Temp / Agency Worker Home Loan
How can Agency & Temp workers get a home loan?
Are you employed by an Agency? Often agency workers choose to work through an agency to earn a higher income or to get a fresh job every few months.
Your career is your choice and you shouldn’t have to change it just to get a bank loan!
So how do you get your mortgage approved?
We know which lenders can help. Read on to find out more.
- How long do I have to be working?
- Which lenders can help?
- How can I get approval?
- What do the lenders think?
- How much can I borrow?
- Apply for a loan
How long do I have to be working?
The vast majority of lenders will require a 12 month history in your current job before they can consider you for a loan.
This can be problematic if you have just started a job. However, we can help!
We know of lenders who will accept a shorter employment duration. Call us on 1300 889 743 or enquire online. Discuss your situation with an expert team that can help you get approved!
Have you worked in your job for less than 12 months?
We acknowledge some people may have just started their new job, but may nevertheless be in a strong financial position and may be able to support a loan.
One of our lenders only requires a 3 month history, as long as you have a track record of study or employment in the same field.
- If you have a stable income that is regular e.g. a set weekly salary, then we may be able to help you get a loan if you have been in your job for just one day!
- If you have a fluctuating income then a three month track record is required so that the lender can complete a annualised Year To Date assessment of your income.
Please call us on 1300 889 743 to discuss your situation or enquire online today!
Which lenders can help?
Non-bank lenders tend to be more conservative with lending to temp and agency employees.
The exception to this would be non-bank specialist lenders which also lend to people with bad credit. These lenders are more expensive than the rest.
Luckily a couple of our banks are happy to consider these applications as long as their other home loan criteria are met.
To find out which banks will approve your mortgage, please contact us on 1300 889 743 or enquire online today.
What do the lenders think?
To a lender an agency worker or someone in temporary employment represents a higher risk than a full time permanent staffer.
Their guidelines are designed to stop you getting a loan!
If they see payslips with a recruitment agencies letterhead that is usually enough to get your home loan declined!
However are the banks right in thinking that all agency and temp workers are the same? No!
If you are in a high demand industry you can leave your job and have a new one by that afternoon!
Some lenders know this and can take this into consideration when approving your loan.
Please enquire online or call us on 1300 889 743 to speak with a mortgage broker that specialises in arranging loans for temporary employees and agency workers.
How can I get approval?
In most cases we can look at the track record of income you have received in the last year and use this to assess your loan.
In other cases if you can prove that your employment is ongoing then there is no reason why you can’t get a home loan while working for an agency.
What is an agency worker?
AN agency worker is someone who is hired on a temporary basis. They generally go through an intermediary such as a recruitment agency.
The employer will pay the recruitment agency, who will then pay the agent/temporary worker, a salary or wage.
There is generally a large number of temporary or temp staffing jobs across many fields including:
If you are an agency worker and are looking to finance a home, investment or construction project, please enquire online or contact us on 1300 889 743.
Our expert team can help you apply with the right lender who will approve you first time round!
What is a temporary worker?
As the name implies, a temporary worker is not committed to full-time employment and only works in a job temporarily.
There are many employment types where workers are only need for a short period of time. Some include:
- Contract workers
- Casual staff
- Seasonal basis
These types of workers can be found across many industries, however seasonal workers are more common in the agricultural industry.
However, temporary workers are also common in many professional fields such as:
- Project Management
Duration of agency/temporary employment
The length of employment varies according to industry. Whilst some many only be employed on a cyclical basis, others may work on large contracts and projects and some may be employed part-time or full-time.
What benefits can I receive?
Most temporary employees do not receive any employment benefits, unless they are working on a more permanent basis. Although, some employers offer health care and other benefits that are inclusive in the salary package.
Advantages & Disadvantages of agency work
There are many advantages to agency work, including employment flexibility and the option of trying out various different employers, rather than committing to full-time work.
Further, employment is abundant and labour is in short supply.
However, there are also disadvantages!
If you are switching from temp job to temp job constantly then your bank will have trouble with your home loan application.
Our mortgage brokers can help! Call us on 1300 889 743 or enquire online to get expert advice from our specialist team!
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 90% of the property value. If you are in a strong financial position and have been in your current role for 6 to 12 months then we may be able to help you to obtain a 95% home loan.
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?
- Agency employees/ temporary workers with a history of employment in other temp jobs or
- Temp / agency workers that have just started in a permanent position are all eligible for home loans.
If this sounds like your employment situation, please enquire online or call us on 1300 889 743 to speak to a team of expert mortgage brokers who can help you get approved!
Who this loan is not for?
Temporary workers with no ongoing history of work. Sorry but if we can’t show that you can always earn a good income there is little chance that your home loan will be approved.
Professional package and basic loan discounts are available.
All loan features: Interest only, fixed rate, line of credit, 100% offset, redraw, extra repayments.
Apply for a loan
Agency employees usually have a high chance of getting their loan approved if the loan is submitted to the right bank.
Temp workers may have to provide additional documents however providing that their situation is truly stable they usually have an excellent chance of approval.
Please enquire online or call us on 1300 889 743 to speak to a mortgage broker who specialises in dealing with lenders that will consider applications from agency or temp workers.