Buying a home is a very important decision
Are you flying solo and starting to think that buying a property will never be possible? There’s really no need to wait for a knight, or lady, in shining armour to come along, as securing finance on a single income does happen.
Of course, just as if you were a couple, your borrowing capacity will depend on your income and commitments. But there are some differences. A single will probably have different requirements of a property than a couple would. So consider: are you looking for a residential or investment property? What kind of deposit are you considering? Do you have dependents or children?
You may also need to take extra precautions without a second income to fall back on. You may consider taking up income protection, in case you lose your job or suffer from an accident that could impact on your ability to make loan repayments.
An option for singles is to consider purchasing or building outside metropolitan areas in order to lower costs. When deciding whether such a purchase would be owner-occupied or an investment, you need to weigh up relocation or commuting costs, as well as any income losses associated with moving away from a city, against benefits available to first-home buyers who plan to live in their properties.
You should find a property that matches your lifestyle and income capacity.
How Can We Help?
Request your personalised borrowing capacity report. Request your BEN Credit Capacity Analysis report to identify your BEN score which can help to maximise your credit capacity and reduce your credit risk.
The BEN Financial Stress Analysis provides you with a snap-shot of your financial capacity. It tracks your financial performance based on market Lending Credit Assessment Criteria.
You may request additional specific information on the BEN scoring analysis by simply contacting us for additional information.