Will Centrelink Benefits affect your loan application?

Hi, will the lender be concerned if they see borrowers are getting Centrelink payments such as Job seeker/keeper, FTB etc? I’m thinking to apply for these benefits but I’m not sure how would a lender view my investment loan application?

 

Most Centrelink benefits don't affect your adversely affect your application and many lenders will recognise some benefits.

As Rolf said, lenders aren't going to accept Jobseeker. They want to see that you're employed.

One point though, being on Jobseeker won't affect an application later on. You'll still be able to qualify for a loan if you were on Jobseeker but have a job (with an income) at the time of application.

 

Jobkeeper wont show as a benefit as such. It's a payment to your employer who then passes it to you. Essentially all jobkeeper will show up as is your wage/salary at the reveleant JK amount.

Jobseeker is for unemployment so I cant see a lender being thrilled about you not actually earning a living.

 

Speak to a broker before applying for any finance

 

Jobkeeper is paid to employers, not employees. However a sole trader or eligible business participant may receive it directly. It is likely a red flag for any credit application and a matter for broker guidance as such person will be self employed and need to address this anyway. It may be a simple matter for demonstrating that turnover and activity has resumed.