All Topics / Finance / serviceability when working on hourly basis

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  • Profile photo of mizfitzmizfitz
    Participant
    @mizfitz
    Join Date: 2013
    Post Count: 26
    November 10, 2014 - 4:24 pm

    My husband and I have IP and PPOR and are currently under contract with another property to be come PPOR (current PPOR to be IP#2)
    i have changed employment since last loan (this time last year) and apparently the banks insurer is having an issue that i am paid on an hourly basis – even though it is a permanent full time position. i have been there since may this year.

    Just wondering if this is going to be a common problem if we switch to another lender??

    our financial situation is very stable having IP that is positive and current PPOR would be positive also, and have no other debts with combined income of roughly 100K.

    Any advice would be much appreciated

    Cheers

    Profile photo of CatalystCatalyst
    Participant
    @catalyst
    Join Date: 2008
    Post Count: 1,404
    November 10, 2014 - 4:30 pm

    I’d recommend speaking to a good broker.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    November 10, 2014 - 5:44 pm

    Hi Mizfitz

    Quite a common situation and one that can certainly be overcome with the right lender.

    Course would need further information to make a suitable recommendation.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of PHPPHP
    Participant
    @php
    Join Date: 2014
    Post Count: 111
    November 10, 2014 - 6:24 pm

    Hey Mizfitz,

    Would need more information than that. Who’s your current lender? As what you have explained, your current financial situation is stable so not a servicing problem i would think. Some lenders are strict when it comes to employment type. If self-employed, some requires two years tax returns and some ask for just one. For PAYG, some asks for the length of time that you work for the same position or same field of work. Not necessarily same company. So it will depend on a lot of factors.

    I would give Richard a call if I were you. He can definitely fix this problem for you.

    PHP | Mortgage Station Pty Ltd
    http://www.mortgagestation.com.au
    Email Me | Phone Me

    Give us a call or send us an email for a free residex report.

Viewing 4 posts - 1 through 4 (of 4 total)

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