All Topics / Finance / Finance for casual employee

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of rrocketrrocket
    Participant
    @rrocket
    Join Date: 2007
    Post Count: 4

    Hi investors
    I applied for a loan on a small house in Emerald QLD on 1188 m2 which could easily return $300 – $350 per week rent.

    My income has been $1400/ week after tax, the purchase price was negotiated to $215k.

    I was not approved for a loan from ANZ because I'm a casual employee.

    Will I find the same problem with all lenders?

    Would it be beneficial for someone to wrap finance this deal?

    regards
    Rob

    rrocket | Creator Property Development Design

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    how long have you been casual and how much deposit do you have?

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of FinSpecFinSpec
    Member
    @finspec
    Join Date: 2009
    Post Count: 137

    Some lenders will look at your earnings history (more than the last few payslips) and potentially lend to you on your merits, however you have to be able to show that you have been, and will likely continue to, earn a similar amount of money. 

    Casual employees are less secure than full timers, therefore the banks will tend to take a more cautious approach to lending here.  It's still possible however.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Rob

    Unfortunately Anz are not known for their sympathetic ear when it comes to Casual employees.

    Depending on the time with your current employer will determine what lvr can be looked at.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Doubled up

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of paressaparessa
    Member
    @paressa
    Join Date: 2009
    Post Count: 1

    Try wespac. They require you to be at least 1 year employed as a casual. I just got my first investment through them.

    Profile photo of rrocketrrocket
    Participant
    @rrocket
    Join Date: 2007
    Post Count: 4

    thanks Forumites,
    I've just reached 3 months with employer and instead of going permanent, I've been "layed off"!
    I guess this substantiates the lenders concern.

    I have 5% savings and access to another 5%.

    Would I have to be a permanent employee if purchasing as an investor?

    cheers
    Rob

    rrocket | Creator Property Development Design

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    No wouldnt need to be permanent but would need some continuity in employment for  casual.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me

    0-40 Properties in a decade with an unencumbered value of over $35M. Email for a copy of my API article

    Profile photo of maree_bradrossmaree_bradross
    Member
    @maree_bradross
    Join Date: 2007
    Post Count: 401

    sad to learn your employment has ceased rrocket.  Hope you pick something up quick

Viewing 9 posts - 1 through 9 (of 9 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.