Understand the qualification process see what lenders look for. Get genuine money assistance options if qualifying for a loan is not a possibility. But if you are a single parent, it might be even more difficult for you to get assistance when you are spending most of your money trying to raise your children.
A number of lenders would regard a disability pension along with other forms of benefits to be a valid form of income.
However, it depends on the types and amounts that you receive and how much you rely on these benefits for your overall income. If you have a supplementary source of income that will certainly help to strengthen your application. The more information that you can provide to the lender about your Centrelink income the better.
Check your Centrelink documents to see what type of benefits you are currently receiving. Different types of Centrelink and other benefits that can be accepted by some lenders: Age Pension — Lenders may require you to have a supplementary income.
Disability Pension — Lenders may require you to have a supplementary income. Veterans and Widows Pension — Lenders may require you to have a supplementary income.
Overseas Pensions — If your pension comes from certain countries it can be considered as an acceptable regular income. Family Tax Benefits — Lenders may require you to have a supplementary income but the age of your children will be taken into consideration. Foster Care Allowances — Lenders may require you to have a supplementary income.
Child Support — This income can be accepted by some lenders but you may be required to provide a copy of the Family Law Court Order, a letter from the Child Support Agency CSA and proof that you are receiving the income. Single Parents It can be difficult for single parents to access finance even for the purpose of buying what can be essential items such as cars.
Having a car is a necessity for many people rather than a luxury and there are options available through a range of lenders. As with pensioners Centrelink benefits can be accepted for single parent applications but supplementary income will normally be required to strengthen your application.
However, you probably have a few advantages over the young guys and you should make sure to highlight these when applying for finance. Factors that can help your application: Employment status — If you are employed in a full time permanent position then this is a real positive.
Casual and contracted positions are becoming more and more common so if you are employed on a full time basis this is regarded as a positive by lenders. Income — If you can demonstrate through proof of income that you can comfortably afford the finance repayments then this is another positive.
Assets — Having a strong asset position in Australia, whether it be cash at the bank or residential property, is another feel good factor for lenders. Credit history — Providing statements from previous loan or credit accounts that you have conducted overseas may also help to demonstrate to potential lenders that you are a good risk.If you are receiving selected Centrelink benefits such as Family Tax or Parenting Payments, Disabilty Pension/DSP or an aged pension, you may qualify for a car loan, even if you have had some bad credit.
If you're a single mother and you've started looking for car finance, then you don't need us to tell you that it can be difficult. To put it simply, the big banks can have a rigid set of lending criteria.
As our personal customer you are entitled to the following suitable loan options; Secured Car Loan, Novated Leasing, Chattel Mortgaging, Commercial Hire Purchase, Replacement Loans, Personal Unsecured Loan or Pensioner Finance(Pensioner finance includes - Single Parent Pension, Family Tax Benefits & Carers Pension).*.
single parent pension car finance | Find new and used Cars, Vans & Utes for Sale in Australia. Buy and sell almost anything on Gumtree classifieds. For this reason a single parent of 3 or more children with low rent is far more likely to get approved for a used car than a single disability pensioner paying a high amount of rent.
Government guidelines set a certian living allowance and we have to work within these legal guidelines. meet principal carer rules and care for a child under 8 if you’re single or under 6 if you’re partnered meet residence rules can’t claim before the birth of a child.