Hello all,
work has dropped me from my full time position to now a casual position. I am working less hours for nearly the same wage, which is good as it means i have more time to investigate potential investments, however I am worried that it is going to destroy any potential for borrowing capital from banks.
I know there are some mortgage brokers here, and so I was looking for some advice for my position. Is it worthwhile looking for another full time position so that I can be in a position to borrow money should I find a good investment, or am I still able to borrow while casually employed, with reasonable conditions on that loan.
Cheers,
Bennett.You must now realise that with all the different providers of finance turning mortgages into a commodity it is now a buyers market. Beside there are many capable brokers on this forum, some that could probably get finance for a dead body.
Besides I think that because you’re at the same place of work with the same pay, it’s not as dramatic a situation as you think. Post this question in the finance part and see what some of the guys there can come up with.
Hope this helps…G7
I’ve been casual for years and never had a problem?
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorYou should be ‘permanent’ casual. I assume you would be since you were previously full-time.
TMA
http://www.email4money.info
Essential Links
First Home Buyer WebsiteI was permanent casual when we started investing 34 hrs, p/w.
As our portfolio grow we dropped more hours now @30 hrs, p/w soon to drop again to 25 hrs.
We have no problem at the bank being “permanent” casual.
Good luck.Thank you all for the replies. Can someone explain what the definition of ‘permanent casual’ is? I am likely to be put on a casual contract on a six month basis. It wont specify hours I work, and as casual I can leave / be fired with one weeks notice.
Is this the same situation as what you all are referring to?
Thank you for the advice, it is comforting to know I still have the potential to invest
I think they may mean “permanent part time” which is secure employment and just like permanent full time except less hours. Casual, as you say, is not secure whether its part time or full time hours.
I can see how being permanent, whether it’s full time or part time, is fine for borrowing money, but I don’t know about casual.
Maybe one of the mortgage brokers can clarify.
Are you on an AWA?
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorPermanent part time is what I was referring to. Casual is very difficult unless there is two years consistent history. Even then, they may only use 50% of the income.
TMA
http://www.email4money.info
Essential Links
First Home Buyer Website
You must be logged in to reply to this topic. If you don't have an account, you can register here.
