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Employment contract

Discussion in 'Property Finance' started by klabat, 17th Sep, 2016.

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  1. klabat

    klabat Well-Known Member

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    4th Jul, 2015
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    Australia
    Hi

    Can Employment contract be used for a loan with the previous job being a casual minimal hours in the same field?
     
  2. tobe

    tobe Well-Known Member

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    Melbourne
    Maybe. Depends on the rest of your details. You would also most likely need the first payslip from your new work contract as well.
     
  3. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    Location:
    Adelaide, SA
    Employment contract is acceptable for many lenders income verification requirements, depending on LVR/the rest of the deal it may determine whether any other verification is required through salary credits/payslips.
     
  4. Redom

    Redom Mortgage Broker Business Member

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    Sydney (West) and Canberra
    Employment contract with no payslips/banking credits? Not many will do it on contract alone.

    NAB are your best bet, if the job is in the same field, 80% LVR. Usually need a bit of stable employment history and will usually need to run via credit/BDM first.

    My experience with this is usually people moving cities (usually MEDICO's which makes it easier) and public sector graduates, both relatively stable employment scenarios.
     
  5. Marty McDonald

    Marty McDonald Mortgage broker

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    Sydney North Shore and Norther beaches
    Ive done this with a signed and dated contract, no payslips, no salary credits but I had to get a letter also confirming they had actually commenced at the new employment. A contract may be signed and dated but how does the bank know if you actually started there? Unlikely that you wouldn't but..

    I think it was CBA but cant remember 100%. Was a while ago.
     
  6. channon

    channon Member

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    18th Jun, 2015
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    Location:
    Sydney
    I personally got a loan with employment contract for one of my purchases, and that was when I was in between jobs (technically I was unemployed). Bank was CBA, applied to the branch direct, they accepted my contract as proof of income, credit looked at my file and got unconditionally approved in like 4 days but that was 1 year ago.