Living Frugally With Children
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How can a couple in early 50s with single income, no deposit, get a loan for a house in Australia?
We're educating our son at home, so working outside the home isn't an option for one of us - also difficult because one is an on call shift worker.
Our financial freedom was deleted about 6 years ago when my sister was murdered by her husband. Travelling interstate to attend the trial and check on her children (given to the murderers family!), plus the death of my father and mother in law, and then an extended illness placed an enormous financial burden on us.
We're living in a country town where blocks of land are $60,000 and we're so SICK of having to move homes everytime a landlord decides to sell - 4 times in the last four years 
! My husband's work is very stable and we live as frugally as possible by growing our own fruit and veg - HATE leaving it behind. We don't mind working to be able to have out own home, we would just like a start.
Thanks for listening/reading - I look forward to hearing all the positive suggestions!
This is a difficult question... without a depost, and over 50, it will be hard to get a lender to consider you for a loan.
First off, I would find a mortgage broker to help you. They will know all about the full range of loans on offer to Australians, and will be able to tell you if there are any bank or non-bank lenders who might consider you for a loan. There will be a number of factors to take into account; your income, credit history, employment history etc.
There are no-depost loans out there, though you will have extra costs associated with lenders mortgage insurance and a higher interest rate. Also, the average term for a mortgage is 25-30 years, so lenders will be questioning your income ability for that term.
I know owning a home is one of the great Australian dreams, and percieved as security for retirement, but at your age, without a deposit, you might find yourself out of luck.
However, do contact a mortgage broker in your area as they are the professionals with the most expertise, and will be able to give you a final answer.
You can easily find a list of mortgage brokers here : http://www.yourmortgage.com.au/brokers/
