As I'm getting closer to my savings goal for my first deposit, I'm starting to think about risk. I'm employed casually with full time hours, and am aiming for a loan where P&I would be similar to my current rent. Sure I could lose my job, but so could anyone. Is anyone here casually employed and in debt? Is it risky? It could be years before I'm in a permanent role.
casually employed and have 3I/P if i would have thought about all the negatives and if i didn't take action I would not be where i am today . I could have lost my job anyday with no notice , but i hedged my risk by educating myself and turns out iam loosing my job in 2 weeks from today lol TAKE ACTION
Yes casually employed but near full-time hours. Was hard for first purchase (had a guarantor) but gets better and easier with equity and additional purchases.
casualisation of the work force is an increasing trend that lenders recognise as well, some are easier than others CBA is the best in this higher risk area ta rolf
Nice. That's what I wanna hear! Everyone I know in real life is a negative nancy about my situation, especially my folks - so no guarantor for me! But I don't want to waste time waiting for a permanent role that may never come!
Times have changed. If I could have my time over, I wouldn't wait around for a secure job to come along. Having debt motivates you more, too. Just keep it small and manageable and don't try to keep up with the ones who are trying to keep up with the Jones family. That will put you ahead and then you can think about the next one. Don't rush it though. You want money, not stress.
I wouldn't worry about it too much. From memory you're an engineering graduate so you have great prospects in regards to employment and future earnings.
Hey, I was casually employed (still am) when I purchased (July/Aug 2014).. But I had just signed a new contract that has me sitting pretty until Feb 2016.... IMO as long as you have a buffer and the property is cashflow neutral or positive (I would be getting an I/O loan, just to help build a buffer in the meantime). I made the rookie error (pre-SS) of getting a P&I loan... If I had not done this I would be cashflow neutral. So it is only the P that I am out of pocket each week which is really not much anyways. Summary: If it looks after itself repayments wise, you don't really have too much to worry about.
