Has anyone bought a home as a single mum?

[BeautyWithin6]

I'm from Australia and I currently have a joint mortgage with my partner of 10 years. Never married, 2 young DC.
I received info from a broker who said that working 4 days a week I would only be approved for less than 200k. Here, that basically gets me nothing not even a 1 bed unit. This takes into account the Centrelink payment (which I have to have had for 6 months) I then queried about if I worked full time with a higher earning job. Still, not even 300k. I'd have a decent deposit from sale of this house, but it's not enough.

I feel like I'm stuck!! Rentals cost the same if not more a week than a mortgage and they are going up and none available anywhere near me.

Do I basically have to just live with my partner that I want to leave all because financially I'm stuck? Has anyone actually been able to?
I won't be able to afford to buy out partner. Plus then he'd be in a similar situation though he earns more.
Please help :(

I'm also in Australia. I refinanced my home once I split with ex. Mortgage of close to $450k AUD. They wouldn't let me do it on working 4 days, so I went 5 days for 6 months and just scraped in. Obviously depends on your income... mine is prob slightly over the average but not much. I'm surprised by your broker... have you spoken to another one?

Unfortunately I don't think my partner would allow me to get the house... He's against the split which I think is due to he doesn't want to see the kids less, nothing to do with me.
I'd consider getting a higher paid full time job if it were possible to refinance but I just don't think he'd make it easy.
I've been to a broker and a home loan lender at my bank. But I might as a last attempt try one more broker.

I think you would be better off posting in the property/DIY forum.

Are you from Australia but in UK? Or in Australia?

I’m a single mum and I’ve bought a home. Do you mean that you will only have 300k with half of the house?

I live in Australia and am Australian.
I would only be approved for max 200 thousand, there are no houses units apartments available for that low. It doesn't matter my deposit, they said with 2 dependants and even a full-time annual income that's all I'd get. So I guess everyone just rents then :(

It's crappy, similar situation in the UK. I did manage to buy here but the mortgage is pretty crippling and it's only because I had equity from our previous marital home.

I'm sorry. It's shit. Do you have any other single mum friends who you could buy together with? Are there any social housing or shared ownership schemes where you live? Any prospect of moving anywhere considerably cheaper?

We never had enough deposit to be accepted for a mortgage and rented for 20 years for a significantly higher amount than we would have paid in a mortgage.

That's just the way it goes unfortunately. The NCCP act in Aus requires lenders to assess affordability and that's how they have assessed you based on the rules.

This was about 15 years ago and in the UK but my parents guaranteed my house when I bought exdh out as my income was too low alone.

I'm also in Oz, but its the same everywhere I think. You either need to move to a cheaper area, or you need to earn more I'm afraid. We were lucky enough to buy in 2020, prices here in Perth have gone up a lot since then, despite increasing interest rates. The bank won't lend what you can't afford, and that is a good thing! Good luck with it all.