
Your regular living costs is another factor that lenders may use to assess your eligibility for a
Taking steps to reduce other debt
Having a guarantor can help
Because you are a
Aim to save as much as you can
It’s not always easy to grow savings when you’re on a low income. However, it may be possible to boost your chances of loan approval by saving as much as you can towards your first home.
Having a larger deposit can provide a number of other benefits too. By borrowing less you could save on your home’s overall interest costs. If you can save a deposit of 20% you may also be able to avoid the cost of lenders mortgage insurance – and this can be a substantial saving.
Buying a first home can be achievable
With a plan of action in place and some professional home loan help, it may be more achievable than you realise to buy
If you’d like to talk to a broker – contact us today!
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- Chapter One : Getting started
- Chapter Two : Your Dream Home
- Chapter Three : Money Matters
- Chapter Four : Ways to Purchase
- Chapter Five : Understanding Interest Rates
- Chapter Six : Understanding Home Loans
- Chapter Seven : Lending Sources
- Chapter Eight : Getting Your loan
- Chapter Nine : Choosing a Home
- Chapter Ten : Steps to Settlement