I am currently working on what is deemed a “casual” basis, however my shifts and income are regular – giving me around 40 hours p.w. I was recently told by my local Wizard Home Loans “Specialist” that my savings record would easily place me in the top 1% of people my age, however, because my work is “casual”, there is nothing he can do for me. (I am 19, living at home, and have been saving close to $500pw for the last 4 months.) Has anyone out there got any advice for someone in my predicament, or even better, the name of a good mortgage broker in south-west NSW???
Thats because Wizard products can be quite inflexible.
You need to speak to a good broker as you suggested.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Todays Hot Rate
***3 year fixed – 6.49%***Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Spanky,
Sounds like serviceability issues due to the casual employment tag,
This is a common problem with credit providers who assess casual income at 50%
As Simon suggested contact a Mortgage Broker, make sure they have a wide range of lenders on there panel, in the mean time here are some tips to increase max borrowing capacity, find a lender who will asses casual income at a higher percentage and will allow rental assessments at 80% or higher, reduce the max limit on any credit cards.Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Spanky,
great to hear, the motivation and drive you have, though ive learnt there are a few ways to get a loan, and that can be either showing employment details, or buying assets, as a transaction, were they look at the money coming in + appreciation, as a transaction, instead of a property that is geared, by you being the leverage.
Cheers,
sisSpanky..
I’ve always been in casual employment and never had a problem..
Contact one of the Mortgage Brokers that regularly post on this site asthey are very helpful in all regards.
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorIm in the same boat Spanky, being 21, working casually and starting a new business. Mortgage Hunter, could you point out the main people in the forum we need to speak to about financing issues.
Do you want to be paid when people pay their telephone bills.
http://www.homebizleaders.com/4537
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