andyaldy

Please can anyone tell me how much the banks will lend you for a mortgage, is it just the standard 3.5 times wages, or do they take into account any credits from centrelink, we have found a great house for sale and have about 175000 deposit but my husband isnt on fab money at the moment but his boss says he will be getting a 10000 dollar rise over next six months, at moment we pay 330 per week rents so payment arent a problem on mortgage its just getting it, has anyone else been in similar position.
thanks for reading.

ABCDiamond

Income from Centrelink IS taken into account by at least some of the lenders, if not all, you just need to show the proof of that income.

The amount they will lend is reduced by credit card "Limits", not just the balance. So it can be worth cancelling credit cards before applying and then getting one after you have the mortgage. Some lenders will not take it into account IF you pay the balance in full every month.

Have a look at this link to check borrowing capacity at St George Bank:
https://homeloan.stgeorge.com.au/bpc_appdtls.asp

gdcollectables

Hi

we were offered the option of my husband being classed as single or married, as they take different things into account for each classification!

The best thing is to not borrow more than a 1/3 of your monthly income though!