Get the latest single parent news & help questions...
Click here to subscribe to our newsletter!

Get all the latest Aussie single parent freebies, news and articles - subscribe to our mailing list!

* indicates required

Follow Us!
Get Breaking Single Parent News and the latest Single Mum Forum posts in your news feed everyday!

go to the Single Mum Australia Facebook Page go to Twitter Blogs


5 Ways to Tell You're Ready to Buy a House

Morgan Rivera | 9 January 2012

Are you ready to get a home loan?

before you take out home loans...
...ask yourself five questions to make sure you're really ready!

Owning a home could be a lifetime dream come true. However, it's nearly impossible to save up enough to pay off a house from the start, so at what point are you ready to purchase a home?

Whenever the market is prime for buyers, it can be tempting to jump in and snap up a good deal on a starter home or the house of your dreams, but before you take out a home loan, ask yourself five questions to make sure you're really ready.

  1. Do You Have Enough for a Down Payment?

    You don't have to have enough money to pay off your house in full - that's nearly impossible for most people - but first home buyers ought to start their journey to home ownership with a good portion of the cost paid before moving in. A good rule of thumb is to offer between five and 20 percent of the home's value as a down payment. Some mortgages require as little as 3.5 percent, but you will be in better shape for the long-term commitment of a mortgage if you put down at least five percent.
    Don't forget that there are fees and closing costs involved in finalizing a mortgage.

  2. Do You Have Enough for Emergencies?

    Making your down payment shouldn't wipe out your savings. Before you buy a home, you should have several thousand dollars more in savings than you intend to spend on the down payment in case of unexpected expenses or income loss. Defaulting on a home loan could result in your new home being taken away.

  3. Do You Have a Steady Job and a Manageable Budget?

    You won't qualify for a mortgage unless you prove you have a steady income and have been working for more than a few months. You may also have to prove you're able to cover your living expenses by showing how much debt you currently have. Aside from the mortgage process, ask yourself if you're currently on a manageable budget. Could you still live comfortably with the higher monthly expense of a mortgage? Don't forget that homeownership will come with other expenses you didn't have as a renter, including insurance and maintenance costs.

  4. Is Your Debt Minimal?

    Taking out a mortgage will result in long-term debt. Even if you have a steady income, you should minimize your debt before you take on a home loan. Some common loans you may have to pay down are school loans, car loans and credit card debt. Only once these loans are close to being paid off should you take out a home loan. Remember, if you lose your job or some emergency strikes and your income is reduced, you'll still have to pay down debt, so make sure it's as little as possible before adding a home loan.

  5. How Good Is Your Credit Score?

    Having a steady job isn't the only requirement to getting a loan. You must have demonstrated your ability and willingness to pay debts and credit cards in the past. Your credit score will play a role in your ability to qualify for a loan. Your mortgage broker will be able to check your credit score to see if you qualify for a mortgage.

  6. If you want to check yourself, you can pay for a copy of your score or get a free credit report and guess at your score to see if there are any late payments listed. Veda Advantage and Dun & Bradstreet are two Australian agencies that provide credit reports free of charge; head to their websites for more details. If your report is generally favourable, you're likely going to qualify for a loan.

Read more Blogs here...

This blog contains only general information, correct at the date of publication. For advice regarding your own personal circumstances, always seek individual advice from a qualified professional. Read the full Disclaimer here

What does it mean to be a single mum?Of course, the


are the most important thing in a single mum's life. Kids are the focus and always have been. But along with the children, there are other matters that can confuse a single mum's life.


plays a big part of a single mother's life, mainly because this is where a large percentage of single mums get their finances from. Centrelink are the source from where the

single mother pension

, or as it is otherwise known, the single parent payment comes from. The single mother pension is a subsistence amount, but just the same, it is money to live on, and so it is important, no matter if it is called single parent payment, single mother pension or whatever Centrelink welfare classes it at the time

Often, single mums come out of a


or defacto relationship only to find that their troubles have just begun, and find that their first step leads them towards Family Law - it's time to engage a lawyer.
There are more than just Centrelink finance problems to worry about, as mentioned before, but also

child custody

issues. Child custody is something that hits right at the heart of

single mums

. If a single mother's ex husband or ex partner has been a domestic violence perpetrator, the mum may be greatly worried about child custody. They worry that their kids won't be safe with their spouse, who has already proven to be abusive because they caused

domestic violence

, which resulted in a divorce or separation.

Even so,

Family Court

will often still order a form of child custody named

Shared Parenting

. Shared Parenting is a form of child custody division of time or parental responsibility between the parents. Mother's often look for a good divorce lawyer to try to avoid share parenting with an abusive ex-spouse after divorce, however in many cases Shared Parenting is still the outcome after the divorce, no matter how good the divorce lawyers have been. They will often settle for visitation at a contact centre or access centre where fathers or mothers are supervised during child custody access.

Please remember the bigger font words,because we will use it often in our website.