Austudy + 110k can I borrow and buy?

[WBG Redcliffe]

Hi all,

Have a friend who has had a small pay out and has $110k in the bank. She is 40ish and currently studying. No other income. No abn. Has never purchased a house before. Austudy gives her 460 per f/night.

What are her chances of using a 30% deposit on a 220k unit at Caboolture or similar place?

Will anyone lend to her?

 

[Qlds007]

She would probably get a loan between 60/70% at nomal rates but the question more importantly is should she be buying somewhere given her current circumstances.

 

[WBG Redcliffe]

Thanks for the reply Richard

She will have about 30K+ after the transaction and she intends using the spare rooms as share accom. Should get about 120p/w rent for the room. The 30k will pick up the difference for the next 18mths while studying. Then she should get a job which will then service the loan.

 

[Qlds007]

Ok point taken and understood.

The border income is not normally considered for serviceability but i can see it would make sense in aiding the repayments.