Living in modern Australia offers diversified working opportunities. Gone are the days where everyone worked conventional 9-5 jobs. People are pursuing work that offers increased flexibility and suits their lifestyle.

However when it comes to the banks, those working regular hours are seen as holding down a stable job with a regular cash flow. These people fit into the banks strict lending guidelines and have little difficulty getting a loan.

Your job does not have to stop you from getting a mortgage!

How can I get approval?

Where you can evidence your income and demonstrate that work in your idea is in high demand, banks may view you as a quality borrower and your chances of securing a mortgage increase.

To find out your chances of success, speak to a mortgage broker! Our team has in depth knowledge of each bank’s lending criteria. As such, we know which lender will grant you approval with minimal hassle and great rates!

Give us a call on 1300 886 115 or enquire online today!

What do the banks think?

This is common for contract employees who have difficulty proving continuity of employment to not have an established working history or substantial income. Contractors typically undertake lucrative IT and mining projects, but may have gaps in their employment.

As a result, the banks may doubt their ability to repay the loan, seeing you as a higher risk. All lenders calculate your level of risk with a credit score.

When devising a score based on your employment, the banks will consider:

• How long you have been working in your job
• How long you have been working in your industry
• Individuals that are in similar industry to you, and their previous experiences with those clients meeting their repayments
• Whether you are undertaking full-time work, contract work or casual work
• Gaps In your employment history

However, it’s not always that straight forward! The banks usually have other complex criteria that they apply when assessing your application.

We help a variety of employment types!

• Contract worker mortgage: Those that work on a contractual basis, often in the mining or IT industry. Contacts may have a fixed expiry date or may roll-over.
• Self –employed: Those that run their own business or conduct freelance work as journalists, photographers or tour guides.
• Casual worker mortgage: Those that work on a casual basis, often in restaurants, the retail industry and other consumer industries.
• Probation home loan: Those that are on a probationary period for a new job. The period can vary from between 6-12 months, at the end of which they may be offered full-time work.

Whatever your employment type, we can assess your situation and help you get a mortgage. Call us on 1300 886 115 or enquire online.

A modern workforce

Society is changing at a rapid pace! With it are employment types and working arrangements. It is now quite common for people to be undergoing probationary periods or working on a contractual basis.

Some people work in the IT, adult or agricultural industry, women return to the workforce after taking maternity leave, many professionals are no longer employed on a full-time basis and casual employment is fast becoming a popular alternative!

This means that the banks are starting to change the way they look at employment. If you don’t fit neatly into their ideal borrowing criteria some lenders will decline your application. Don’t worry, it still may be possible to get a mortgage!

Contact us today!

Enquire online or speak to one of our expert brokers on 1300 886 115. We have extensive experience in dealing with all sorts of employment types and may be able to assist you attaining your employment mortgage regardless of what job you have or how long you have been working!