- In Bee Savvy - Getting the most out of your loan, First things first - Steps before applying for finance
Applying for a home loan as a single parent can be challenging. Whether you are looking to refinance, or to buy a new place for your family. Having one wage to look after all your expenses can be daunting. If you receive income support such as family tax benefit or child support this can help.
But Will Lenders Count This Income
Lender policies are very rarely straight forward. Particularly when it comes to alternative types of income. Many lenders will place age restrictions on whether they will count family tax benefit or child support. So once your child hits the lender defined age bracket, they will still count the expenses you incur for your older child, yet they may not count the income that you receive for them.
There can also be rules in place as to how long you have been receiving child support, whether or not it is court ordered or through a child support agency, and usually you will also need to demonstrate that it is actually being received regularly and on time, in line with the agreement.
Even when all of the above is in place, lenders still vary regarding what percentage of this income they will take. Whilst some will take 90% of the income, others will only take 30%, and some none at all.
Getting your home loan right, with alternative income
At Bee Finance Savvy, we understand that this can be a busy, stressful time in our clients lives, and we help make it as stress-free as possible. We’ll help you understand what steps you need to take to move forward with your property goals.
With our panel of over 30 different lenders, we’re able to match clients to lenders that suit their circumstances. We make sure that you have the right lender for your unique needs.
Our brokerage will do all the tricky work for you. From assessing your income and expenses the right way, to advising your of your borrowing capacity, and making sure that every step is carried out correctly – we’ve got you covered.
We understand that during this time, the last thing you need is to be declined for a home loan. So we go over
absolutely everything, to make sure there are no hidden problems, or last minute surprises. This allows us to maximise your chances of approval.
If you want to know what your options are for obtaining a home loan, our lovely broker Desiree is here to help. We can answer all your questions, with an obligation free consultation.
If you’d like to hear from just some of our satisfied customers, take a look at our reviews on WOMO https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda