Question
I want to borrow 150 000 from the bank for a home loan but I am a full time student.?
Does anyone know if this is possible. I work casually and will be working full time when school is over. (2 more years). By casually I mean twice a week. I am in Melbourne, Australia. Thanks :) I do have a large amount to put down in the first place and also can anyone tell me about a co-signer? Umm...can fuckwits please not repsond. Thanks.
1 month ago - 3 answers
Best Answer
Chosen by Asker
Unless you have a very large amount to put down as a down payment then you will most likely not be able to get a home loan until you can show that you have a full time job. There are different criteria that deal with income and mortgage payments that lenders will look at before they will give you a home loan. Good luck!
Source(s)
by James
1 month ago
Asker's Rating: 
Other Answers
150 000 AUD? That is too much to borrow for someone in your situation. You work only two days a week (part time) and you're attending the university how do you expect to pay this back? They will require you to show proof of income. They are not going to loan someone in your situation that large amount of money. Think about it, who would lend someone 150 000 AUD? You will likely quit your job, not pay on the loan, and then I'll have to take the house back from you. I'd suggest for you to either a) work full time, b) get a co-signer if you are really wanting to buy a house, or c) just rent until you can get a steady income (full time).
by Pablo- 1 month ago
of course it is NOT possible - you need a full time job to get any kind of loan, and in order to get a $150,000 mortgage, you would have to be making $50-60,000 a yr and have $15-30,000 in cash for a down payment and closing costs, and until you have a couple of years of GOOD credit history, you still will not be able to get a loan
by Doctor Deth- 1 month ago