Home Loan for Part-time Workers

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: Home Loan for Part-time Workers

Post by Otto Dargan »

Hi and welcome to the forums callofjuarez

Most Australian banks have harsh policies against part-time workers. Most bank employees work full-time so they don't really understand different lifestyle choices and the income stability of part-time work. Having said that, there are lenders that are willing to help you.

For part-timers, banks will only accept 50% of your income when assessing your mortgage repayment capability. Furthermore, they will require you to have worked with your present employer for a year, at least. Luckily, we also work with lenders that will accept 100% of your income from your part-time job.

Presenting the lenders with your last two payslips, your last two years group certificates and bank statements showing regular credit deposits from the employer will help prove that your income is consistent and ongoing compared to working as a casual or on a contract basis. ..

Call us on 1300 889 743 to find out more about home loans for part-timer workers from one of our mortgage brokers, or please enquire online.

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

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Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: Home Loan for Part-time Workers

Post by Otto Dargan »

Hi callofjuarez,

Yes. Simply put, tips are bonuses.

Bonuses (tips, in your case) rely on employees meeting certain targets. It’s understandable that tips are more of a norm in your industry.

However, due to the fluctuating pay rates, it is difficult for banks to assess irregular incomes. Because of this, lenders will require supporting documents for evidence.


Most lenders will ask for the following:
  • Two current consecutive payslips.
  • Letter of entitlement from your employer/letter confirming your bonuses is likely to continue.
  • Your most recent tax return or group certificate, in some cases, your two years tax returns may be required.
If you would like to know more about bonus income home loans then you can check out our website. 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 mortgage.

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

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Home Loan for Part-time Workers

Post by Otto Dargan »

Hi geckolover,

Most lenders may be a little hesitant but it’s not the same everywhere. However, we’d only encourage you to apply for a home loan if you believe that your employment is stable.

Our probation calculator can help determine if you qualify for the loan.

You can also talk to one our brokers on 1300 889 743 for detailed information.


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

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