Unless your partner earns a 6 figure income and you have more than 20% deposit he will struggle to get a loan. You will be classed as a dependent and each dependent decreases your borrowing power. Sadly you need two incomes these days to get a mortgage.
If one of you earns plenty you don’t need to incomes and the house can still be in both names. Even if your name isn’t on the house you are protected by divorce laws in Australia.
You usually need two incomes and/or a huge deposit, but it depends on the lender. My partner is a broker and does a lot of difficult deals (mostly those with complicated incomes).
There are a LOT of legitimate lenders out there other than the big 4 or well known brands. They all have different rules, depending on what you earn, debt, dependents, savings history - everything. One lender might not see one income as a problem, another might.
I'd advise seeing a broker. They will also check your financials carefully to make sure you can afford it (they have to by law). If you can't afford it now, they'll tell you what you need to do to get to that point.
in this day and age you will probably struggle. The banks see you as a dependent, so if your partner doesn't earn enough their concern will be servicing the loan. If a home is the end goal, can you get a part time job, cut up all credit cards and try again? there are so many people not paying mortgages due to hard ship the banks have got much tougher when lending
in this day and age you will probably struggle. The banks see you as a dependent, so if your partner doesn't earn enough their concern will be servicing the loan. If a home is the end goal, can you get a part time job, cut up all credit cards and try again? there are so many people not paying mortgages due to hard ship the banks have got much tougher when lending
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I had to get a job
You can use Centrelink as your income - you just need to show that you can service the loan with your portion of C/L payments.
Unless your partner earns a 6 figure income and you have more than 20% deposit he will struggle to get a loan. You will be classed as a dependent and each dependent decreases your borrowing power. Sadly you need two incomes these days to get a mortgage.
We needed two incomes for loan approval.
If one of you earns plenty you don’t need to incomes and the house can still be in both names. Even if your name isn’t on the house you are protected by divorce laws in Australia.
You usually need two incomes and/or a huge deposit, but it depends on the lender. My partner is a broker and does a lot of difficult deals (mostly those with complicated incomes).
There are a LOT of legitimate lenders out there other than the big 4 or well known brands. They all have different rules, depending on what you earn, debt, dependents, savings history - everything. One lender might not see one income as a problem, another might.
I'd advise seeing a broker. They will also check your financials carefully to make sure you can afford it (they have to by law). If you can't afford it now, they'll tell you what you need to do to get to that point.
Initially we needed 2 incomes to get our mortgage. We reborrowed 2 years ago on my income alone as my partner had just changed jobs.
in this day and age you will probably struggle. The banks see you as a dependent, so if your partner doesn't earn enough their concern will be servicing the loan. If a home is the end goal, can you get a part time job, cut up all credit cards and try again? there are so many people not paying mortgages due to hard ship the banks have got much tougher when lending
in this day and age you will probably struggle. The banks see you as a dependent, so if your partner doesn't earn enough their concern will be servicing the loan. If a home is the end goal, can you get a part time job, cut up all credit cards and try again? there are so many people not paying mortgages due to hard ship the banks have got much tougher when lending