Firstly I’d like to thank Simon (Mortgage Hunter) and Steven (Mobile Mortgage) for their help and advice so far.
I am only 19, yet very, very determined. I currently work in a pub on what is deemed “casual” employment, however, my working hours and wages are quite consistent on a week to week basis. I have been with this employer for 3 1/2 months – which is why I’m having trouble.
I have saved $10k over the last 5 or 6 months and own just under $4000 in shares. I have no debt or credit cards. If anyone knows a lender that might consider me I would greatly appreciate it.
Thanks again Steve and Simon.
Age doesn’t negate effort, you can never be too young or too old.
Hi Spanky,
I have replied to your PMRegards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Hi Spanky,
great to see you in progress and heading in the right direction, wish you best of luck in both your property and share portfolio. [strum]
Cheers,
sisThankyou Steve for your help, thanks Sis for your support – great to hear from like-minded people.
Cheers,
Spank
Age doesn’t negate effort, you can never be too young or too old.
Unfortunately Spanky, casual earnings are assessed pretty much across the board in the following way:
0-12 months =0% of your regular earnings.
12-24 months = 50% of your regular earnings.
24months+ = average of last 2 years of earnings.The sort of lenders that would consider casual earnings are generally the non-conformers like Liberty/GE/Pepper/Bluestone, and even then with clear credit you are still looking at loaded interest rates of probably 8% and over. There may be a few others, but they will probably sting you on the LVR and required deposit.
If you want to borrow as much as you can, as cheap as you can, with a high LVR, as soon as you can, my suggestion is that you negotiate with your boss and become a permenant employee, with no probabtion period. Or get another job that is permanent. Then you should be able to get a regular loan at a decent interest rate.
I have seen a few posts from brokers saying that casual employment is no problem, but in my experience the better your employment situation the easier and cheaper it is to borrow money.
Pete
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