Getting a Home Loan while Casually Employed

Australia is best known for its work-life balance, where many can live off part-time and casual employment to support their families and themselves. However for those planning to settle down and buy a place of their own, there is a stigma going on that casual employees may not be eligible for home loans, or is it?

In this article, we are going to explore if casual employees can get a home loan and if so what are the requirements for doing so. For a clearer definition of whether you are casually employed, Fairwork has a clear definition here on their website.

Minimum Employment Period For Casual Workers

The minimum employment period for most lenders to lend a home loan to casual workers would be at least 12 months. One of the key factors that can make the lodgement go through would be the consistency of the income over the course of 12 month.

There are lenders that may accept a minimum of 6 months of employment by a new employer, provided the casual worker has a continuous transition from one job to their new employment in the same industry.

What is the maximum that can be borrowed?

The amount that can be borrowed by a casual worker would normally be a factor of 6 times their annual income, however, that varies according to circumstances such as a number of dependents, financial commitments and other existing loans or debts.

So there isn’t a simple solution to this, as there are many factors at play that determines the eligibility of how much and whether a casual worker is eligible for the full home loan amount. That being said, it is not impossible and there are always ways around it.

Our Consultation Is Free

Do speak to us if you would like to know if you are eligible, our consultation is free and we are more than happy to help you to find a solution. Drop us a call on Whatsapp

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *