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Will banks take my centrelinks payments into consideration as income ?
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Hi Sharon that is a good question & one that I get a lot.
Before answer it however we need to be clear what type of Centrelink payments are you referring too & is this your main source of income.
If it's Family Allowance for example most mainstream lenders & non bank lenders will take this income into consideration.
If it's other forms of Centrelink payments then that would need TL be reviewed on a case by case basis. Having said that there are one or two lenders that will take this as the main income to service the loan.
I hope the above is if assistance & please feel free to contact me off line to discuss further.
Regards
Rebecca A Mitchell
Hi Sharon, Is there other income? Only a few lenders accept Centrelink payments. Part A and Part B if they will be paid for at least 5 more years. Occasionally age pension but then lenders need a strong exit strategy for people older than 55 years. If the rest of the loan has no other issues, then you might be in with a chance. Bulelwa Freer 0414 973 236
Some lenders do accept Centrelink payments but it depends on many factors like type of pension, if it is family allowance the age of the children. In any case it is important to have the document from Centrelink with payment details. Most lenders will or accept Centrelink on its own as a loan will not service in Centreljnk income alone so it will need to be supported with some other income too.
