Is it possible for a single person to buy a house?

Can I Get a Mortgage With One Income?

✅Mortgage Broker Australia organises home loans for many school teachers and 1st responders (police, paramedics and fire fighters).  Whilst these professions pay a decent income, sometimes Sydney prices can make it tough to get the loan over the line with major lenders.  It requires starting with a niche white label lender and then refinancing to a lower rate product after building some equity and perhaps a promotion down the line.  

✅Many families are single income families which can make it harder to get your home loan finance over the line.  I always recommend working with a mortgage broker to navigate your options, as it is not always as simple as walking into one of the big 4 banks.

✅A single income is tough but not impossible, even in the major capital cities.  

Get in touch - no fee service

Eliminate Debt

✅If you're over committed with personal loans and a large credit card balance, your borrowing capacity goes down.  This is because these commitments reflect on top of your ability to repay a mortgage as well.  Even if your $30,000 credit card  limit has a balance of $0, the lender will apply a servicing to this limit as if you had used the funds - at least part of it.  So if you don't need it, consider cutting the limit.

Realistic monthly repayments

✅Take this seriously!  You're stuck with your loan for the next 25 years.  What can you realistically repay over the long haul?  Take some time to set goals and make a budget.  

✅Just because a lender will give you maximum funds, doesn't mean you should take it.  Build some resiliency into your repayments.  Below is the money smart mortgage repayment calculator:

https://moneysmart.gov.au/home-loans/mortgage-calculator

Get advice from a mortgage broker

✅Mortgage Broker Revesby will help you with your pre-approval.  You'll know how much you can bid for properties and there will be no nasty surprises.  We have a large lender panel and can research all your options.  We do not charge a service fee.

✅Access expert advice on how to maximise your single income.  You may need to use a small non-bank lender to get started, and then when you build equity move into a lower interest rate loan.

✅Alternatively, you can research all the lenders yourself - both bank and non-bank lenders.

Build your savings

✅The larger your deposit, the lower you LVR.  Save 20% or more and you will not pay lenders mortgage insurance which can be tens of thousands.

✅Higher deposit gives you more lender options.

Income Protection is a must

✅The buck stops with you!  If you lose your income, you lose your ability to pay your mortgage.  Talk to Mortgage Broker Revesby about income protection insurance.  Should something happen to you or your income, you can continue to repay your mortgage.

Want to talk about your home loan?

No fee service.

Matthew Stack
matthew@mortgagebrokerrevesby.com.au
www.mortgagebrokerrevesby.com.au
0423 237 242

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