How to pay a $270 000 mortgage (1 Viewer)

[Sathius005]

I am living in a unit of my own in the Northern suburbs of Sydney (one bedroom unit). I am currently on welfare (Disability Support Pension) and my mum is on the carer payment and carer allowance. We make annual mortgage repayments of $13 500 to my aunt. However, my aunt is retiring from the workforce in four years. We were meant to pay back the mortgage in twenty years. In four years I am about to lose the unit because my aunt wants to sell the unit and make some cash money i.e. a return on her investment property (the unit which we own legally but rely on Aunt's financial help). We will probably be forced back on to the private rental market. But I do not want to lose the unit. So I have decided to get a job i.e. getting an apprenticeship to become a plumber. I got pass average at the University of Technology, Sydney in Bachelor of Business but I can’t afford to study at University. So most likely I need to get a job to support myself and my family.

 

[soloooooo]

I am living in a unit of my own in the Northern suburbs of Sydney (one bedroom unit). I am currently on welfare (Disability Support Pension) and my mum is on the carer payment and carer allowance. We make annual mortgage repayments of $13 500 to my aunt. However, my aunt is retiring from the workforce in four years. We were meant to pay back the mortgage in twenty years. In four years I am about to lose the unit because my aunt wants to sell the unit and make some cash money i.e. a return on her investment property (the unit which we own legally but rely on Aunt's financial help). We will probably be forced back on to the private rental market. But I do not want to lose the unit. So I have decided to get a job i.e. getting an apprenticeship to become a plumber. I got pass average at the University of Technology, Sydney in Bachelor of Business but I can’t afford to study at University. So most likely I need to get a job to support myself and my family.

13500 in repayments a year is low. If you or your mum legally own the house (i.e. the title is in one of your names) then your aunt can't just sell it. If you have a legal agreement for the loan with your aunt see what the terms say and contact a lawyer. Your aunt could put a caveat on the property although it would be a long drawn out process to try to get you to sell or vacate the property.

You are on a disability support pension yet are capable of physical work (plumbing) and mental work (as demonstrated from your uni degree)? That sounds like a rort of centrelink almost.

 

[soloooooo]

Is 270k what is left owing on the property? If you get a bank loan your repayments will be about 22k minimum a year (principal and interest).

What is the property valued at? If you have decent equity in the property it might not as hard to get a loan as you think.

 

[Sathius005]

We bought the property (a single bedroom unit) for $300, 000 and had a savings establishment of $30 000. The market value of the unit in todays value is between $330, 000- $350, 000. Thank god I am not actually disabled. I just needed to exploit the loopholes in the welfare system to have temporary income support until I could get a job to support my family and myself. The reason why I was able to exploit the loopholes in the welfare system was because of my education at UTS in Business Law and Ethics (High Distinction).

 

[soloooooo]

We bought the property (a single bedroom unit) for $300, 000 and had a savings establishment of $30 000. The market value of the unit in todays value is between $330, 000- $350, 000. Thank god I am not actually disabled. I just needed to exploit the loopholes in the welfare system to have temporary income support until I could get a job to support my family and myself. The reason why I was able to exploit the loopholes in the welfare system was because of my education at UTS in Business Law and Ethics (High Distinction).

Whose name is on the title?

What street/suburb is the apartment in (this affects the banks risk of the asset)?

Welfare fraud is not acceptable and we don't care what marks you got on some shitty ethics course.

 

[townie]

Whose name is on the title?

What street/suburb is the apartment in (this affects the banks risk of the asset)?

Welfare fraud is not acceptable and we don't care what marks you got on some shitty ethics course.

Your name isn't on the title of the property you allegedly own so you are hardy a trustworthy source of information

 

[Sathius005]

If I didn't exploit the loopholes in the welfare system I would be homeless because my family is not willing to support us financially. The welfare system is underfunded and very tightly regulated (with though love welfare laws, which makes it very hard to get on welfare). I am a joint owner of the property.

 

[moll.]

If I didn't exploit the loopholes in the welfare system I would be homeless because my family is not willing to support us financially. The welfare system is underfunded and very tightly regulated (with though love welfare laws, which makes it very hard to get on welfare). I am a joint owner of the property.

