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by mhaah
Sun Apr 25, 2010 4:24 pm
Forum: Home Loan Forum
Topic: Any hope for casual teachers?
Replies: 1
Views: 6979

Any hope for casual teachers?

Hi,

I'm hoping that you can give us any advice on our situation:

Applicant 1 (Myself):
Full-time teacher 4 years at my current school
Salary: $1838 per fortnight

Applicant 2 (my husband):
Casual TAFE teacher has been at his current school since June 2009. He's been in the same line of work since 2008. Annual salary is $22000 last financial year and projected salary for this year is about $25000-$30000.

We have 3 dependents and receive family tax benefits of about $198 per month.
We're first home buyers and have a deposit of between $140,000 - $160,000 due to proceeds from sale of our home in Singapore.

We went to a mortgage broker who at first said that we had a very good chance of getting our loan approved, but we ended up waiting for 4 weeks only to be rejected because the bank refused to recognise my husband's current year's income due to the unstable nature of his employment. The bank didn't seem to care that we had a substantial deposit ready.

Oh, btw, our car's fully paid off with a market value of i'm guessing $25,000. We have paid off and closed all our credit cards and loans, except for 2 with a combined limit of $9750 and about $6000 owing.

We're hoping to buy a $400,000-$420,000 home but are willing to lower our expectations as long as someone's willing to give us a home loan!

So, what do you think? Do we stand any chance? Our current broker said he's going to try CBA for us as apparently they are more lenient with employment but we don't want to wait another 4 weeks only to be rejected again. If you have other faster and more guaranteed options that would be great!

Thanks for reading.