Casual employment home loan
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!
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. Contact us or enquire online to speak to a specialist mortgage broker.
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. Contact us or enquire online to talk to a specialist mortgage broker who knows which lenders can approve your home loan while you are casually employed.
You do not need to be in your job for 12 months or more to get approved, 3 months is often accepted by our lenders.
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 95% 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?
All casual employees are accepted including normal casual employees with fluctuating hours, permanent casuals, casual teachers, casual nurses or people who have multiple casual jobs. You must have been in your job for at least 3 months or have a track record of employment in the same line of work or in the same 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.
Talk to a mortgage broker that specialises in casual employees
We are specialists in lending to casual employees and so can quickly work out which lender is the most suitable for your situation. Enquire online or contact us to speak to a casual employment loan specialist.
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.
