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.

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 sure that the borrower can make full and regular payments.

Also, if you are a part-time worker, it can be challenging to provide the 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!

Why use us?

We aim to set an example by delivering what we promise: a higher level of service, better advice and better home loans.

pin_drop

Australia-wide services

We finance properties anywhere in Australia for people anywhere in the world.

monetization_on

Get incredible interest rates

Our relationships with our panel of lenders allow us to negotiate your interest rate.

thumb_up

We get tough loans approved

We can help you navigate the often complex pre-approval and application process.

favorite

Our customers love us

We receive hundreds of love letters from our customers.

Discover more reasons to use Home Loan Experts

How we find you the right solution

We get a complete understanding of where you’re at and what your ultimate goals are.
You’ll get a recommendation in just a few simple steps.

free assessment
1

Complete our free assessment form or call us.

situation
2

We assess your situation.

options
3

We look at all the options from our panel of lenders.

suitable home loan deals
4

We will find you the most suitable home loan deals.

Testimonials for Home loan experts

Facts
about us

50+

lenders on
our panel

$4B+

lent Australia-wide
and counting

Westpac
ANZ
Nab
AMP
Qudos
Firstmac
Common Wealth
St George
ING
Homeloans
Macquire
Suncorp
Pepper Money
Me Bank
Bankwest
75%

of our borrowers get
approved with a major bank

95%

of our borrowers get a discount
below the bank standard variable rate

Otto Dargon

Founder, Home Loan Experts

Learn How To Buy A House The Right Way

Take our brand new Free Home Buyers Course.

Powered by Home Loan Experts