tim
New Member
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Post by tim on Apr 17, 2019 7:38:45 GMT 7
Hi I'm planning to take out a home loan from the bank while on disability. www.finder.com.au/home-loans-for-pensionersI'm just wondering if anyone knows what this is, under "Extra documentation for disability pensioners" it says I need: "Letter from Centrelink confirming the status and nature of your disability pension." Does this mean to get a bank loan you must have your disability re-assessed by centrelink? Tell me if I'm interpreting this correctly.
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Deleted
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Post by Deleted on Apr 17, 2019 11:45:50 GMT 7
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Post by muggins on Apr 17, 2019 11:51:43 GMT 7
Without reading the t & C it sounds like they want to know how likely you will be to qualify for DSP over the life of the loan. I guess they are worried you could be reviewed and kicked off DSP. Btw, there is a general view that the housing market will fall another 10 per cent. Think carefully.
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Post by santaclaus on Apr 23, 2019 15:57:27 GMT 7
I got a home loan with the NAB almost 4 years ago. At the time there weren't any conditions apart from proof of your income. But now the NAB doesn't consider the DSP as a legitimate form of income. I found that out after I enquired about refinancing my loan.
I rang ANZ and they (at the time) had no issue with the DSP as a source of income.
I think you'll find the bank just wants to be certain of your income. I'm no lawyer but I doubt they have the right to know what your disability is. Assuming I'm reading that correctly.
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Post by Denis-NFA on Apr 23, 2019 20:13:08 GMT 7
Hi I'm planning to take out a home loan from the bank while on disability. www.finder.com.au/home-loans-for-pensionersI'm just wondering if anyone knows what this is, under "Extra documentation for disability pensioners" it says I need: "Letter from Centrelink confirming the status and nature of your disability pension." Does this mean to get a bank loan you must have your disability re-assessed by centrelink? Tell me if I'm interpreting this correctly.
If you are registered on the internet MyGov bizzo and access your Centrelink area you can print off your complete public information including payment. Welcome to the forum Denis |
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Post by nomadic on Apr 24, 2019 7:21:47 GMT 7
Welcome Tim, I'd be surprised if any bank gave a loan to anyone on welfare. BUT???
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Deleted
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Post by Deleted on Apr 24, 2019 12:52:27 GMT 7
Welcome Tim, I'd be surprised if any bank gave a loan to anyone on welfare. BUT??? Well, welcome to surprise world nomadic. They do; I've gotten loans over the years, no questions asked. But from the sounds of it some lenders are tightening up the rules. Provided they'll get their money back if the have to foreclose it shouldn't be a problem. Some of the smaller banks or local building societies may be a better option to the Big 4 though. Cheers bear |
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Post by boxr on Jun 25, 2019 11:29:57 GMT 7
A pension card or concession gets stamp duty removed or reduced by about 50% in Victoria. I remember seeing a mortgage broker when working (labour hire), and on Newstart . I was looking to buy a place, when times where better. She didn't ask, but i mentioned i had a concession card, she typed that into the computer, and stamp duty went from like 20k to 10k. We where both surprised. I think for a purchase under 330k stamp duty is removed. Have a play |
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