Home Loans when you are receiving Centrelink benefits
If you are receiving Centrelink payments, you can apply for a home loan, whether it is to refinance or purchase a home.
However, in some cases you will need to have another main source of income from employment. This is due to the fact that most lenders will not be willing to approve you for a home loan if your only source of income is through Family Tax Benefit or other Centrelink benefits.
What documents will I need to provide?
Below are some of the documents which you will need to provide to us:
- 6 months of your Centrelink statements
- Bank statements showing proof of the payments in your account
- 2 most recent payslips
- Notice of assessment for the last 2 years
What are the requirements?
For lenders to accept Family Tax Benefit, there are some lending requirements listed below which you will have to meet:
- We will need to assess your main source of income (If only one parent is the main source of income earner)
- Your current asset position at the time of application
- Your credit history (if your credit history is not the best, there are some specialist lenders which may be able to accept Family tax benefits if you have another main source of income).
For more information on Family Tax Benefit home loans and whether you will qualify as there could be a lot of more things to consider, this might be the best time to speak to Mortgage Providers who are experts in this field, contact us on 1300 656 600.