Can casual workers get a home loan?
In the past working casually meant you would find it difficult getting a home loan. This is NOT the case anymore. More and more people are working casually so what does that mean?
The definition of a Casual worker is A casual employee: has no guaranteed hours of work. Causal workers usually work irregular hours (but can work regular hours) and they don’t get paid sick or annual leave. Employment can be ended without notice, unless notice is required by a registered agreement, award or employment contract.
It’s the no guarantee of hours or regular income that the banks have an issue with. How are you supposed to pay a 30-year mortgage if there is no guaranteed hours? With the change in employment status in many industries such as teachers, nurses, and mine workers, the banks have had to rethink this policy. Most are accepting casual workers income after 12 months, but a few are at 6 or even 3 months. The trick is to show them consistency of income. So, if you were casually employed in same industry in the last job for 3 years and this new job has only been 2 months, they might consider it. Casual employment is case by case and depends on how much deposit you have and what you were doing in previous employment… some industries (like casual nurses) they will consider straight away. It’s a question worth asking!
If you’ve got any questions, please do not hesitate to give Fiona a call on 0412411823!
Disclaimer: Your full financial needs and requirements need to be assessed prior to any offer or acceptance of a loan product.