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Finance with temporary employment

Discussion in 'Property Finance' started by Flip, 22nd Jun, 2015.

  1. Flip

    Flip New Member

    Joined:
    22nd Jun, 2015
    Posts:
    2
    Location:
    Sydney
    Hi there,

    I am looking for guidance on obtaining a loan. I am currently employed as a temp through an agency at a bank. I have been working in the same job / employer for 4 months on a salary of $72k, however as I am new to Australia on a temp partner visa, I have not been able to get a full time permanent position.

    I have $280k in cash and have found a house I want this weekend at auction, can you please provide me some information on what sort of loan i can obtain and which lenders will consider my situation?

    Thanks in advance.
     
  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    18th Jun, 2015
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    2,765
    Location:
    Perth WA
    CBA might look at it but not many will consider with less than 6 -12 months in the job. What kind of purchase price are you hoping for?
     
  3. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    641
    Location:
    Sydney
    Not enough information - you may need to do the purchase with a 25% contribution or it may be much less. However based on the limited info provided it looks to be 80% purchase.
     
  4. Flip

    Flip New Member

    Joined:
    22nd Jun, 2015
    Posts:
    2
    Location:
    Sydney
    Hi Jess and Shahin -

    I am purchasing with my husband who is self employed and has tax returns for last 2 years, we are looking at a dream house this weekend - purchase price is 2m. My partner is self employed with loans already and some property that will need a reshuffle -we also have a house he owns worth around 1m that we will sell. however i'm just trying to see if i can hold up my side of the deal with my husband so not all the strain is on him. Will it matter if i'm not a Perm Resident?

    Sorry if not enough info.

    Thanks again guys
     
  5. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    Location:
    Sydney
    That's good then - the application is going to be much stronger.

    You can use the income at 80% LVR but if you are planning to go 80% plus LVR then you need to choose the right lender. Some lenders will have minimum employment length restrictions which can be waived but some lenders handle this better than other lenders.
     
  6. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    Location:
    Melbourne, Nationwide
    Being a temporary resident isn't a show stopper, but it does put some restrictions in place. I'm guessing you have a temporary spouse visa which isn't ideal, but isn't a significant problem either. Most lenders would accept this.

    The bigger challenge is probably casual employment for less than 12 months scares off quite a few lenders, but all things considered, perhaps your income isn't actually required for the loan you need?

    You need to discuss all this with a broker before you make any commitment to purchase a property. Selecting the right lender is critical. Your husbands tax returns will also need to be carefully examined to verify his income.