How much income will the bank accept?
Most banks and lenders will accept 100% of your income from your part time job when assessing your borrowing capacity and ability to repay the home loan. However, it is tough to get approved and depends on a case by case basis.
A mortgage broker can help you with the following:
- Finding a lender who can accept 100% of your part-time income
- Helping you to maximize your borrowing capacity by finding the lender that fits your situation
- Making sure your personal objectives are met while looking for the property
To find a lender suitable for your situation please enquire online and one of our mortgage brokers will contact you to discuss a part time income home loan.
COVID-19 / Coronavirus update
Most lenders can still assist part-time employees or employees with reduced hours during this crisis. Please call us on 1300 889 743 or enquire online for more information.
You might need a letter from your employer confirming that you’re working part time with base hours and wages if applicable, the business is viable and that your job is secured.
What do I need to provide?
Most lenders require you to provide your two most recent payslips and 2 years group certificates if you’ve been working for at least 3 months.
However, every lender has different requirements.
To discuss your situation with an expert mortgage broker, please enquire online or call us on 1300 889 743.
Why is it so hard for part-time workers to get a home loan?
Most of the lenders favour applicants who have a full-time job because it shows them that the borrower has stability and financial security.
Lenders feel comfortable when they are certain that the borrower will be able to make full and regular payments.
Also, if you are a part-time worker, it can be challenging to provide necessary documentation to prove that you can repay the loan.
What if I increase my hours?
As a part time worker, you may be able to ask your employer for additional hours or convert to full time employment to help you cope with the additional commitments of buying a home.
Unfortunately, even then many lenders will require at least a 6-month track record of this new income before approving your application!
One of our lenders can accept your new income as long as you can provide one payslip showing your higher salary and an employment letter confirming your new hours.
If you have recently experienced a pay rise, please call us on 1300 889 743 or enquire online to increase your chances of getting approval for a mortgage.
Can I get approved with a major bank?
Yes, we can often help you to get approval with a major bank or, if you prefer, with a building society or credit union depending on their guidelines.
The majority of lenders cannot include all of the income from part time employees so the choice of lenders may be limited to one or two depending on how much you would like to borrow.
Apply for a home loan today!
Our mortgage brokers have extensive knowledge of the guidelines used by Australian lenders when it comes to home loans for part time workers.
Please enquire online or call us on 1300 889 743 to discuss your situation with a mortgage broker and get your mortgage approved!