Join Australia's most dynamic and respected property investment community

employed as "casual" but do full time hours

Discussion in 'Property Finance' started by Elives, 14th Aug, 2015.

  1. Elives

    Elives Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    536
    Location:
    Queensland
    If your employed as casual but do full time hours. so you don't get paid holidays etc.

    Will the bank be happy after 3 months of employment for you to get a loan?

    or is there more to it because your employed as a casual?
     
  2. Redom

    Redom Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    857
    Location:
    Sydney (West) and Canberra
    Some will (CBA, Citi i believe) accept it, some will require longer (6-12 months, depending on lender and LVR).

    Cheers,
    Redom
     
  3. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker

    Joined:
    18th Jun, 2015
    Posts:
    641
    Location:
    Sydney
    Lenders have specific policies when it comes to casual employment. So some lenders such as CBA do casual employment much better than others (Westpac and St George as an example).

    However CBA have rather conservative borrowing capacity.
     
  4. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,769
    Location:
    Perth WA
    Yep CBA is definitely the best in this space, some of the others can be a bit flexible under 6 mths depending on lvr.
     
  5. Elives

    Elives Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    536
    Location:
    Queensland
    im with cba and would want to get a equity release at the 3 month period with my next employer, would this be possible with my above scenario?
     
  6. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker

    Joined:
    18th Jun, 2015
    Posts:
    641
    Location:
    Sydney
    Yes provided that the application services - is the LVR under 80% or over 80%?
     
  7. Elives

    Elives Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    536
    Location:
    Queensland
    the equity release would be up to 80%
     
  8. Redwing

    Redwing Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    838
    Location:
    WA
    As a casual you would be on a higher hourly rate also?
     
  9. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,769
    Location:
    Perth WA
    That should be fine, assuming everything else fits.
     
  10. The Y-man

    The Y-man Moderator Staff Member

    Joined:
    18th Jun, 2015
    Posts:
    902
    Location:
    Melbourne
    Not usually. A contractor yes, but usually not long term casuals. You do get super though, and covered by workcover etc.

    The Y-man
     
  11. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,145
    Location:
    Canberra and Sydney
    Casual employee = Cba loan :)

    Cheers

    Jamie