Proof To Pay A Mortgage
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People will move mountains to own their own home. Rural and Regional Australia is needing people to have a reason to relocate their family and businesses and to be able to buy a home is the top of the list.
My sister and I have moved to regional Australia so that we could afford a property loan to care for our terminally ill father without the fear of having to move every 6 months from the rental market.
Even with giving up everything that the cities offer to get an affordable property price the banks claim they are required by Government to assess our repayment ability of a loan based on how much we save each year.
Yes I have argued this with the bank but they will only give you a loan if you earn above your basic living expenses.
Just because you don't have enough enough money to purchase luxuries or save it in a bank doesn't mean you can't support a mortgage.
With rental rates at their most obscene pass legislation that your credit history and rental history is enough proof that you can support a mortgage of equal value. This would resolve the housing problem in many areas and address the need to move people services and their skills to the regional areas because if you're not in the major capital cities the housing prices are more reasonable but the banks still won't lend because it is considered high risk to lend on a regional or rural property so even more people are deserting the bush because they can't get loans because they naturally earn less but also have lower living expenses.
When we get a mortgage we are basically accepting that the bank is our landlord until we pay it off. So why can't the Government approve lending to those that can afford a small mortgage because they are already paying someone else's mortgage. Yes like a rent to buy loan.
Every loan I applied for stated that I did not have serviceability evidence to meet my repayments. This simply meant that at the end of the year I didn't have enough cash left over and saved in my bank account. But I had paid all my bills had not credit card debt and fed our family of three. And on top of that if I had been granted the loan I would be paying less than the rent I was paying, but the lenders won't consider that will they.
I had to pay a solicitor an additional $9,000 to set up a Mortgage Linked Account between myself and the Vendor and now have my secure roof over my dad's head, but it is criminal that Malcolm Turnbull and all the Government MP's are not aware what is happening. And if they are not then now they can change it or is it truly the case that they just want to make themselves richer by renting their investment properties to use so we pay them off for them!!!!
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