None of this detracts from the fact that you blatantly committed welfare fraud. Everyone thinks that they're a charity case, bud. I would recommend getting used to the rental market. Millions of others survive quite admirably in it. I would also recommend not relying on the trust and good-nature of relatives or friends next time. Get everything in legally-binding writing.

 

[soloooooo]

If you want to take out a loan: getting a job is your first step. Then you need to save. Banks want to see a minimum of 6 months of genuine savings (although apparently some want up to 2 years). After at least six months of saving talk to a mortgage broker.

 

[Rafy]

https://www.centrelink.gov.au/wps/portal/clk_common/TORS

 

[Acetute]

If you want to take out a loan: getting a job is your first step. Then you need to save. Banks want to see a minimum of 6 months of genuine savings (although apparently some want up to 2 years). After at least six months of saving talk to a mortgage broker.

Most banks in the current economic climate of Australia only need to see 3 months of savings for a loan, as long as the saving is 10% of the value of the loan.

 

[Graney]

Thank god I am not actually disabled. I just needed to exploit the loopholes in the welfare system to have temporary income support

I think you probably do have some sort of mental illness (serious). I'm not saying this as an insult at all, just based on the fact you were diagnosed by a psychiatrist with a mental illness serious enough to receive dsp, and the posts you make on this website are very unusual. I think you should consider your psychiatrist might have accurately diagnosed you.

If you or your mum legally own the house (i.e. the title is in one of your names) then your aunt can't just sell it.

Yes this. It sounds like you don't actually own the house. If you've had a contract with your aunt to buy the house, you should at least have some equity if it gets sold, get some money from any sale.

 

[hayabusaboston]

If I didn't exploit the loopholes in the welfare system I would be homeless because my family is not willing to support us financially. The welfare system is underfunded and very tightly regulated (with though love welfare laws, which makes it very hard to get on welfare). I am a joint owner of the property.

THink about it, if everyone thought "Oh, I'll just exploit the loopholes in the welfare system because otherwise I'd be homeless" then what would happen to australia?

FUck you're stupid sath. God.

 

[Graney]

THink about it, if everyone thought "Oh, I'll just exploit the loopholes in the welfare system because otherwise I'd be homeless" then what would happen to australia?

I don't think most people in Australia would need to exploit loopholes in the welfare system to avoid homelessness.

 

[hayabusaboston]

AUSTRALIA IS A WELFARE WHORE
srsly. Wtf.
WE need to grow up and realise being a goody two shoes to every fucking poor person OR EVEN MIDDLE CLASS PERSON we see, will DESTROY OUR COUNTRY'S FINANCES, and our country itself.

 

[moll.]

CAPITAL LETTERS make certain words in SENTENCES seem like they are being YELLED AT YOU by a DRUNKEN, DELIRIOUS homeless man standing on the street corner OUTSIDE THE TRAIN STATION.

 

[townie]

CAPITAL LETTERS make certain words in SENTENCES seem like they are being YELLED AT YOU by a DRUNKEN, DELIRIOUS homeless man standing on the street corner OUTSIDE THE TRAIN STATION.

I love you

 

[hayabusaboston]

I love you

Watch out moll! Hide yo kids, hide yo wife!

And tape ur butthole.

loljks but actually HIDE YO KIDS

 

[kaz1]

I am living in a unit of my own in the Northern suburbs of Sydney (one bedroom unit). I am currently on welfare (Disability Support Pension) and my mum is on the carer payment and carer allowance. We make annual mortgage repayments of $13 500 to my aunt. However, my aunt is retiring from the workforce in four years. We were meant to pay back the mortgage in twenty years. In four years I am about to lose the unit because my aunt wants to sell the unit and make some cash money i.e. a return on her investment property (the unit which we own legally but rely on Aunt's financial help). We will probably be forced back on to the private rental market. But I do not want to lose the unit. So I have decided to get a job i.e. getting an apprenticeship to become a plumber. I got pass average at the University of Technology, Sydney in Bachelor of Business but I can’t afford to study at University. So most likely I need to get a job to support myself and my family.

after getting a HD in Business Law and Ethics at the prestigious University of Technology, Sydney getting a good job shouldn't be a problem at all

 

[moll.]

Watch out moll! Hide yo kids, hide yo wife!

And tape ur butthole.

loljks but actually HIDE YO KIDS

You're not funny and Townie is a genuinely great guy.