The family, from Croydon in south London, have been living in a three-bed council flat, but when they requested a bigger home for their family, they were told the wait would be six years.
Taking matters into their own hands, Arthur and Lisa bought the bus in a bid to get more space.
Lisa, 37, said: 'We'd love a bigger home, but we can't afford it - there is just no way with the current state of the housing market and economy.
'The only way for us to get a bigger house is from the council. But when they told us six years, we just thought it was ridiculous. So we have taken matters into our own hands and bought the only type of house we could ever afford. Funny thing is, it's not a house - it's a bus we bought off Ebay!'
Lisa got the idea of living on a bus from former school friends who moved onto buses in the 1980s after joining the eco-movement.
So far they couple have converted the upper deck of the bus into three bedrooms complete with bunk-beds for the boys.
Downstairs a kitchen has been put into the front of the bus while at the rear a homemade sofa bed sleeps two while renovations are ongoing.
They have been gathering amenities such as a toilet and shower from junk yards and they plan to make most of the furniture themselves.
They hope to fill the bus with every mod-con including radiators, television, hot showers and a microwave.
It is currently parked in a garage in Brighton while the family make the renovations, on a tight budget, as Arthur explains:
'We're trying to do everything as cheaply as possible. The most expensive thing has been a new £2,000 boiler.
'Now I'm on incapacity benefit we don't have a lot of money for this project, but with the help of friends and a little bit of creativity we're going to make it work. People might think it's crazy but I think it makes sense - we won't know if it works until we try it.
'The two girls have got reservations but their younger brothers can't wait.'
Even though Lisa and Arthur know their bus will have a smaller square footage than their current home, they are excited about living in the great outdoors.
'We don't want to live in a cramped council flat any more,' said Lisa. 'We don't have a garden and we would rather live in a bus and escape to the country. It will be an incredible new way of life for us.'
The family are hoping to move into the bus in six months.
Great idea or completely bonkers?
Could you live on a bus?
Last year we brought you the story of the school which has a classroom bus