My partner is in a full time permanent job whilst I have been temping for the last 6 months. I started temp work so I could take time off when needed to give time to our property investing. I have had such a good run with constant work that i would like to continue for a bit longer (6-12months).
Anyone been in this situation or know of anyone in this situation who has been able to get a loan?
I know we cant get a lo doc because you have to have an abn etc. and we dont qualify in that way.
Julie
If your partner’s income is high enough, you may be able to get thru on that alone. Off the top of my head, I think temping will require a bit of a longer history, 12-18 months at least, before the lenders will take it into account.
There are no/low docs with no ABN requirements and some with 1 day ABN requirements.
Terryw
Discover Home Loans
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I think it all depends on the LVR you are after.
Remember being PAYG you can still qualify for a lodoc loan and not require any ABN.
As Terry mentioned you may well find that if you partners income is high enough you will not need to worry about yours although in saying that i still believe that you would be able to obtain a loan on your temp income.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
Also many lenders would be willing to consider your temp work providing you have been in the same industry long enough, 12-24 months depending on the lender.
Vladimir Alter
Smartline Home Loans, Sydney
Ph: 1300 VLADIMIR (1300 852 346)
Email: reduce.mortgage(AT)gmail.comThank you to all for your replies. It would be great if we could get the loan on my partner’s alone but somehow I don’t think so considering our other investment loans.
My partner is on $75k and myself about $40k. We want to keep affordability and hopefully not have to sell any in order to do next purchase which we would like to do as reno-sell or reno-subdivide-sell. Borrowing range would be up to max $400,000 which would include house price, purchase costs and reno costs.
We currently have LVR of 70% – loans of $848,000, MV of properties conservative at $1,205,000. 5 properties all up, 2 positively geared, 2 negative geared and 1 PPOR. Interest only loans on all. To date we have separate loans, non cross-coll and we are considering a LOC for the deposit and holding costs of reno project. Do you think a bank might consider us too highly geared?
Other option is permanent job and wait 3-6mths to apply for loan…
I have looked around and could not find anything not requiring an abn and also speaking to a few mortgage brokers in Perth i have come up with the same. Are these products available for WA, and what sort of interest rate would we be looking at?
Thanks,
JulieDear Julie,
Just did a little bit of research for you, just looking at the major lenders at this stage.
Reference casual employment most say 12 months, however Westpac suggested:
12 months current Employment, however will accept minimum of 3 months (not on probation), if working in same or simular indutry in previous 12 months
So there are options out there.
Hope this is of help,
RegardsNeil and Kate Gorman
Mortgage Broker
Mortgage Choice – there’s only one choice
tel: 0430 500 848
e-mail: [email protected]I think with that additional information you will find that your options are wider than you may have first believed.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
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