How much income will the bank accept?
Australian lenders are notoriously conservative when approving home loans for people working P/T.
This is particularly true if your part time job is an additional job to your normal full time work.
Most banks will only accept 50% of the income you receive from a part time job and only if you have been working there for at least a year.
There may be some lenders that will accept 100% of your income from your part time job when assessing your ability to repay a home loan.
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.
By choosing a lender that can accept your income, you’ll be able to borrow more and buy a property that suits your budget, not the one your bank tells you that you can afford by only considering 50% of your income!
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 are lenders so conservative?
The majority of bank employees are standard full time employees that have been working in their job for many years.
As a result, they often don’t understand your lifestyle choices and they are not a very good judge of the stability of your job.
The lending guidelines of most major banks are skewed towards full time employees and are often quite unfair to anyone that is “outside of the box”.
If you are working as a part timer and are concerned about your ability to qualify for a loan with the major banks, please call us on 1300 889 743 or enquire online.
Our expert mortgage brokers can help you apply with the right lender, to maximise approval!
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!