Re: Can a casual employee get a home loan?
Posted: Wed Jul 24, 2019 7:38 pm
Hello Hannah.
Thank you for reaching out to us and welcome to the forums.
Yes, you could get approval for casual employment home loan. Lenders will look into how long you've been in your job, whether you worked in the same industry previously, how regular your hours are, your loan to value ratio (LVR), and if you have at least 5% in genuine savings.
LVR is the amount you are borrowing represented as a percentage of the value of the property being used as security for the loan. For example, let's say you're borrowing $90,000 to buy a $100,000 property, your LVR will be 90%. And if you're borrowing $80,000, then your LVR is 80%.
Most lenders require that casual employees have been in their job for at least 12 months.
However, it’s understandable that not all casual employees have worked in the same job for 12 months. Therefore, some lenders do accept the following situations:
Cheers,
Thank you for reaching out to us and welcome to the forums.
Yes, you could get approval for casual employment home loan. Lenders will look into how long you've been in your job, whether you worked in the same industry previously, how regular your hours are, your loan to value ratio (LVR), and if you have at least 5% in genuine savings.
LVR is the amount you are borrowing represented as a percentage of the value of the property being used as security for the loan. For example, let's say you're borrowing $90,000 to buy a $100,000 property, your LVR will be 90%. And if you're borrowing $80,000, then your LVR is 80%.
Most lenders require that casual employees have been in their job for at least 12 months.
However, it’s understandable that not all casual employees have worked in the same job for 12 months. Therefore, some lenders do accept the following situations:
- If you are a permanent casual and have been working the same hours each week for at least one month in your job.
- If you work irregular hours then must have been in the same job for at least 3 months.
Cheers,