Oak Laurel | Home loans for casual employees
Get a home loan despite being a casual employee. We can help!
Casual employment home loan: mortgage on a casual wage
Home loans for casual workers
It can be difficult to get a home loan if you are a casual employee. Many banks will reject your loan application if you are a casual worker. These banks are concerned that your income may decrease or cease without warning.
However, if you are a casual employee you may still be able to get a home loan. There are some lenders that will provide home loans to people who work on a casual basis.
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An Oak Laurel mortgage broker will go through your situation with you to ascertain the best way forward.
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Some lenders believe a casual employee’s income is highly variable and there is a risk that it could decrease without warning. Other lenders understand that employees with a stable job history may be able to meet the loan repayments and are willing to lend to people on a casual wage.
- ‘Permanent’ casuals;
- Normal casual employees;
- Casuals with fluctuating hours;
- 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.
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.
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.