Casual employment home loan: mortgage on a casual wage

You may be able to borrow up to 90% of the property value. If you have been in the same job for 6 to 12 months, and have a strong application you may be able to borrow up to 95% of the property value.

All types of casual employees may be able to get a home loan, including:

• ‘Permanent’ casuals;
• Normal casual employees;
• Casuals with fluctuating hours;
• Freelancers;
• People with multiple casual jobs;
• Casual teachers; and
• Casual nurses.

As long as your income is taxed and you can show evidence of your income you should be suitable.

You must have been in your current job for at least 3 months.

If you have a long work history in the same line for work you may be able to get a home loan if you have been in the your current job for less than three months.

The way that lender calculate income can vary widely.

If you are a casual employee, most lenders require your group certificates for the last two years. Usually the lender will use the lower income of the previous periods when assessing your ability to repay the loan. If you are unable to show the past two year’s group certificates from your current lender you will not be able to borrow from banks that assess casual employees in this way.

Some lenders use the Year To Date (YTD) gross income shown on your payslip to calculate your annual income. However, you will still need to be in your current job for at least 3 months.