whats clues that it may be time to shift in to own place or start to plan it

[MasterOfReality]

I think your underestimating how strict the banks are at lending in the current climate, I got my mortgage 12 months ago and that took a good 2 months of paperwork and picking through my finances with a fine tooth comb, employment checks etc. They'll go over everything.

if you think your just going to be able to walk in as a fist home owner and get a mortgage and a personal loan etc easily, think again.

These days mortgage's aren't like car loans, you can't just walk into a branch shake someones hand and have some money, it's a long painful slog to get all the paperwork and clearances done.

Yep. I got put through the wringer applying for another mortgage, despite paying the first house off with no problems and earning 3 x more the second time around. My situation probably isn't typical as I work in a volatile cyclical industry and may be classified as a higher risk, but it did take me by surprise. My approved amount was also less than my mates who worked in different industries.

We needed to account for pretty much every $ in the loan application.

 

[shonky12]

most important thing is to sort the shed out and somewhere to store things and have security of not having to relocate at anytime but was thinking of house because local council wont approve sheds on vacant block until you submit plans to build house and have options in mind based on their requirements.

either look for a very rundown place with a good size yard and shed and slowly fix it or put a budget home on the block or try and find a block with a shed thats been there for years and then deal with the house.

have been told you can work for yourself part time as long as income is regular as went to have a look to see what types of centrelink incomes are acceptable if you work part time and seen that certain centrelink incomes such as disability or aged are ok provided you work part time.

owner of current part time job is selling business and because its in the food industry am getting out once shes sold it and need to be open to all options and plan to do hamdyman part time self employment and include test and tag

 

[shonky12]

why else did so many people leave food and service industry after the big shutdown.

do know that its because when some food and some service industry closed people tried jobs in other industries and found they could earn the same money in fewer hours and work being better and all that time away made them realise how hard it was or were planning to leave soon anyway or people close to pension age retired earlier or bit of everything

 

[someguy360]

Yes you can be self employed and get a mortgage, but remember you are still going to need 20% in the bank before you can qualify, you can't just get a mortgage because you can pay the repayments thats not how life works.

Also be prepared to work a lot lot more to get approved as self employed, you'll need BAS statements etc to prove your income.

You can't just walk into the bank and say "I work part time, can I have some money now"

You'll need ALL paperwork etc required and proof of stable and repetative income, there can't be gaps there where sometimes yo don't earn anything etc. You'll also need to have worked self employed for a good couple of years to show your records. You can't just work for yourself for a couple of months and then show the bank, look I've got an income.

Even full time employed people need minimum 6-12 months on the job before you meet the criteria for an application.

Most of the big banks won't even touch you the second you mention centrelink etc so you'll need to speak to a broker about your options.

But remember, before you even look into any financing, you need to make sure you've got enough in the bank to cover the deposit. Theres no way around the deposit side. So even if you are taking out a loan for a $100,000 piece of land your still going to need $20k in the bank for the deposit then theres the stamp duty on that, then theres the conveyancing fees etc, so budget $30k at least upfront.

Remember the number one rule is make sure you are in a perfect position to apply before you do. If you get knocked back for a loan it hurts your abilty to then apply for another one.

 

[shonky12]

what would you do to try hang on until you can buy your own to be able to atleast have a bigger shed and own space part time with stability

what is reasons why workers arent returning to food industry and left after the shut down.

if you depend on centrelink and work part time and then decide to be self employed part time and dont want to earn more than the limit before it affects centrelink have been told that you just look at the dollar amount and restrict how much work you take on, would that be right

 

[losh1971]

Is this you Trevor? It's beginning to sound like it.

 

[Baldoldfart]

My advice would be not to spend money on drugs, might be too late......

 

[MasterOfReality]

Who is Trevor?

 

[someguy360]

if you depend on centrelink and work part time and then decide to be self employed part time and dont want to earn more than the limit before it affects centrelink have been told that you just look at the dollar amount and restrict how much work you take on, would that be right

If you depend on Centrelink you shouldn't be buying a house, and the banks will tell you this too, you'll need to look at a rental, you also won't get a personal loan for renovations if you rely on centrelink.

Centrelink is designed to help people out but it's not designed to be a full time source of income.

We are a car forum, why would we know whats happening in the food industry? your posts make less and less sense.

You shouldn't be trying to limit your income so you can stay on Centrelink, your just a leech on the system at that point, you should be striving to make enough money that you don't need centrelink. Reading your comments you seem to be happy to let the tax payer pay your wage then want to buy a house with it.

The Centrelink system doesn't exist to give you a comfortable life, stop trying to make it work for you.

Shonky username is seeming more and more accurate with the more comments I read from you.

As I keep saying the only way you are going to get a mortgage is to prove that you have consistant stable employment income not drips and drabs every now and then with the government supporting you the rest of the way and you still need to have the 20% in the bank, you still haven't said if you have any savings etc which is making me think you don't.

They are going to look just as hard at your income sources and credit history etc for a $150k loan as they will a $400k loan, the process is still the same.

Go get a full time job, get 12-18 months of savings built up that you can show the bank and you might have a chance then, but reading between the lines with your current situation no bank will go anywhere near you as you are high risk, with your current situation I feel you'd struggle to get a 10k personal loan let alone anything more substantial.

I repeat YOU CAN NOT just walk into a bank and say I'm on centrelink and sometimes get some part time income give me a loan please, it doesn't work that way.

 

[Baldoldfart]

I repeat YOU CAN NOT just walk into a bank and say I'm on centrelink and sometimes get some part time income give me a loan please, it doesn't work that way.

I repeat: My advice would be not to spend money on drugs, might be too late......