How to get a home loan as a casual worker !
Many Australians work in industries such as hospitality where it is normal to be casually employed. Of course the credit departments of banks are full of full time employees, what do they know about being casual? Not much. And it shows in their lending guidelines!
Typically if you are casually employed most lenders will assume that your income fluctuates and that lending money to you is risky at best. This isn't always the case, you shouldn't be required to be a permanent staff member just to get a bank loan. Read on to find out how the banks think and how to show them your loan application should be given the stamp of approval!
- What do lenders think?
- Which lenders can help?
- Which loan types are available?
- How much can I borrow?
- What can I use the loan for?
- Who this loan is for?
- Who this loan is not for?
- Discounts
- Loan features
- Notes
What do lenders think?
To the banks a casual employee is someone with a fluctuating income. If your income fluctuates how can the bank be sure that you'll make your next mortgage repayment? If that wasn't bad enough lenders also think that if your employer was to lay off staff that you as a casual employee would be the first to go!
Of course this isn't always the case, this is just how a credit assessor sees it. It's our job to make them see the truth, not the guidelines, and to get your loan approved. We work with lenders that understand that many Australians are now casually employed, and consequently we are often able to get your loan approved when other brokers and lenders have failed.
Which lenders can help?
Casual home loans banks are more helpful then securitised non-bank lenders. Non conforming non-bank lenders may also be able to help with your finance application. Talk to us to see which banks have the best deals for home loans while you are casually employed.
Which loan types are available?
All loan types: Professional packages, basic loans, lines of credit, fixed rates.
How much can I borrow?
You can borrow up to 100% of the property value.
What can I use the loan for?
Home / domestic use, investing, purchases, refinances and construction are all acceptable loan purposes.
Who this loan is for?
Casual employees that are either permanent casuals, have multiple casual jobs or that can show at least a one year track record of casual employment or at least two years employment in the same line of work or industry.
Who this loan is not for?
Self employed and low doc borrowers cannot apply for a casual employment home loan.
Discounts
Professional package and basic loan discounts are available.
Loan features
All loan features: Interest only, fixed rate, line of credit, 100% offset, redraw, extra repayments.
Notes
Although a lender may be able to give you approval, you should still only apply for a loan if you truly believe that your employment is stable. Casual employment is subject to more instability so please borrow with care.
Talk to us to obtain a quote from a lender that will consider you while you are casually employed.
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