employed as "casual" but do full time hours

Discussion in 'Loans & Mortgage Brokers' started by Elives, 14th Aug, 2015.

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  1. Elives

    Elives Well-Known Member

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    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?
     
    Elives, 14th Aug, 2015
    #1
  2. Redom

    Redom Mortgage Broker Business Plus Member

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    Some will (CBA, Citi i believe) accept it, some will require longer (6-12 months, depending on lender and LVR).

    Cheers,
    Redom
     
    Redom, 14th Aug, 2015
    #2
  3. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    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.
     
    Shahin_Afarin, 14th Aug, 2015
    #3
  4. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Yep CBA is definitely the best in this space, some of the others can be a bit flexible under 6 mths depending on lvr.
     
    Jess Peletier, 14th Aug, 2015
    #4
  5. Elives

    Elives Well-Known Member

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    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?
     
    Elives, 14th Aug, 2015
    #5
  6. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Yes provided that the application services - is the LVR under 80% or over 80%?
     
    Shahin_Afarin, 14th Aug, 2015
    #6
  7. Elives

    Elives Well-Known Member

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    the equity release would be up to 80%
     
    Elives, 14th Aug, 2015
    #7
  8. Redwing

    Redwing Well-Known Member

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    As a casual you would be on a higher hourly rate also?
     
    Redwing, 14th Aug, 2015
    #8
  9. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    That should be fine, assuming everything else fits.
     
    Jess Peletier, 14th Aug, 2015
    #9
  10. The Y-man

    The Y-man Moderator Staff Member

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    Not usually. A contractor yes, but usually not long term casuals. You do get super though, and covered by workcover etc.

    The Y-man
     
    The Y-man, 14th Aug, 2015
    #10
  11. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Casual employee = Cba loan :)

    Cheers

    Jamie
     
    Jamie Moore, 15th Aug, 2015
    #11