How will the bank assess my employment status?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: How will the bank assess my employment status?

Post by Otto Dargan »

Hi Onixpected,

The status of your employment is a big part of a lender's assessment of your home loan application. When you submit a loan application, the bank will give your loan a credit score based on the overall risk that you pose.

Your employment and income stability forms a major part of this score. They take into account:
  • The length of time in your current job,
  • The length of time in your industry (study included),
  • The tendency of people in your industry to default on loans, e.g. doctors are considered low risk while builders are high risk,
  • Your employment status i.e. full time, part time, casual, contract, etc., and
  • The stability of your income i.e. casual, overtime, bonuses, commission, etc.
In addition to the above list, there are some other more complex factors that are specific to each lender.

Please have a look at our website to learn more. We can also be reached on 1300 889 743 or you can fill in our free assessment form to see if you qualify for a loan or not.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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