Is there anything besides a lo or no-doc that can be used for workers that have steady employment through agency work?
Any ideas or suggestions would be greatly appreciated.Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
Depending on how regular the work is and the sort of LVR you are requiring you should be able to obtain a standard full doc loan with the right lender.
If you can tell us a little more on what you are trying to achieve then I can give you some more accurate information.
It would be ideal to get at least an 80% lvr and i have equity in other investments to draw on for the shortfall against the new loan. I would like to service half of the yearly loan interest costs (after rent income) out of existing equity and half from mine and partner's income. Partner is the higher earner and is in a permanent job. I am the one who is temping. I would prefer to go with a standard loan and provide both tax return financials however i have been told by a few other brokers that i need to get a permanent job for a loan even though i could provide a consistent work history through temping. We need to have both incomes for loan servicing.
Over 3 years back i was in perm job and partner was contracting between 6-12mth contracts and since he was in the same industry for the work we were able to get a normal loan with no probs. Why is it that temping cant be treated the same?Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
With additional equity and with a total loan less than 80% LVR i must admit i think the advice you have been receiving from brokers is inaccurate.
As i say without all of the figures it is difficult to provide you with a full borrowing capacity so feel free to drop me an email if you want to and I can come back to you.gibbo1Participant@gibbo1Join Date: 2008Post Count: 152
From my understanding a number of factors will be considered by lenders (depending on how well it is sold to them) with regards to temping. You state that 3 years ago you had a permantent job, if the temping is in the same industry this is in your favour. Also how consistent is the temping. If you are a temp teacher or nurse and have consistently worked 5 days a week and this is likely to continue it would be looked at favourably. If you are temping in a industry that only has a few shortages and demand for temps is inconsistent then lenders will find it hard to predict future income based on your previous years income.
Non conventional lenders are more then happy to look a wider range of situations, but depending on you situation some avenues may be available through the majors