Casual work is flexible and offers great hourly rates! You may work in a restaurant, retail store or as a teacher. Whatever your vocation, casual work has its advantages.

However, there may be disadvantage when looking for a home loan. Many people in casual employment have difficulty ensuring income stability and consequently banks and lenders view them as a higher risk.

Read on for information on how you may still be eligible for a mortgage.

Will I qualify for a mortgage?

We know that casual workers are very popular in today’s modern workforce. Our aim is to ensure that the banks view your application in the best light, looking past rigid guidelines and more toward the state of your current finances and your income to date.

We know of lenders with flexible policies for casual employees that can approve you for a home loan even if you have only been working for three months! You may be entitled to borrow 95% of the property value (95% LVR)!

How long do I need to be in my job?

One of our lenders can approve your loan if you have been in your job for just three months!

If you are a casual worker, talk to us by calling 1300 886 115 or enquire online and our mortgage brokers can help you to apply for a home loan today.

What do I need to provide?

Your lender will need evidence of your income and previous earnings. Consequently, you may be required to provide:

• Your two most recent pay slips,
• A letter of employment confirming the date you commenced work, and
• Group certificates from the last two years (only with some banks require this).

What types of casual jobs are available?

There are a variety of casual jobs available in many industries. Some include:

• Farming
• Gardening
• Nursing
• Teaching and tutoring
• Housekeeping
• Cleaning
• Waitressing
• Trades
• Retail
• Admin
• Childcare
• Drivers

Workers in these industries are commonly paid hourly or daily rates. Depending on the structure of your employment you may be entitled to overtime and other bonuses, however most casual workers do not receive paid leave, sick leave or paid holidays.

If you are a casual worker, talk to us by calling 1300 886 115 or enquire online and we can help you apply for a home loan today.

Advantages of casual employment

Casual employment is very flexible! It gives you the ability maintain a source of income, but still have time to pursue other projects, interests or jobs. Additional benefits include:

• Good hourly rates
• Generally do not need substantial skills
• Can lead to permanent work
• Less commitments
• Flexibility with roster
• Can take additional shifts when you need more work

You may have taken casual employment for a secondary income and some casual jobs also may not provide payslips. Follow the links to find out how we can help you use this income in your mortgage application.

But as with any job, there are disadvantages.

Disadvantages of casual employment

Whilst the pay may be better than those employed part-time, there are downsides to be employed casually, these include:

• No paid leave
• No set hours
• Income is irregular
• No entitlement to notice of termination
• Fewer rights and protection

Additionally, working on a casual basis can negatively affect your ability to get a loan.

How do the lenders view casual workers?

Many banks require you to be working in your current job for a minimum of 12 months, however one of our lenders only requires you to be in your job for 3 months! Being a casual worker means that there is no certainty of continued employment. Because of this, the banks see you as a high risk borrower and may be reluctant to approve you for a mortgage.

If you suddenly lose your job or are unable to work, there are no safeguards in place to ensure that your income is sustained. As a result, casual workers applying directly to the banks may be declined and those that are approved face higher rates and additional fees and charges.

With the right help, you may be able to finance your dream home or fund your construction or investment project!

Contact us today!

Looking to refinance? Want to buy that dream or home or fund a construction project? These loan types are available! We know the right lender for your employment situation and will ensure that you receive the best rates and loan package around!

Are you looking for a home loan and are casually employed? Enquire online or speak to one of our expert brokers today on 1300 886 115.