Here at Move Homes, we work with clients with different incomes, jobs, and employment status. One question we are often asked is if you can buy a home as a casual worker. The short answer is yes, but there are a few things you should know.
So we’ve listed questions to consider when getting a home loan with a casual job.
But first things first…
We’re not a mortgage broker or a bank. We’ve written this blog post to help you understand more about getting a home loan as a casual worker. So if you’ve got questions about your particular finances, fill out the form below and we can chat.
Can I buy a home as a casual worker?
Yes! There are many banks that offer a variety of home loans, with some assisting people on a casual income. Our team can help you find a home loan that can assist.
How does casual employment affect a home loan application?
Like every home loan, there are eligibility requirements you must meet and these differ for each bank.
As a casual worker, you are likely to be viewed as a higher risk than someone in full-time employment. This is because your income can vary from week to week.
Lenders will look at how long you’ve been in the role. Some lenders may accept 3 months, but it can often be 6 or 12 months before you can qualify.
What can I do to improve my chances of getting a loan on a casual contract?
This is a hard question to answer because every lender and loan has different eligibility requirements.
Generally speaking, the more money you have saved for a deposit, the better you chances of qualifying are. If you can pick up extra shifts or have a family member who can be a guarantor, this can improve your borrowing capacity.
It’s also worth looking at your expenses. You might be surprised at how much you’re spending on dining out or television subscriptions, and cutting back on these can save you money. It’s also wise to cut back on gambling or betting activities as some banks look down on those expenses.
Can casual workers receive home ownership grants?
Yes! There are many grants available for home buyers, such as the First Home Owners Grant, Family Home Guarantee Scheme and Home of My Own Foundation. There is also Keystart that provides low deposit loans. As long you meet the criteria for these loans, being a casual worker won’t affect your ability.
First Home Owner
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Finding a home loan that suits your requirements is the key to building a house. Here at Move Homes, we work with mortgage brokers who specialise in matching clients to the right loan. So if you’re unsure if you qualify, reach out to the experts and we can assist.
