Your employment doesn't matter! Get your loan approved!

Have you just started a new exciting career after all those years of hard work at uni? Now you are finally earning a decent income and want to start putting your savings into a home. Chances are you're getting nowhere because none of the lenders that you've approached are willing to lend you the money!

There are lenders out there willing to help you. Talk to a specialist emloyment mortgage broker and get a home loan with you new job!

Contract workers are those employed as a normal PAYG employee on a fixed term. A lot of companies these days employ contract workers for various reasons such as to increase efficiency, to attract labour or the company itself is going through a changing phrase.

You might have been attracted by the better pay. And now with higher income, you find it more difficult to get a home loan! The good news is that there are lenders who will look into your experience and time in the industry as proof of the stability of your future employment.

To the banks a casual job straight away brands you as an unstable person with an uncertain income. The credit departments are run by full time staff, and they don't really understand what it is to be casually employed. The truth is that casual employment is very common in certain industries, such as hospitality. Being casually employed does not equate to having a fluctuating income or that you are the next person in line to get layed off.

Have you already given up getting a home loan? Don't! There are common sense lenders in Australia who are more helpful than others. Casually employed? Get your loan approved!

Are you working in an industry with regular overtime or bonuses? Chancesare you've approached your bank hoping to get a home loan and you were declined because your income was deemed unreliable.

Overtime and shift income can change from week to week however can be quite reliable in the long term. For those of you working in the healthcare or law enforcement industries, where overtime is very common and contributes to a large portion of your income, lenders are often more than willing to take your full overtime income into account.

If your bank wouldn't approve your loan, go somewhere else. If you have a decent income and your overtime/bonuses are regular, there is usually a lender who is happy to help. Talk to a good mortgage broker who will help you find the ideal solution.

From a lender's point of view, an agency worker, or someone who shifts from temp job to temp job has a very unstable income. The banks and other lenders consider temporary employees very risky and will not easily approve the money even if you earn a good salary.

Luckily there will be a lender who is willing to lend you the money for a home loan if you met all the other criteria.
You can get a loan while employed through an agency. You just need to speak to a good mortgage broker.

The answer is a PAYG low doc loan. And yes low doc loans are not just for the self employed, they are also an option for PAYG employees who cannot provide proof of heir income. If your income is mostly overtime, bonuses and commissions then this is perfect for you.

Best of all you will not be charged a higher interest rate for a low doc option. The only difference is that the lenders will usually charge you lenders mortgage insurance (LMI) if you borrow more than 60% of the property value.

The Home loan experts is a mortgage broker specialising in selected niche areas of home loans. Difficult employment situations is just one of them.

Talk a look at the information on Home loans for all employment types and get advice from the experts!