Any hope for casual teachers?

Any general questions you might have in regards to loans and finance.
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Joined: Sun Apr 25, 2010 4:09 pm

Any hope for casual teachers?

Post by mhaah »


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.

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Otto Dargan
Mortgage Specialist
Posts: 7729
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia

Re: Any hope for casual teachers?

Post by Otto Dargan »

Casual teachers are in an unusual position in that unlike many other types of casual workers there is no shortage of available work. Despite this many lenders apply their standard casual guidelines which means that they use only 50% of your income or do not accept any income unless you have a 12 month history.

We have a lender that can lend up to 90% of the property value as long as your husband has at least a 3 month casual history. The rates are fantastic. Please give us a call and we can help you to get approval.
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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