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Casual employment + debt

Discussion in 'Property Finance' started by joel, 30th Jul, 2015.

  1. joel

    joel Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    783
    Location:
    Adelaide
    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.
     
    WattleIdo likes this.
  2. leon brown

    leon brown Active Member

    Joined:
    21st Jun, 2015
    Posts:
    30
    Location:
    nsw
    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
     
    tobe likes this.
  3. drg86

    drg86 Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    274
    Location:
    Newcastle
    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.
     
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,162
    Location:
    Gold Coast
    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
     
    leon brown likes this.
  5. joel

    joel Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    783
    Location:
    Adelaide
    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!
     
  6. WattleIdo

    WattleIdo renovating Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,814
    Location:
    Central West NSW
    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.
     
    joel likes this.
  7. 2FAST4U

    2FAST4U Well-Known Member

    Joined:
    3rd Jul, 2015
    Posts:
    919
    Location:
    Adelaide
    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.
     
  8. legallyblonde

    legallyblonde Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    685
    Location:
    TAS
    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.