If you are reading this, chances are that you are terribly confused about all you have heard so far. Do Aussie lenders (banks) consider credit applicants who have limited savings, no genuine savings, a family guarantor, recently changed jobs, employed in a casual or temporary job, salary sacrifice income, shift workers, overtime income? Why is it so difficult?
As a Certified Mortgage Consultant (Full Member of MFAA), accredited with major and regional Australian banks, we can advise that employment status impacts eligibility for a loan in varying degrees. If you are not a permanent employee, the purpose and nature of the loan, the security used (e.g. house you are buying) and the presence of any co-applicants (who are either permanently employed or not) all determine your eligibility. You may be on a temporary contract, with overtime income, a shift worker, a health worker, a nurse, emergency worker etc. with or without salary packaging using salary sacrifice. How do you find out the possible solutions for buying your first home?
What is a Finance / Mortgage Broker?*
Brokers are now the number one choice for consumers who are seeking a home loan or to refinance their existing loan.
Brokers work with clients to determine their borrowing needs and ability, select a loan suited to their circumstances and manage the process through to settlement.
Some benefits of using a broker:
- They do all the legwork for you
- Access to a wider range of loans
- Experts in a wide range of loans
- More flexible
- Greater expertise as they focus on loans only
Temporary workers and casual workers usually form the least favourable employment status categories amongst lenders as the length of your employment is uncertain. However when jointly applying with a permanent employee temporary jobs and casual jobs are accepted for home loans under general policy (of some lending institutions). This is often welcome news as it means the full range of home lending products are available.
No Deposit Family Equity Guarantee loans (Family Pledge) are also accepted category for mortgage lending for many lenders, however under more restrictive lending policy which requires use of legal advice for your guarantors. While it is certainly possible to buy a home with no genuine savings with a home loan arranged through our lending panel using a family guarantee, it is important to note that any government benefits such as First Home Owners Grant & First Home Plus are only available to permanent residents and Australian citizens, subject to eligibility criteria as administered by the NSW government (OSR).
Need Further Information?
For further information please Call The HOME LOAN OFFICE on 1800 456 284 or visit our Special Offer Loan Application page for a FREE Consultation & to join our Satisfied Customers.
Please contact The HOME LOAN OFFICE direct on 1800 456 284 for information on our services. Please DO NOT contact IBNinc. IBNinc is not able to assist with any financial service inquiries and will not refer your inquiry to us.
About The HOME LOAN OFFICE
The HOME LOAN OFFICE is a local business that specialises on providing finance solutions for customers wishing to achieve their dreams of home ownership, and investment property ownership. Murat Bayari is a credit representative (CRN: 399663) of BLSSA Pty Ltd (Australian Credit Licence 391237).
With customers across all Greater Sydney, We Deliver Finance Solutions.
[*Information provided here by The HOME LOAN OFFICE should not be taken as advice and may not be suitable for your given circumstances as it is general in nature. IBNinc is NOT the author and DOES NOT provide any financial services. General statements on the availability of lending products may not be valid post publication as policies are subject to change. Information provided here should not be construed as a promise of a finance facility or potential approval of a finance facility. The HOME LOAN OFFICE is a mortgage broker and is not a lender. Approvals for credit are solely determined by lender policy and staff and not The HOME LOAN OFFICE. Commercial use of this information published by The Home Loan Office is strictly prohibited.]