Temp / agency worker home loan

How can Agency & Temp workers get a home loan?

Agency workersAre 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.

Recruitment agencies tend to offer a large number of temporary or temp staffing jobs. These are lucrative to say the least, and in fields such as IT, hospitality, mining or healthcare are quite secure because employment is abundant and labour is in short supply. If you are switching from temp job to temp job constantly then your bank will have trouble with your home loan application. So how do you get your mortgage approved?

We know which lenders can help, read on to find out more.

What do 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. 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.

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.

Please enquire online to speak with a mortgage broker that specialises in arranging loans for temporary employees and agency workers.

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.

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.

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

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 to speak to a mortgage broker who specialises in dealing with lenders that will consider applications from agency or temp workers.